Spencer County, Kentucky Housing Market Prices
Spencer 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 276% above the Kentucky median Among the 5 most expensive counties in Kentucky$443,750
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Median rent 2% above the Kentucky median More expensive than 87% of counties in Kentucky$986
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $443,750 | $118,017 | $248,835 |
| Price Trend (Annual %) | 15.4% | 3.8% | 7.5% |
| Median Gross Rent | $986 | $967 | $1,407 |
| Rent Trend (Annual %) | 7.0% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Spencer County is about 276% higher than in Kentucky. Rent is about 2% higher 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 Spencer County, up about 15.4% and 7.0% a year respectively. Home prices are changing faster.
Median rent in Spencer County rose about 65.1% between 2015 and 2024, from $597 to $986. Over the same span, rent in Kentucky rose about 43.3%.
Affordability
On average, housing unit costs 4.4 yearly household incomes in Spencer County.
Buying the median-priced home in Spencer County costs roughly 37.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Spencer County. The price-to-rent ratio in Kentucky is about 10.2.
| Metric | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $443,750 | $118,017 | $248,835 |
| Median Household Income | $100,880 | $64,312 | $80,455 |
| Price-to-Income Ratio | 4.4 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Spencer County rose about 233.6%, while median household income rose about 61.3% between 2009 and 2025 — 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 | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 83.3% | 61.3% | 58.5% |
| Rental Rate | 11.4% | 28.4% | 31.2% |
| Vacancy Rate | 5.2% | 10.3% | 10.2% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Spencer County has a homeownership rate of 83.3%, higher than the Kentucky average of 61.3%. Its housing vacancy rate is 5.2%, compared with 10.3% in Kentucky.
Housing Stock
| Metric | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.75 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1997 | 1981 | 1978 |
| Median Number of Rooms | 6.4 | 5.7 | 5.5 |
The typical housing unit in Spencer County was built around 1997. On average, 2.7 people live in a home with about 6.4 rooms, staying for about 15.0 years on average.
Spencer County, KY Housing Compared With Nearby Counties
Spencer County, KY is the smallest of the 4 counties compared here, 20,193 residents against a local median of 49,096. Spencer County, KY's median home price, at $443,750, runs 98% above the $223,863 typical of the counties around it.
Homeownership tells the same story from another angle: 87.9% against a local median of 73.9%, 19% above it. The one measure here that carries a verdict is homeownership, and at 19% above the local median it puts Spencer County, KY at the better end of the local range. The counties themselves sit within $115,421 of each other on median home price, a tighter band than the gap between any of them and Spencer County, KY, which makes it a genuine outlier here rather than one end of a wide local spread. Spencer County, KY has the highest median home price of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Spencer County, KY | 20,193 | $443,750 #1/4 | $986 #4/4 | 87.9% #1/4 |
| Shelby County, KY | 49,096 | $223,863 | $1,033 | 73.9% |
| Nelson County, KY | 47,606 | $277,840 | $1,008 | 78.3% |
| Jefferson County, KY | 781,949 | $162,419 | $1,148 | 62.1% |
Frequently Asked Questions
Common questions about the housing market in Spencer County, Kentucky.
What is the median home price in Spencer County, Kentucky?
The median home price in Spencer County, Kentucky is $443,750, higher than the Kentucky average of $118,017.
What is the average home price in Spencer County, Kentucky?
The typical home price in Spencer County, Kentucky, reported as the median sale price, is $443,750. 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 Spencer County, Kentucky?
The median gross rent in Spencer County, Kentucky is $986 per month, higher than the Kentucky average of $967.
What was the median gross rent in Spencer County in 2020?
In 2020, the median gross rent in Spencer County, Kentucky was $725 per month.
What is the price-to-rent ratio in Spencer County, Kentucky?
The price-to-rent ratio in Spencer County, Kentucky is about 37.5, meaning it would take roughly 37.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Spencer County.
Are home prices or rent rising faster in Spencer County, Kentucky?
Both home prices and rent are rising in Spencer County, up about 15.4% and 7.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Spencer County, Kentucky?
83.3% of households in Spencer County, Kentucky own their home, higher than the Kentucky average of 61.3%.
What is the vacancy rate in Spencer County, Kentucky?
The housing vacancy rate in Spencer County, Kentucky is 5.2%, lower than the Kentucky average of 10.3%.
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