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 | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $450,000 | $126,174 | $242,182 |
| Price Trend (Annual %) | 18.2% | 5.3% | 8.2% |
| Median Gross Rent | $954 | $933 | $1,342 |
| Rent Trend (Annual %) | 7.5% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Spencer County is about 257% higher than in Kentucky. Rent is about 2% 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 Spencer County, up about 18.2% and 7.5% a year respectively. Home prices are changing faster.
Median rent in Spencer County rose about 59.7% between 2015 and 2023, from $597 to $954. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Spencer County.
Buying the median-priced home in Spencer County costs roughly 39.3 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 11.3.
| Metric | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $450,000 | $126,174 | $242,182 |
| Median Household Income | $99,132 | $62,784 | $78,145 |
| Price-to-Income Ratio | 4.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Spencer County rose about 238.3%, while median household income rose about 69.4% 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 | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 80.5% | 60.9% | 58.2% |
| Rental Rate | 12.4% | 28.3% | 31.3% |
| Vacancy Rate | 7.1% | 10.9% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Spencer County has a homeownership rate of 80.5%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 7.1%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.80 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1997 | 1981 | 1978 |
| Median Number of Rooms | 6.3 | 5.7 | 5.5 |
The typical housing unit in Spencer County was built around 1997. On average, 2.8 people live in a home with about 6.3 rooms, staying for about 15.0 years on average.
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 $450,000, higher than the Kentucky average of $126,174.
What is the average home price in Spencer 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 Spencer County, Kentucky?
The median gross rent in Spencer County, Kentucky is $954 per month, higher than the Kentucky average of $933.
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 39.3, meaning it would take roughly 39.3 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 18.2% and 7.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Spencer County, Kentucky?
80.5% of households in Spencer County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Spencer County, Kentucky?
The housing vacancy rate in Spencer County, Kentucky is 7.1%, lower than the Kentucky average of 10.9%.