Real Estate Relocation Guide To Kentucky

Relocating from Chicago to Kentucky is a major move. You’re crossing state lines and heading 300 miles to find a new home in a different community. By familiarizing yourself with the local real estate market, whether your destination is Louisville or Bowling Green you can get a good idea of the Kentucky landscape and locate the best area for you and your family.

We’ll start with the big picture… Kentucky has an estimated population of 4.2 million* and around 39,700 square miles of land. The total number of housing units is 1,888,336, of which about 1.1 million are owner-occupied and 484,800 are inhabited by renters. Roughly 236,400, or 12.5 percent, of the residences in the state are vacant. The median home value in Kentucky is $111,000 and the median household income is $39,372. For an idea of how this sizes up with national averages – the median home value in the U.S. is $185,200 and the median household income is $48,451.

Statewide figures provide a good overview of Kentucky, but when you’re planning to relocate to the region, knowing what types of housing are available is the most important thing. So here’s a breakdown of what Kentucky real estate has to offer…

About 33,000 homes in Kentucky are new construction, developed in 2005 or after (another 171,000 were put up between 2000 and 2004). Kentucky has its share of vintage charm as well with 220,000 residences built prior to 1940. The total number of detached, single-family houses across the state is 1.2 million, and there’s also a good selection of multi-unit residences and condos. Most homes have 3 bedrooms, but size varies greatly depending on where you look. And, in case you’re wondering about how your budget will pan out in The Bluegrass State, monthly mortgage costs in [Alabama] generally hover between $500 and 1,500.

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*All statistics are from the 2006 American Community Survey as shown on the U.S. Census Bureau website.
Sources: factfinder.census.gov and www.city-data.com