Kentucky cracks top 10 list for home affordability. See how it stacks up to other states
The country’s housing crisis, combined with a surge of young home buyers clamoring to close, pushed median home prices in the U.S. to $425,000 in April, an all-time high, according to Realtor.com.
With the typical home remaining on the market for just 34 days in April, according to Realtor.com, it created a cutthroat housing market that scuttled and shelved many buyers’ dreams of first-time homeownership.
But it doesn’t have to, provided buyers are willing to adjust their expectations and look to states scattered across the South and Midwest, including Kentucky.
In fact, a recent analysis from Realtor.com ranked Kentucky within the top 10 most affordable states for jilted homebuyers.
How do home prices in Kentucky compare to other states?
Looking at median home prices in April, the Realtor.com analysis ranked Kentucky ninth among the top 10 most affordable states for homebuyers.
The median list price for a home in Kentucky came in at $260,000 in April, according to the analysis, putting the state ahead of Missouri, at $270,000, and just behind Michigan, at $259,000. Kentucky was dead even with Indiana.
Here’s Realtor.com’s full list, based on middle-of-the-road prices for homes:
West Virginia – $199,000
Ohio – $215,000
Arkansas – $245,000
Kansas – $248,500
Oklahoma – $250,000
Mississippi – $258,000
Michigan – $259,000
Indiana – $260,000
Kentucky – $260,000
Missouri – $270,000
What makes Kentucky appealing for homebuyers?
One factor could be that you can get a lot of house for your money when shopping for a home in Kentucky.
For example, take this three bedroom, one-and-a-half bathroom ranch, with a skylight in the kitchen and a carport, for $200,000.
Or maybe this three bedroom, two bathroom home with a walk-in closet in the first-floor primary bedroom? A sale on that home is pending at $225,000.
Louisville, Kentucky’s largest city, had a median home price tag of $257,900 in April, according to Realtor.com. Home prices there are rising, but not nearly as much as the 14% spike seen at the national level.
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This story was originally published June 3, 2022 at 6:00 AM.