Are you considering moving to the Bluegrass State? There are a few things you should know before opting for a big move.
Whether you’re moving for work, family, or shear adventure, Kentucky is an excellent state to call home. Before buying a new home, there are a few key considerations you should explore regarding Kentucky’s quality of life, economy, and housing forecast.
Top Reasons to Move to Kentucky
Kentucky is a great place to hang your hat and is idyllically located in the south, though it has strong midwestern vibes. In general, this state is known for its southern hospitality and warm weather.
Kentucky also has a great mix of city and country life, offering the perfect balance for any type of resident. From its breathtaking mountains to roaring rivers, there are plenty of compelling reasons to move to the Bluegrass state.
Kentucky has a very strong workforce. From the auto industry (Toyota and Ford, specifically) to education and healthcare sectors, there are numerous job opportunities in this state.
Kentucky is known for its affordable housing options. When looking to buy in Kentucky, you’ll likely be surprised at how reasonable homes are.
Kentucky is a mecca for outdoor lovers. If camping, hiking, and exploring natural wonders sounds like fun to you, you’ll love Kentucky’s incredible Mammoth Cave National Park and other outdoor adventures.
Kentucky is close to other major cities. For those who love exploring new cities and taking weekend trips, you’ll appreciate the close proximity of other cities like St. Louis, Nashville, Indianapolis, and Cincinnati.
Quality of Life
From basketball to bourbon to outdoor adventures, Kentucky has a great, well-rounded quality of life to offer its residents. Kentucky has a deep-rooted connection to tradition, which can be best seen in the annual Kentucky Derby. Bluegrass music is also a huge part of life in Kentucky, offering plenty of entertainment for residents.
Kentucky has an overall low crime rate throughout the state, ranking as the ninth safest state in the U.S. They also rank well for overall infrastructure and career opportunities.
With a good mix of natural, outdoor attractions and social opportunities and events, Kentucky offers a diverse and balanced quality of life for residents.
Kentucky’s economy has been stalled within the past few years, but the good news is that it’s been growing recently and is projected to continue growing.
Overall, from 2010 to 2017, Kentucky’s population increased by 2.6% and the number of jobs grew by 10%, equalling roughly 180,000 new jobs. Salaries have also increased by 36%.
While the economy is slowly improving, there are areas of Kentucky experiencing larger population and job growth booms. Northern parts of Kentucky, specifically Lexington and Louisville, are noticing larger levels of economic growth.
Housing Market Forecast for 2019
One of the biggest benefits about moving to Kentucky is affordable housing costs. The current housing market is hot and the median home value in the Bluegrass state is approximately $145,100, according to data from Zillow.
Home values are predicted to continue rising throughout the rest of the year by 3.3%. While this is great news for current residents, it’s also good news for potential new residents, since home values are on the low end of the U.S. average.
If you won’t be buying right away, rent prices are also generally more affordable, clocking it at $724, compared to the U.S. average of $1,012.
Looking to specific markets, Lexington’s housing forecast is especially hot, with home values well over the state average at $182,600 and an anticipated increase of another 3.6% over the next year. The average rent price is approximately $1,250 per month.
In Louisville, home values average $160,000 and are expected to increase by another 2.2% by the year’s end. The median rent price is approximately $1,145 per month.
Of course, housing market trends can vary from county to county, so it’s important to partner with a local real estate agent to ensure you have a good understanding of the local market before buying a house in Kentucky
When you’re ready to explore housing in Kentucky, your first step should be to connect with a local real estate agent. Agents are invaluable assets during housing searches and can help you quickly find the home of your dreams.
If you don’t already have an agent, Clever can connect you with a top-rated buyer’s agent in the Kentucky area you’re want it move to. Clever Partner Agents are fully vetted and come from the top real estate franchises. In addition, Clever Partner Agents can offer buyers on-demand showings to help them view listings quickly, as well as a $1,000 home buyer rebate to help with closing costs.
To get started, fill out the online form to get connected to a Clever Partner Agent.