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Kentucky real estate

Kentucky – Housing Experts Aren’t Singing the Blues Here!

Like most states, Kentucky lost a chunk of its workforce during the Great Recession. In fact, between 2007 and 2012, the Bluegrass State lost more than 46,000 jobs – or, about 2.5% of its workforce. And, by the middle of 2012, more than 25% of Kentucky children were living in poverty.

These aren’t exactly great numbers… So, what do they mean for the state’s housing market as we look towards the future?

Luckily, the Bluegrass State started off 2013 with some good news, numbers-wise. Kentucky’s foreclosure rate is lower than the national average. Specifically, the foreclosure rate for November 2012 (the numbers released right at the beginning of 2013) was 2.28%. That’s more than half a percent lower than it was the year before. With fewer foreclosures around the state, the “normal” homes for sale around Kentucky can sell for higher prices, and homeowners can watch their home values start to rise.

In Louisville, the numbers are even better – both in terms of foreclosures and mortgage delinquencies. And apparently, homeowners took notice! Realtors in Louisville were awfully busy throughout 2012. By the end of the year, the number of home sales here was up 16%, compared to 2011. Part of the increase is due to an increase in Louisville-area jobs, as both Ford Motor Company and Kentucky One both hired more employees.

Up in the northern part of the state, realtors are rejoicing. That’s because the homes for sale up there performed better than they have in a long time! In fact, with just under 5,000 sales tallied in 2012, realtors in northern Kentucky beat their 2011 total by 15% -- and had their best year since 2008. The number of home sales has been going up here for 18 straight months. As a result, realtors here expect new homeowners to enter the market in the months to come – meaning the competition for buyers’ attention could go way up in 2013.

Realtors in Lexington were probably nervous when 2012 began. After all, prices there dropped dramatically! Luckily, though, the decrease was only temporary, and prices spent most of the year on the rise. In fact, by the time all was said and done, home prices in Lexington ended 2012 with a 6% increase, as compared to the year before.

Interestingly, the apartments for rent in Lexington aren’t skyrocketing in price, like they are in much of the rest of the country. Sure, Lexington is home to the University of Kentucky – and, thus, lots of affordable student apartments. However, with all of that demand, you would think that prices would be going up. Instead, they remained fairly steady throughout 2012.

So, whether you’re renting or buying in Kentucky, there’s no reason to sing the Blues in the Bluegrass State!

Living in Kentucky

Are you looking to slow down and enjoy the unbridled beauty of rolling bluegrass covered hills? That’s exactly what Kentucky offers!

Nicknamed the "Bluegrass State", Kentucky is long regaled for its scenic pastures, thoroughbred horses, and rich history. And, luckily, Kentucky’s beauty lasts all year. If you like seasonal changes, you’ll love the beautiful spring weather and the fall foliage. Since it is located in the central part of the country, the weather in Kentucky is characteristically mild and moderate.

Here are some of Kentucky’s fast facts:

  • What is the population of Kentucky?
  • The population of Kentucky is 3,074,186
  • What is the capital of Kentucky?
  • The capital of Kentucky is Frankfort
  • What is the largest city in Kentucky?
  • The largest city is Louisville

In addition to being known as the “Horse Capital of the World,” Kentucky is also known for its production of Bourbon. An estimated 95% of all bourbon is distilled, aged, and bottled here!

While Kentucky is often revered for its excellent farming conditions, the state is also is recognized for auto manufacturing, medical facilities and energy fuel production. Kentucky is home to the country’s most productive coalfield and the U.S. Army base known as Fort Knox. In 2010, a 900,000 square foot office building called the Army Human Resource Center of Excellence opened at Fort Knox. It employs nearly 4,300 soldiers and civilians.

If you like to explore history, Old Louisville features the 3rd-largest historic district in the country. The area is also the site of the Southern Exposition, a five-year series of World's fairs held from 1883 to 1887. This fair featured the first public display of Thomas Edison's light bulb!

If you like to stay busy, the Kentucky Derby is preceded in Louisville by the two-week Derby Festival. The Kentucky Shakespeare Festival and the Kentucky State Fair are also popular events.

If you love antique cars, the National Corvette Museum opened in 1994 in Bowling Green. It is located nearby the Bowling Green Assembly Plant, where Corvettes have been made since the 1980s.

If you enjoy the great outdoors, Kentucky is home to Mammoth Cave National Park, home to the world’s longest known cave system. Kentucky is also home to the main passageway in early America through the Appalachian Mountains known as the Cumberland Gap.

Move here, and you’ll never run out of interesting places to explore!

This is the Census data for Kentucky

Population

Total population estimate for Kentucky (July 1) 2012
4,380,415
Total population change for Kentucky- April 1, 2010 to July 1, 2012
0.9%

Age

Percentage of the population that's under 5 years old in Kentucky, 2011
6.4%
Percentage of the population that's under 18 years years old in Kentucky, 2011
23.4%
Percentage of the population that's 65 years and over Kentucky, 2011
13.5%

Gender

Percentage of the population that are females in Kentucky, 2011
50.8%

Race breakdown for Kentucky in percentages

White alone, 2011
88.9%
Black alone, 2011
8.0%
American Indian and Alaska Native alone,2011
0.3%
Asian alone, percent, 2011
1.2%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
1.6%
Hispanic or Latino Origin, 2011
3.2%
Not Hispanic, White alone, 2011
86.1%

A little more about the residents of Kentucky

Percentage of residents who lived in the same house 1 year ago, 2007-2011
84.7%
Percent of residents who are foreign born 2007-2011
3.1%
Percent speaking a language other than English at home, 2007-2011
4.7%

Education

Percent high school graduates or higher for residents 25 years old and over in Kentucky, 2007-2011
81.7%
Percent with a bachelor's degree or higher for residents 25 years old and over in Kentucky, 2007-2011
20.6%

Veterans

Total number of Veterans living in Kentucky 2007-2011
323,823

Communting

The average travel time to work for workers in Kentucky (16 years and over not working at home), 2007-2011
22.6 mins

Real estate stats in Kentucky

Housing unit estimates, 2011
1,932,599
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
69.5%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
17.8%
Median value of specified owner-occupied housing units, 2007-2011
$118,700.00
Households, 2007-2011
1,681,085
Average household size, 2007-2011
2.49

Income

Per capita income for Kentucky in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$23,033.00
Median household income in Kentucky, 2007-2011
$42,248.00
Percentage of people living in poverty in Kentucky 2007-2011
18.1%

Business and commerce info for Kentucky

Private nonfarm establishments, 2010
90,771
Private nonfarm employment for pay period including March 12, 2010
1,456,790
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
-3.8%
Total number of businesses in Kentucky, 2007
337,600
Percentage of Black-owned businesses in Kentucky, 2007
3.1%
Percentage of American Indian- and Alaska Native-owned businesses in Kentucky , 2007
0.3%
Percentage of Asian-owned businesses in Kentucky, 2007
1.6%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Kentucky, 2007
NA
Percentage of Hispanic-owned businesses in Kentucky, 2007
1.1%
Percentage of Women-owned businesses in Kentucky, 2007
25.6%

Land size and population

Size of Kentucky in Square Miles, 2010
39,486.34 mi²
Population per square mile in Kentucky, 2010
109.9

Kentucky real estate

Adolphus

Allensville

Annville

Beattyville

BEE SPRINGS

Beechwood Village

Bellefonte

BLOOMFIELD

BONNIEVILLE

Bowling Green

Bradfordsville

BRADFORDSVILLE

Bradsfordville

Brandenburg

Brodhead

Bromley

Bronston

Bryantsville

Buechel

Burkesville Ky

Burkesville Ky.

Burkesville[Not Specified]

Campbellsburg

Cartersville

catlettsburg

Catlettsburg

Cave City

Cerulean

Clinton

COLUMBIA

Concord

Connersville

CONSTANTINE

Cox's Creek

Crab Orchard

Crescent Springs

Crestview

Crestview Hills

Demossville

DUNNVILLE

East Bernstadt

Elizabethtown

ELKHORN

Eminence

Fairdale

Fairview

FALLS OF ROUGH

Farmers

Fedscreek

Fern Creek

Finchville

Flatwoods

Fleming-Neon

Flemingsburg

Fountain Run

Franklin

Gamaliel

GARFIELD

Gravel Switch

Grayson

Greenup

HARDINSBURG

HARDYVILLE

Hartford

Hazel Green

Henderson

Herndon

Hindman

Jackson

Jonesville

Kings Mountain

Knifley

La Fayette

La Grange

LaGrange

Lake Malone

LEBANON

LEBANON JUNCT

Lebanon Junction

Lexington-Fayette

Liberty

Livingston

LORETTO

Madisonville

MAMMOTH CAVE

Mayslick

MCDANIELS

Middlesboro

Middletown

Millersburg

Morningview

Mount Sterling

Mount Vernon

Mt Auburn

Mt. Eden

Mt. Vernon

Muldraugh

Munfordville

New Liberty

Newbern

Olation

Olmstead

Outside Area (Outside Ca)

Paducah

Paintsville

Pembroke

Perry Park

Pineville

Pleasure Ridge Park

Pleasureville

Preston

Raceland

Renfro Valley

RHODELIA

Rockholds

Ryland Heights

Salyersville

Sanders

Scottsville

SHEPHERDSVILLE

Shively

Simpsonville

Springfield

STEPHENSPORT

Taylorsville

Tompkinsville

Trenton

Turner Station

Union City

Wallingford

WHITE MILLS

White Plains

Williamsburg

Woodburn