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 | Pike County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $34,951 | $126,174 | $242,182 |
| Price Trend (Annual %) | -15.9% | 5.3% | 8.2% |
| Median Gross Rent | $836 | $933 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Pike County is about 72% lower than in Kentucky. Rent is about 10% lower than the Kentucky average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Pike County: home prices fell about 15.9% a year while rent rose about 4.4% a year. That is an unusual pattern worth watching.
Median rent in Pike County rose about 35.9% between 2015 and 2023, from $615 to $836. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 0.8 yearly household incomes in Pike County.
Buying the median-priced home in Pike County costs roughly 3.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Pike County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Pike County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $34,951 | $126,174 | $242,182 |
| Median Household Income | $42,650 | $62,784 | $78,145 |
| Price-to-Income Ratio | 0.8 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Pike County fell about 73.7%, while median household income rose about 27.9% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Pike County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.5% | 60.9% | 58.2% |
| Rental Rate | 21.0% | 28.3% | 31.3% |
| Vacancy Rate | 15.6% | 10.9% | 10.6% |
| Median Tenure (years) | 21.0 | 15.0 | 15.0 |
| Median Year Moved In | 2005 | 2011 | 2011 |
Pike County has a homeownership rate of 63.5%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 15.6%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Pike County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1984 | 1981 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Pike County was built around 1984. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 21.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Pike County, Kentucky.
What is the median home price in Pike County, Kentucky?
The median home price in Pike County, Kentucky is $34,951, lower than the Kentucky average of $126,174.
What is the average home price in Pike 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 Pike County, Kentucky?
The median gross rent in Pike County, Kentucky is $836 per month, lower than the Kentucky average of $933.
What was the median gross rent in Pike County in 2020?
In 2020, the median gross rent in Pike County, Kentucky was $702 per month.
What is the price-to-rent ratio in Pike County, Kentucky?
The price-to-rent ratio in Pike County, Kentucky is about 3.5, meaning it would take roughly 3.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Pike County.
Are home prices or rent rising faster in Pike County, Kentucky?
Home prices and rent are moving in opposite directions in Pike County: home prices fell about 15.9% a year while rent rose about 4.4% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Pike County, Kentucky?
63.5% of households in Pike County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Pike County, Kentucky?
The housing vacancy rate in Pike County, Kentucky is 15.6%, higher than the Kentucky average of 10.9%.