If you are moving to Kentucky, there are lots of considerations when choosing the perfect location to suit you and your needs. Some of these include proximity to amenities, employment opportunities, local schools, and the leisure activities available. However, affordability is a consideration that ranks highest in importance for many people. They need to find an appealing place to live that has affordable housing and a low cost of living. If affordability is the most important factor for you, then here are the 10 cheapest places to live in Kentucky.
Corbin is a town in Whitely County, Kentucky, with a population of 7,325, says Niche. The overall cost of living in Corbin is 20 percent lower than the national average, the median home value is $104,000, and the average rent is $627 per month. In addition to the affordability, Corbin has many other positive features, and it is a fantastic place to raise a family. The schools are excellent, the community is diverse, the transport links are good, and job opportunities are plentiful. Furthermore, there is a wide range of activities for people of all ages to enjoy in their leisure time. An interesting fact about Corbin is that it was the first place that Kentucky Fried Chicken opened a location.
The main reason that Erlanger makes it onto the list is that it has an affordable rental market. It means that the area attracts lots of single people and young professionals who are not yet on the property. When people do decide that it is time to settle down and get a mortgage, the property prices are also affordable. Another appealing feature of Erlanger is that it is just 15 minutes from Cincinnati.
Bellevue is a Cincinnati suburb with a population of 5,804. The residents love that it is an easy commute to the city, which is where most of the employment opportunities, leisure activities, and amenities are located. They also love that they live in a less urban environment with lower costs than in the city. Although both rent and property prices are higher than other locations on the list, the high median household income of $63,415 makes this an affordable place to live.
Not only is Harrodsburg the oldest city in Kentucky, but it was also one of the first permanent settlements to the west of the Appalachian Mountains. Now, it is one of the cheapest places to live in Kentucky, as the cost of living is below the national average and the housing market offers great value. Houses cost around $100,700 while renting in this city costs $608. Harrodsburg is in central Kentucky, and it is approximately 45 minutes from Lexington.
Hazar is in the rural southeastern part of Kentucky, and it was once a thriving coal town. Now, the unemployment rate is high in the area. However, those who are in work have a median household income of more than $50,000, which makes it an affordable place to live. The average cost of renting a three-bedroom property is $655 per4 month, while the median home price is $122,300. Hazard has a population of 5,046.
Russellville is a city in the southern section of Kentucky that has a history dating back to the 18th century, and it is named after General William Russell. Renting in this city is exceptionally cheap, as the average is less than $600 per month, while the median home price is $91,600. The cost of living is also below the national average, and both health care and groceries are cheap in this area. One downside is the high unemployment rate, which is 11.12 percent. Russellville is surrounded by rural areas, and it is just over an hour from Nashville, Tennessee.
Dayton is a suburb of Cincinnati that sits on the banks of the Ohio River, and it has a population of 5,496 people. Many people who work in Cincinnati are attracted to Dayton due to its proximity to the city and the lower cost of buying property. Although renting is quite expensive in this suburb, the income-to-house price ratio is good, as the median property price is $107,000, while the average household income is $52,515.
Bardstown is a city in Kentucky that has seen a population increase in recent years due to the area’s many positive features. Now, it is home to 13,094 people. It is considered one of the best places to live in Kentucky for families, as there are excellent schools and activities for people of all ages to enjoy. Affordability is another of Bardstown’s positive features, as the average monthly rent is $676 per month, and the average household income is well above the state’s average.
For those who are buying a property in Kentucky, the most affordable option is Flatwoods. Although the median house price is higher than Princeton at $91,600, the average salary is also higher at more than $49,000. Therefore, it has a better income to home price ratio. However, Flatwoods is less affordable for those who rent. Affordability is not the only reason to consider living in this town, as it is also a safe place to live with good transport links and sound amenities. It is also worth noting that the public schools in this area are rated as outstanding.
According to Home Snacks, the cheapest place to live in Kentucky is Princeton, which is a small city in western Kentucky that is home to 6,116 people. The median home price in this city is $79,300, which is the second-lowest-cost of houses in the state. Princeton is also the fourth-cheapest place to rent a home. Most people who live in this city can easily afford their homes, as the median household income is $40,574.