Do you want to invest in property? It is a big decision and a big responsibility that is why you need to research everything, every detail. If you want to live in Kentucky and want to buy a house there, ask professionals for help, advice and also, explore by yourself. The internet is full of information, you just need to spend some time. Explore Kentucky real estate trends and know what to expect next year too. 2022 is not that far, and time is flying.
Pros and cons of living in Kentucky
What to know when buying a home? One of the first things is to explore a place where you want to buy it. Location is one of the most important things to check.
The pros
Why do people choose to live in Kentucky? What it has to offer to you as a homebuyer? Here are some advantages of living in Kentucky.
- The auto manufacturing industry is the main industry here, and this state is known for its robust workforce. The unemployment rate is getting lower.
- The location of Kentucky is great because you won’t need a lot of time to St. Louis, Nashville, Cincinnati, or you can take a quick trip up to Chicago.
- The tax code is beneficial for most households in Kentucky, which is good for you as a homebuyer. Also, home prices are affordable. Kentucky real estate trends and predictions are good for potential homebuyers.
- Plenty of outdoor adventures you can try after buying a home.
- This state is home to world-class bourbon.
- You will experience all 4 seasons in one year when living in Kentucky. But this state has 5th season too, it is Derby season. It occurs in May of each year.
The cons
Nothing is perfect and living in Kentucky has disadvantages too. Explore them and know all the facts. You should know all the good and bad sides, so you can make the right decisions. Especially when you are investing all that money.
- If you don’t love low temperatures, Kentucky may not be a state for you. Also, you will experience some good 2-3 storms each year.
- The income tax rate is a flat 5% for everyone.
- Some cities in Kentucky have problems with the air pollution because of factories.
- The education system needs some improvement.
- Local language can be a challenge for newcomers.
Kentucky real estate trends and predictions for next year
The population of Kentucky is around 4.51 million and the number is getting bigger every year, which is good. People are moving here because of a job mostly. If you are planning to live here for a longer period of time, buying a home is a good investment. Not to mention that home prices are affordable here. The median home price is $168,000.
Kentucky real estate trends and predictions for 2022 said that the home prices will rise. For example, over the past year, prices have gone up by 10.9%. And it is not going to stop there.
- The total number of houses and apartments is 1,734,619 and most of them (38.4%) are worth between $118,000 and $236,000.
- After that, 22.2% of homes were worth between $59,000 and $118,000.
- 64.2% of people own a home in Kentucky, the rest are renters.
- If you plan to rent your home to tenants, the median rent per month is $980.
- About half of homes in Kentucky were built between 1970 and 1999 where the most are single-family homes with 3 bedrooms. You should keep in mind that many families with kids live here, and that is one of the reasons why people prefer houses with backyards.
Moving to Kentucky with the right movers
If you are buying a house for yourself, you need to organize a relocation too, after buying a dream home. There are 2 types of relocation, short and long-distance relocation. In both cases, it is much easier to have a professional moving company by your side.
You can come here from anywhere in the States if you hire an interstate relocation company. If you are moving from state to state, it does not have to be complicated and hard. No matter what your reason is for moving to Kentucky, research moving companies on time. Don’t delay it.
Best places in Kentucky to buy a house
Kentucky is not a small state, and it has a lot of beautiful places to offer when it comes to buying a house. Being one of the most affordable states in the USA, here you can have a big family home at a low cost. By hiring real estate agents you will learn a lot about the market, but it does not hurt to explore more, by yourself.
Here is a list of places you should consider:
- Hazard
- Williamsburg
- Dayton
- Union
- Lebanon
- Fort Wright
- Douglass Hills
- Central City
Even if you are moving within the state, don’t underestimate local relocation. Hiring removalists is recommended in this situation too. But, make sure to hire a reliable and reputable moving company.
Explore Kentucky real estate trends in those cities and of course, in cities where you want to live (if they are not listed). Every city is a little bit different, especially when it comes to home prices and home types. Local real estate agents know that area the best, so you should hire one. A reliable and experienced person to help you out.
Lisa Roberts has been engaged in writing blog articles for the last 7 years. Although she started off her career in the moving industry, her experience brought diversification to the content topics she covers. Today, her range of topics spans from moving across the globe to everyday lifestyle tips, marketing, real-estate news, etc. In her spare time, Lisa enjoys running, reading books and spending time with her dogs Lue and Sill. As a great lover of life, she finds something practical and useful in every experience, which contributes to her portfolio as well.
