Buying a home in Kentucky is still well within reach for most families. The typical home costs $205,600 — about 3.2× of the typical household income of $63,726 a year. That's one of the better ratios in the country. A family putting aside their entire income, with no other expenses, could cover the purchase price in around 3.2 years.
Renters face moderate pressure. The typical rent in Kentucky is $967 a month, and 40% of renters spend more than 30% of their income on housing — the point at which most financial advisers say rent becomes unaffordable. That figure is 10% lower than the national average of 45%.
12.6% of Kentucky homeowners with a mortgage spend more than 30% of their income on housing — close to the national average of 16.1%.