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 | Rockcastle County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $49,431 | $126,174 | $242,182 |
| Price Trend (Annual %) | 25.9% | 5.3% | 8.2% |
| Median Gross Rent | $677 | $933 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Rockcastle County is about 61% lower than in Kentucky. Rent is about 27% 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 Rockcastle County, up about 25.9% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Rockcastle County rose about 29.8% between 2015 and 2023, from $522 to $677. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 1.0 yearly household incomes in Rockcastle County.
Buying the median-priced home in Rockcastle County costs roughly 6.1 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 Rockcastle County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Rockcastle County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $49,431 | $126,174 | $242,182 |
| Median Household Income | $48,545 | $62,784 | $78,145 |
| Price-to-Income Ratio | 1.0 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Rockcastle County rose about 38.5%, while median household income rose about 88.7% 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 | Rockcastle County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.6% | 60.9% | 58.2% |
| Rental Rate | 20.6% | 28.3% | 31.3% |
| Vacancy Rate | 12.9% | 10.9% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Rockcastle County has a homeownership rate of 66.6%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 12.9%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Rockcastle County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1987 | 1981 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Rockcastle County was built around 1987. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Rockcastle County, Kentucky.
What is the median home price in Rockcastle County, Kentucky?
The median home price in Rockcastle County, Kentucky is $49,431, lower than the Kentucky average of $126,174.
What is the average home price in Rockcastle 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 Rockcastle County, Kentucky?
The median gross rent in Rockcastle County, Kentucky is $677 per month, lower than the Kentucky average of $933.
What was the median gross rent in Rockcastle County in 2020?
In 2020, the median gross rent in Rockcastle County, Kentucky was $572 per month.
What is the price-to-rent ratio in Rockcastle County, Kentucky?
The price-to-rent ratio in Rockcastle County, Kentucky is about 6.1, meaning it would take roughly 6.1 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 Rockcastle County.
Are home prices or rent rising faster in Rockcastle County, Kentucky?
Both home prices and rent are rising in Rockcastle County, up about 25.9% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Rockcastle County, Kentucky?
66.6% of households in Rockcastle County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Rockcastle County, Kentucky?
The housing vacancy rate in Rockcastle County, Kentucky is 12.9%, higher than the Kentucky average of 10.9%.