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 | Wolfe County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $44,375 | $126,174 | $242,182 |
| Price Trend (Annual %) | -5.2% | 5.3% | 8.2% |
| Median Gross Rent | $507 | $933 | $1,342 |
| Rent Trend (Annual %) | 1.5% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wolfe County is about 65% lower than in Kentucky. Rent is about 46% lower than the Kentucky average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Wolfe County: home prices fell about 5.2% a year while rent rose about 1.5% a year. That is an unusual pattern worth watching.
Median rent in Wolfe County rose about 3.7% between 2015 and 2023, from $488 to $507. Over the same span, rent in Kentucky rose about 38.2%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Wolfe County.
Buying the median-priced home in Wolfe County costs roughly 7.3 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 Wolfe County. The price-to-rent ratio in Kentucky is about 11.3.
| Metric | Wolfe County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $44,375 | $126,174 | $242,182 |
| Median Household Income | $28,787 | $62,784 | $78,145 |
| Price-to-Income Ratio | 1.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wolfe County fell about 53.5%, while median household income rose about 34.1% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Wolfe County | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.4% | 60.9% | 58.2% |
| Rental Rate | 25.2% | 28.3% | 31.3% |
| Vacancy Rate | 16.4% | 10.9% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Wolfe County has a homeownership rate of 58.4%, lower than the Kentucky average of 60.9%. Its housing vacancy rate is 16.4%, compared with 10.9% in Kentucky.
Housing Stock
| Metric | Wolfe County | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1990 | 1981 | 1978 |
| Median Number of Rooms | 5.1 | 5.7 | 5.5 |
The typical housing unit in Wolfe County was built around 1990. On average, 2.5 people live in a home with about 5.1 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wolfe County, Kentucky.
What is the median home price in Wolfe County, Kentucky?
The median home price in Wolfe County, Kentucky is $44,375, lower than the Kentucky average of $126,174.
What is the average home price in Wolfe 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 Wolfe County, Kentucky?
The median gross rent in Wolfe County, Kentucky is $507 per month, lower than the Kentucky average of $933.
What was the median gross rent in Wolfe County in 2020?
In 2020, the median gross rent in Wolfe County, Kentucky was $389 per month.
What is the price-to-rent ratio in Wolfe County, Kentucky?
The price-to-rent ratio in Wolfe County, Kentucky is about 7.3, meaning it would take roughly 7.3 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 Wolfe County.
Are home prices or rent rising faster in Wolfe County, Kentucky?
Home prices and rent are moving in opposite directions in Wolfe County: home prices fell about 5.2% a year while rent rose about 1.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Wolfe County, Kentucky?
58.4% of households in Wolfe County, Kentucky own their home, lower than the Kentucky average of 60.9%.
What is the vacancy rate in Wolfe County, Kentucky?
The housing vacancy rate in Wolfe County, Kentucky is 16.4%, higher than the Kentucky average of 10.9%.