Kentucky is a state known for its world-famous Kentucky Derby, rolling bluegrass hills, bourbon trails, historic sites, and the Red River Gorge. If you’re considering living in the state, you may be interested in finding affordable cities that fit your budget. The median home sale price in Kentucky is currently $268,200 as of July.
If the average price doesn’t suit your budget, don’t worry! Redfin has compiled a list of the 5 most affordable places to live in Kentucky, all with median home sale prices below the state’s average. From Hopkinsville to Covington, discover which cities made the cut.
#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, with a median home sale price of $196,500, tops our list of affordable places to live in Kentucky. This city offers attractions like the Western Kentucky Botanical Garden, the Bluegrass Music Hall of Fame & Museum, and 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
Hopkinsville, the second most affordable city in Kentucky, has a median home price of $230,000. With around 31,000 residents, this city offers opportunities to explore the Hopkinsville Greenway System, downtown area, and 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
Florence, located in northern Kentucky, is the next city on our list with a median home price of $235,875. With approximately 32,900 residents, Florence offers attractions like South Fork Park, Turfway Park Racing & Gaming, and easy access to Cincinnati/Northern Kentucky International Airport.
#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 the fourth city on our list. Home to around 40,400 residents, Covington offers attractions like Devou Park, the Behringer-Crawford Museum, downtown shops and restaurants, and scenic 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
Louisville, the final city on our list, has a median home price of $261,000. With a population of approximately 622,900, Louisville offers attractions like the Louisville Slugger Museum & Factory, Kentucky Science Center, Old Forester Distilling Co., Conrad-Caldwell House Museum, Louisville Riverwalk, Jefferson Memorial Forest, and 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.