Quick facts: Russell springs, KY

Quick Facts

99.8
Cost of Living
below US average
2,750
Population
5.09
Crime Rate per 1000
below US average
$34,219
Median Income
below US average
$59,900
Median House Price
above US average
$750.0
Average Rent
below US average
15%
Poverty Rate
above US average
4.5%
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 $34,219.

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Income Needed to Buy

βœ“ Affordable
$19k/year
Based on $59,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($34,219) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$32k/year
Based on $750.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($34,219) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Russell springs, KY

Russell Springs is a quaint city located in the heart of Kentucky, known for its charming small-town vibe and rich cultural heritage. Situated in Russell County, it serves as a gateway to the scenic beauty of Lake Cumberland, one of the state’s largest lakes, which offers numerous recreational activities such as boating, fishing, and hiking. The city's central location makes it an ideal spot for those looking to explore the surrounding areas, including the picturesque landscapes of the Daniel Boone National Forest. Russell Springs is also home to a variety of local businesses, restaurants, and community events that foster a strong sense of community. The annual events, including the Russell County Fair, draw in locals and visitors alike, showcasing the area's agricultural roots and lively atmosphere. With a friendly population and a commitment to preserving its history, Russell Springs offers a welcoming environment for families and individuals alike. Whether you're visiting for outdoor adventures or looking to immerse yourself in a close-knit community, Russell Springs is a hidden gem in Kentucky's landscape.

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