5 Most Affordable Places to Live in Kentucky in 2024
With the world-famous Kentucky Derby, rolling bluegrass hills, bourbon trails and distillery tours, historic sites, and the Red River Gorge, Kentucky offers a wealth of highlights for anyone living in the state. If Kentucky sounds like the state for you, then you may also be curious about what cities fit into your budget. For example, the median home sale price in Kentucky is $268,200 as of July.
Don’t worry if that price doesn’t fit in your budget – we’ve got options to help you find a home or apartment that does. Redfin has collected a list of the 5 of the most affordable places to live in Kentucky. And they all have a median home sale price under the state’s average. From Hopkinsville to Covington, find out which cities made the list.
#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
With a median home sale price of $196,500, Owensboro claims the first spot on our list of affordable places to live in Kentucky. When living in this city of 60,200 people, you can visit the Western Kentucky Botanical Garden, explore the Bluegrass Music Hall of Fame & Museum, and check out downtown Owensboro.
#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
Kentucky’s second most affordable city to live in is Hopkinsville. About 60 miles away from Bowling Green, the nearest major metro, Hopkinsville is home to roughly 31,000 people. Living in Hopkinsville, you can walk along one of the trails that are part of the Hopkinsville Greenway System, check out the downtown area, or explore Jeffers Bend Environmental Center.
#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
The next city to make our list is Florence, located in northern Kentucky. Home to about 32,900 residents, Florence is a great option if you’re looking to be near Cincinnati, as it’s only about 10 miles northeast. Florence has plenty to explore such as South Fork Park, Turfway Park Racing & Gaming, and all the local restaurants. The city is close to Cincinnati/Northern Kentucky International Airport, making it a great area if you travel frequently.
#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
Fourth is Covington where about 40,400 residents currently live. The median home sale price is $239,500 which is about $30K less than the median home sale price in Kentucky. If you find yourself moving here, explore Devou Park where you’ll find a scenic overlook, trails, and the Behringer-Crawford Museum, check out the local shops and restaurants in downtown Covington, and take in the views of the Ohio River.
#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
Only slightly more expensive than Covington is Louisville, the final city on our list. With roughly 622,900 residents in Louisville, there are plenty of awesome attractions to explore in the city. For example, you can check out one of the museums like the Louisville Slugger Museum & Factory, the Kentucky Science Center, the Old Forester Distilling Co., and the Conrad-Caldwell House Museum. You can also stroll along the Louisville Riverwalk, explore the picturesque Jefferson Memorial Forest, or see a show at Louisville Palace Theatre.
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.
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