Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Owen County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $148,749 | $126,174 | $242,182 |
| Price Trend (Annual %) | 10.0% | 5.3% | 8.2% |
| Median Gross Rent | $774 | $933 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Owen County is about 18% higher than in Kentucky. Rent is about 17% lower than the Kentucky average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Owen County, up about 10.0% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Owen County rose about 37.3% between 2015 and 2023, from $564 to $775. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Owen County.
Buying the median-priced home in Owen County costs roughly 16.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Owen County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Owen County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $148,749 | $126,174 | $242,182 |
| Median Household Income | $59,280 | $62,784 | $78,145 |
| Price-to-Income Ratio | 2.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Owen County rose about 59.6%, while median household income rose about 34.3% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Owen County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.6% | 60.9% | 58.2% |
| Rental Rate | 9.6% | 28.3% | 31.3% |
| Vacancy Rate | 20.8% | 10.9% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Owen County has a homeownership rate of 69.6%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 20.8%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Owen County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.62 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1986 | 1981 | 1978 |
| Median Number of Rooms | 6.2 | 5.7 | 5.5 |
The typical housing unit in Owen County was built around 1986. On average, 2.6 people live in a home with about 6.2 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Owen County, Kentucky.
What is the median home price in Owen County, Kentucky?
The median home price in Owen County, Kentucky is $148,749, higher than the Kentucky average of $126,174.
What is the average home price in Owen County, Kentucky?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Owen County, Kentucky?
The median gross rent in Owen County, Kentucky is $775 per month, lower than the Kentucky average of $933.
What was the median gross rent in Owen County in 2020?
In 2020, the median gross rent in Owen County, Kentucky was $630 per month.
What is the price-to-rent ratio in Owen County, Kentucky?
The price-to-rent ratio in Owen County, Kentucky is about 16.0, meaning it would take roughly 16.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Owen County.
Are home prices or rent rising faster in Owen County, Kentucky?
Both home prices and rent are rising in Owen County, up about 10.0% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Owen County, Kentucky?
69.6% of households in Owen County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Owen County, Kentucky?
The housing vacancy rate in Owen County, Kentucky is 20.8%, higher than the Kentucky average of 10.9%.