If you’re looking for a more affordable state to call home, Kentucky is a good option. It’s located in the Southeastern part of the United States, situated above Tennessee and below Illinois, Indiana, and Ohio. Kentucky is known as the Bluegrass State and has more than 4.4 million residents. More than 20% of the state’s entire population resides in Lexington and Louisville, two of the largest cities. Here’s what else to know if you’re considering a move to Kentucky.
How expensive is an apartment in Kentucky?
The housing costs in Kentucky are substantially lower than the national average. According to BestPlaces.net, the overall cost of living in Kentucky is just under 84% of the national average, while housing prices come in at just over 63% of the national average. The statewide average price for a studio apartment is $536 a month, while a one-bedroom apartment costs approximately $600 per month. A two-bedroom apartment in Kentucky costs an average of $760 per month. Larger units are slightly more expensive, with a three-bedroom rental costing an average of $1,028 and a four-bedroom apartment or home costing just under $1,200 per month, on average.
If you live in one of the larger cities, such as Louisville or Lexington, the rent prices may come in slightly higher. BestPlaces reports that the average rent in Louisville-Jefferson County is $636 for a studio, $727 for a one-bedroom, $901 for a two-bedroom, $1,223 for a three-bedroom, and $1,382 for a four-bedroom. Although these numbers are a bit higher than the statewide average, they are still quite a bit lower than the national averages. For example, the median rent for a studio apartment in the U.S. is $821 per month, while a four-bedroom unit costs nearly $1,800 a month on average.
Some of the larger cities in the state have slightly higher housing costs. For example, Louisville’s overall cost of living comes in at 88% of the national average, while the housing prices are nearly 70% of the national average. Lexington-Fayette is another major metro area in the state, where the housing prices come in at 80% of the national average. The median home price in that area is $185,700, which is quite a bit higher than the statewide median home price of $146,600. Higher home values drive up rent prices for residents.
How do I find cheap apartments in Kentucky?
When you start your search for cheap apartments in Kentucky, use the resources available at Zumper to apply filters and find places in the cities you’re considering living in within the state. Many of the state’s residents live in the two larger cities, Louisville and Lexington, although the capital city of Frankfort also has plenty of job opportunities and apartments and homes available for rent. You can also find cheaper apartments located in some of the less populated parts of the state, although the number of units available will likely be lower.
If you want to keep your housing costs lower, you may consider living with a roommate. Technological advancements have made it easier than ever to find people who are also looking to share their living space, or you can split an apartment or home with friends or family members who want to live in the same area of Kentucky. Renting a studio apartment on your own will cost an average of $536 per month in the state, while sharing a two-bedroom apartment with a roommate will run you around $380 per month, on average.
What is the cheapest rent in Kentucky?
Some of the cities that have the lowest housing costs in the state of Kentucky include Monticello, Corbin, Middlesborough, Williamsburg, Central City, Russellville, Cynthiana, and Westwood. Shively is a suburb of Louisville that offers slightly lower rental prices than many of the units located within the city.
As you compare rental units throughout the state, be sure to consider the other costs of living that you’ll be responsible for, including utilities and internet service. Some landlords require renters to pay additional costs, such as the sewer and water, while others include these costs in the monthly rent. Keep your monthly costs lower by cutting back on your electricity and gas usage.
How does Kentucky compare to other states?
Kentucky is one of the more affordable places to live in the United States. Some of its larger cities come in slightly higher on overall cost of living, but housing is quite reasonably priced, making it an appealing place to live.
According to data shared by “USA Today,” the average cost of utilities for a small apartment in Louisville is less than $140 per month. This comes in quite a bit lower than the national average of $260 per month, although the size of your home and your energy usage will impact your overall costs. Renting a home is also within reach for families in Kentucky, as the median price of a rental home is $850 per month. Apartments are even more affordable, so many residents can afford to live alone or share their space with one roommate.
Another area in which Kentucky beats out other states in terms of its cost of living is property tax rates. Although the rate varies by location, the statewide median rate is 0.72%. Both renters and homeowners can benefit from lower property tax rates, as landlords typically pass the cost to those who lease their spaces in the form of higher rent.
Zumper makes it easy to find your dream home, whether you’re looking for a studio apartment in Kentucky or a four-bedroom home to share with your family. The average cost of living in Kentucky is lower than the national average, so many people choose this state to put down roots and establish their professional and personal lives. Get started on your apartment search today and browse thousands of Kentucky apartments for rent on Zumper.
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