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 | Taylor County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $171,094 | $126,174 | $242,182 |
| Price Trend (Annual %) | 65.9% | 5.3% | 8.2% |
| Median Gross Rent | $691 | $933 | $1,342 |
| Rent Trend (Annual %) | 2.3% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Taylor County is about 36% higher than in Kentucky. Rent is about 26% 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 Taylor County, up about 65.9% and 2.3% a year respectively. Home prices are changing faster.
Median rent in Taylor County rose about 19.5% between 2015 and 2023, from $578 to $691. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Taylor County.
Buying the median-priced home in Taylor County costs roughly 20.6 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 Taylor County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Taylor County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $171,094 | $126,174 | $242,182 |
| Median Household Income | $62,745 | $62,784 | $78,145 |
| Price-to-Income Ratio | 2.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Taylor County rose about 123.0%, while median household income rose about 84.4% 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 | Taylor County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.6% | 60.9% | 58.2% |
| Rental Rate | 29.1% | 28.3% | 31.3% |
| Vacancy Rate | 10.4% | 10.9% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Taylor County has a homeownership rate of 60.6%, about the same as the Kentucky average of 60.9%. Its housing vacancy rate is 10.4%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Taylor County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1979 | 1981 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Taylor County was built around 1979. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Taylor County, Kentucky.
What is the median home price in Taylor County, Kentucky?
The median home price in Taylor County, Kentucky is $171,094, higher than the Kentucky average of $126,174.
What is the average home price in Taylor 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 Taylor County, Kentucky?
The median gross rent in Taylor County, Kentucky is $691 per month, lower than the Kentucky average of $933.
What was the median gross rent in Taylor County in 2020?
In 2020, the median gross rent in Taylor County, Kentucky was $649 per month.
What is the price-to-rent ratio in Taylor County, Kentucky?
The price-to-rent ratio in Taylor County, Kentucky is about 20.6, meaning it would take roughly 20.6 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 Taylor County.
Are home prices or rent rising faster in Taylor County, Kentucky?
Both home prices and rent are rising in Taylor County, up about 65.9% and 2.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Taylor County, Kentucky?
60.6% of households in Taylor County, Kentucky own their home, about the same as the Kentucky average.
What is the vacancy rate in Taylor County, Kentucky?
The housing vacancy rate in Taylor County, Kentucky is 10.4%, lower than the Kentucky average of 10.9%.