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 | Simpson County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $148,774 | $126,174 | $242,182 |
| Price Trend (Annual %) | 6.1% | 5.3% | 8.2% |
| Median Gross Rent | $1,011 | $933 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Simpson County is about 18% higher than in Kentucky. Rent is about 8% higher 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 Simpson County, up about 6.1% and 6.0% a year respectively. Home prices are changing faster.
Median rent in Simpson County rose about 57.9% between 2015 and 2023, from $640 to $1,011. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Simpson County.
Buying the median-priced home in Simpson County costs roughly 12.3 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 Simpson County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Simpson County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $148,774 | $126,174 | $242,182 |
| Median Household Income | $57,912 | $62,784 | $78,145 |
| Price-to-Income Ratio | 2.6 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Simpson County rose about 75.0%, while median household income rose about 41.7% 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 | Simpson County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.3% | 60.9% | 58.2% |
| Rental Rate | 30.7% | 28.3% | 31.3% |
| Vacancy Rate | 9.1% | 10.9% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Simpson County has a homeownership rate of 60.3%, lower than the Kentucky average of 60.9%. Its housing vacancy rate is 9.1%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Simpson County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.52 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1983 | 1981 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Simpson County was built around 1983. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Simpson County, Kentucky.
What is the median home price in Simpson County, Kentucky?
The median home price in Simpson County, Kentucky is $148,774, higher than the Kentucky average of $126,174.
What is the average home price in Simpson 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 Simpson County, Kentucky?
The median gross rent in Simpson County, Kentucky is $1,011 per month, higher than the Kentucky average of $933.
What was the median gross rent in Simpson County in 2020?
In 2020, the median gross rent in Simpson County, Kentucky was $843 per month.
What is the price-to-rent ratio in Simpson County, Kentucky?
The price-to-rent ratio in Simpson County, Kentucky is about 12.3, meaning it would take roughly 12.3 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 Simpson County.
Are home prices or rent rising faster in Simpson County, Kentucky?
Both home prices and rent are rising in Simpson County, up about 6.1% and 6.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Simpson County, Kentucky?
60.3% of households in Simpson County, Kentucky own their home, lower than the Kentucky average of 60.9%.
What is the vacancy rate in Simpson County, Kentucky?
The housing vacancy rate in Simpson County, Kentucky is 9.1%, lower than the Kentucky average of 10.9%.