Rowan County, Kentucky Housing Market Prices
Rowan County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 58% below the Kentucky median Cheaper than 75% of counties in Kentucky$49,998
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Median rent 15% below the Kentucky median$824
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Rowan County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $49,998 | $118,017 | $248,835 |
| Price Trend (Annual %) | 4.7% | 3.8% | 7.5% |
| Median Gross Rent | $824 | $967 | $1,407 |
| Rent Trend (Annual %) | 3.7% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Rowan County is about 58% lower than in Kentucky. Rent is about 15% lower than the Kentucky average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Rowan County, up about 4.7% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Rowan County rose about 33.0% between 2015 and 2024, from $620 to $824. Over the same span, rent in Kentucky rose about 43.3%.
Affordability
On average, housing unit costs 0.9 yearly household incomes in Rowan County.
Buying the median-priced home in Rowan County costs roughly 5.1 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 Rowan County. The price-to-rent ratio in Kentucky is about 10.2.
| Metric | Rowan County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $49,998 | $118,017 | $248,835 |
| Median Household Income | $55,857 | $64,312 | $80,455 |
| Price-to-Income Ratio | 0.9 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Rowan County fell about 13.8%, while median household income rose about 59.1% between 2009 and 2025 — 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 | Rowan County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.5% | 61.3% | 58.5% |
| Rental Rate | 34.7% | 28.4% | 31.2% |
| Vacancy Rate | 9.7% | 10.3% | 10.2% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Rowan County has a homeownership rate of 55.5%, lower than the Kentucky average of 61.3%. Its housing vacancy rate is 9.7%, compared with 10.3% in Kentucky.
Housing Stock
| Metric | Rowan County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1989 | 1981 | 1978 |
| Median Number of Rooms | 5.3 | 5.7 | 5.5 |
The typical housing unit in Rowan County was built around 1989. On average, 2.2 people live in a home with about 5.3 rooms, staying for about 15.0 years on average.
Rowan County, KY Housing Compared With Nearby Counties
Rowan County, KY is the largest of the 5 counties compared here, 24,578 residents against a local median of 10,680. Rowan County, KY's median home price, at $49,998, runs 45% below the $90,977 typical of the counties around it.
Median rent tells the same story from another angle: $824 against a local median of $668, 23% above it. The one measure here that carries a verdict is homeownership, and at 20% below the local median it puts Rowan County, KY at the weaker end of the local range. The counties themselves spread $347,906 on median home price, so Rowan County, KY sits at one end of an already wide local range rather than apart from it. Rowan County, KY has the 4th highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Rowan County, KY | 24,578 | $49,998 #4/5 | $824 #1/5 | 61.5% #5/5 |
| Menifee County, KY | 6,230 | $130,288 | $674 | 75.5% |
| Morgan County, KY | 14,053 | $51,667 | $662 | 78.9% |
| Fleming County, KY | 15,323 | $355,557 | $715 | 74.8% |
| Elliott County, KY | 7,307 | $7,651 | $432 | 81.7% |
Frequently Asked Questions
Common questions about the housing market in Rowan County, Kentucky.
What is the median home price in Rowan County, Kentucky?
The median home price in Rowan County, Kentucky is $49,998, lower than the Kentucky average of $118,017.
What is the average home price in Rowan County, Kentucky?
The typical home price in Rowan County, Kentucky, reported as the median sale price, is $49,998. 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 Rowan County, Kentucky?
The median gross rent in Rowan County, Kentucky is $824 per month, lower than the Kentucky average of $967.
What was the median gross rent in Rowan County in 2020?
In 2020, the median gross rent in Rowan County, Kentucky was $647 per month.
What is the price-to-rent ratio in Rowan County, Kentucky?
The price-to-rent ratio in Rowan County, Kentucky is about 5.1, meaning it would take roughly 5.1 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 Rowan County.
Are home prices or rent rising faster in Rowan County, Kentucky?
Both home prices and rent are rising in Rowan County, up about 4.7% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Rowan County, Kentucky?
55.5% of households in Rowan County, Kentucky own their home, lower than the Kentucky average of 61.3%.
What is the vacancy rate in Rowan County, Kentucky?
The housing vacancy rate in Rowan County, Kentucky is 9.7%, lower than the Kentucky average of 10.3%.
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