Quick facts: Lexington, KY

Quick Facts

99.8
Cost of Living
below US average
320,347
Population
9.36
Crime Rate per 1000
below US average
$66,087
Median Income
below US average
$249,900
Median House Price
above US average
$1421.18
Average Rent
above US average
11%
Poverty Rate
above US average
4.2%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $66,087.

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Income Needed to Buy

βœ— Stretch
$78k/year
Based on $249,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $78k vs median $66,087
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Income Needed to Rent

βœ“ Affordable
$61k/year
Based on $1421.18/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($66,087) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Lexington, KY

Lexington, Kentucky, often called the "Horse Capital of the World," is rich in history and culture. Known for its picturesque landscapes and vibrant horse farms, it boasts a unique blend of urban and rural charm. Founded in 1775, Lexington is the second-largest city in Kentucky and serves as the heart of the Bluegrass region. The city is home to the University of Kentucky, which plays a significant role in the local economy and cultural scene, contributing to a youthful and dynamic atmosphere. Visitors can explore the historic downtown area, featuring well-preserved architecture and a variety of shops, cafes, and restaurants. Lexington is famous for its horse racing, with the Keeneland Race Course attracting visitors from around the country. The city also hosts events like the Lexington Farmers Market and various arts festivals throughout the year. Outdoor enthusiasts can enjoy numerous parks and recreational areas, such as the scenic Jacobson Park and the sprawling Raven Run Nature Sanctuary. Overall, Lexington offers a unique blend of tradition, education, and natural beauty, making it a delightful destination for residents and tourists alike.

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