Kentucky is a state filled with attractions such as the Kentucky Derby, rolling bluegrass hills, bourbon trails, and historic sites. For those looking to live in Kentucky, finding an affordable city is key. The median home sale price in Kentucky is $268,200 as of July. If this price is out of your budget, don’t worry – we have compiled a list of the top 5 most affordable places to live in Kentucky, all with median home sale prices below the state average.
#1: Owensboro
Median home price: $196,500
Average sale price per square foot: $146
Median household income: $47,411
Nearest major metro: Evansville, IN (40 miles)
Owensboro, KY homes for sale
Owensboro, KY apartments for rent
Owensboro takes the top spot on our list with a median home sale price of $196,500. This city offers attractions like the Western Kentucky Botanical Garden and the Bluegrass Music Hall of Fame & Museum, making it a great place to live.
#2: Hopkinsville
Median home price: $230,000
Average sale price per square foot: $140
Median household income: $40,442
Nearest major metro: Bowling Green (60 miles)
Hopkinsville, KY homes for sale
Hopkinsville, KY apartments for rent
Hopkinsville, the second most affordable city in Kentucky, offers a median home price of $230,000. With attractions like the Hopkinsville Greenway System and Jeffers Bend Environmental Center, there’s plenty to explore in this city.
#3: Florence
Median home price: $235,875
Average sale price per square foot: $187
Average rent for a 1-bedroom apartment: $923
Median household income: $67,352
Nearest major metro: Cincinnati (10 miles)
Florence, KY homes for sale
Florence, KY apartments for rent
Florence, located in northern Kentucky, offers a median home price of $235,875. With attractions like South Fork Park and Turfway Park Racing & Gaming, as well as proximity to Cincinnati, Florence is a great place to live.
#4: Covington
Median home price: $239,500
Average sale price per square foot: $189
Median household income: $47,917
Nearest major metro: Cincinnati, OH (2 miles)
Covington, KY homes for sale
Covington, KY apartments for rent
Covington, with a median home price of $239,500, is a great option for those looking for an affordable city. With attractions like Devou Park and the Behringer-Crawford Museum, Covington offers a lot to its residents.
#5: Louisville
Median home price: $261,000
Average sale price per square foot: $160
Average rent for a 1-bedroom apartment: $1,109
Louisville, KY homes for sale
Louisville, KY apartments for rent
Louisville, the final city on our list, offers a median home price of $261,000. With attractions like the Louisville Slugger Museum & Factory and the Kentucky Science Center, there’s plenty to see and do in this city.
Methodology: All cities must have over 30,000 residents per the US Census and have a median home sale price under the average median home sale price in Kentucky. Median home sale price and median sale price per square foot from the Redfin Data Center during July 2024. Average rental data from Rent.com July 2023. Population and median household income data sourced from the United States Census Bureau.