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 | Washington County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $211,905 | $126,174 | $242,182 |
| Price Trend (Annual %) | 12.2% | 5.3% | 8.2% |
| Median Gross Rent | $695 | $933 | $1,342 |
| Rent Trend (Annual %) | 3.1% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Washington County is about 68% 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 Washington County, up about 12.2% and 3.1% a year respectively. Home prices are changing faster.
Median rent in Washington County rose about 25.0% between 2015 and 2023, from $556 to $695. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Washington County.
Buying the median-priced home in Washington County costs roughly 25.4 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 Washington County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Washington County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $211,905 | $126,174 | $242,182 |
| Median Household Income | $59,633 | $62,784 | $78,145 |
| Price-to-Income Ratio | 3.6 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Washington County rose about 92.6%, while median household income rose about 40.4% 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 | Washington County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.6% | 60.9% | 58.2% |
| Rental Rate | 19.5% | 28.3% | 31.3% |
| Vacancy Rate | 11.0% | 10.9% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Washington County has a homeownership rate of 69.6%, higher than the Kentucky average of 60.9%. Its housing vacancy rate is 11.0%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Washington County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1983 | 1981 | 1978 |
| Median Number of Rooms | 6.0 | 5.7 | 5.5 |
The typical housing unit in Washington County was built around 1983. On average, 2.5 people live in a home with about 6.0 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Washington County, Kentucky.
What is the median home price in Washington County, Kentucky?
The median home price in Washington County, Kentucky is $211,905, higher than the Kentucky average of $126,174.
What is the average home price in Washington 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 Washington County, Kentucky?
The median gross rent in Washington County, Kentucky is $695 per month, lower than the Kentucky average of $933.
What was the median gross rent in Washington County in 2020?
In 2020, the median gross rent in Washington County, Kentucky was $633 per month.
What is the price-to-rent ratio in Washington County, Kentucky?
The price-to-rent ratio in Washington County, Kentucky is about 25.4, meaning it would take roughly 25.4 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 Washington County.
Are home prices or rent rising faster in Washington County, Kentucky?
Both home prices and rent are rising in Washington County, up about 12.2% and 3.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Washington County, Kentucky?
69.6% of households in Washington County, Kentucky own their home, higher than the Kentucky average of 60.9%.
What is the vacancy rate in Washington County, Kentucky?
The housing vacancy rate in Washington County, Kentucky is 11.0%, higher than the Kentucky average of 10.9%.