Popular review website calls Lexington one of the best places to buy a home. Is it?
Niche, a popular ranking and reviewing website, says Lexington is one of the best places to buy a home, putting it at No. 16 on its 2024 “Best Cities to Buy a House in America” list.
But does that assessment hold up? To answer that question, here’s a look at what Niche has to say about Lexington, including a look at how expensive a typical home is here and how much house you get for that steadily rising price.
The website describes Lexington as having a “dense suburban feel” with plenty of restaurants, bars, coffee shops, parks and highly rated schools.
For an overall grade, Niche gives Lexington a solid A. The website states it bases its rankings on user reviews, survey responses and “dozens of public data sets” from sources such as the U.S. Department of Education, Census Bureau and Federal Bureau of Investigation. To compile an overall grade for a place to live, Niche most heavily weighs the cost of living, the rate of higher education attainment, housing and public schools.
When it comes to public schools, Niche gives Lexington an A-. Lexington’s housing and cost of living get B’s. More information about Niche’s methodology is available on its website.
Is Lexington, KY one of the best places to buy a home?
As is often the case, the picture is more complicated than one grade can capture.
When it comes to performance on state tests, Fayette County’s elementary schools are among its top-performers, while results were more mixed among its middle and high schools.
Home prices in Lexington and Central Kentucky have also been steadily rising, with the region hitting an all-time high in March. The real estate website Redfin describes Lexington’s housing market as “very competitive.” RocketHomes lists Lexington as a seller’s market, meaning there’s not enough homes for sale to meet demand. The market advantage here accrues to sellers because prices are higher and homes sell faster.
In May, Fayette County’s median home sale price stood at $310,000. It marked a slight year-over-year increase from where the median home price stood a year prior—at $305,000, according to Fayette County Property Valuation Administrator figures.
While living expenses in Kentucky are certainly cheaper than expensive coastal cities, the cost of living is rising here just like it is everywhere else. A recent analysis from financial website SmartAsset found single adults need to earn at least $80,704 per year ($38.80 per hour) to cover basic needs, fund leisure activities and save in line with the 50/30/20 rule.
Still, the median home sale price in Lexington is much lower than the national median home price, which in May reached $419,300, the highest price ever recorded, according to the National Association of Realtors.
How much house can you buy in Lexington for $310,000?
If you’re wondering what May’s median home price can get you in Fayette County, the following Zillow listings for single-family homes are currently on the market in Lexington for about $310,000:
728 Aurora Ave., $310,000: Located adjacent to the popular Kenwick neighborhood, 728 Aurora Avenue offers homebuyers three bedrooms, one bathroom and 1,080 square feet of space. It was built in 1940.
As a point of reference, a starter home typically has one to two bedrooms, one bathroom and roughly 750 to 1,250 square feet of space. 728 Aurora Ave. fits that description on at least two of those points. Some estimates suggest an extra bedroom will add about 15% to a home’s resale value.
556 Severn Way, $309,900: For almost the same asking price as the previous home, 556 Severn Way offers some additional space at 1,668 square feet, along with an extra bathroom. It also offers a large backyard with a pool.
Built in 1967, the home’s listing notes it has only been owned by one family, and though it is within New Circle Road, it’s location isn’t as central at 728 Aurora Ave.
630 Headley Ave., $304,900: Located close to Transylvania University’s campus and about two blocks from West Sixth’s craft brewery, 630 Headley Avenue offers two bedrooms, two bathrooms and 1,136 square feet.
Originally built in 1905, its listing notes the home was “completely re-imagined down to the studs in 2005.” The home has hardwood floors throughout, stainless steel appliances, a stackable washer and dryer and decorative fireplaces, among other features.
What are Niche’s top 10 places to buy in America?
According to Niche, these are top 10 best cities in America to buy a home in 2024:
- The Woodlands, Texas (Houston metro area)
- Overland Park, Kansas (Kansas City)
- Naperville, Ill. (Chicago metro)
- Huntsville, Ala.
- Rochester, Minn.
- Fort Wayne, Ind.
- Plano, Texas
- Sioux Falls, S.D.
- Columbia, Md.
- Wichita Falls, Texas
Do you have a question about real estate or housing in Kentucky for our service journalism team? Send us an email at ask@herald-leader.com or fill out our Know Your Kentucky form.