The housing choices for a resident of Fayette County are as diverse as the people and the economy. From newer suburban neighborhoods like Andover or Masterson Station to older, historical areas such as Henry Clay and Chevy Chase, Lexington truly offers something for everyone. Residents can choose from downtown living, farms, apartments and duplexes, million-dollar homes, and suburbia, as well as the small-town atmosphere of communities like Midway, Paris, Versailles or Winchester.
The average price of a house in the Lexington area has held steady in recent years from $173,660 in 2005 to $171,922 in 2008, making the Greater Lexington Region an attractive and affordable place to live, with quality homes priced anywhere from the mid-90,000’s to up into the millions.
Nearly 60-percent of people in the Lexington MSA own their own home, while over 40-percent are renters. With thousands of college students descending on the area each fall, a plethora of options are available to renters, such as apartment complexes, townhouses, duplexes, and even homes near campus.
Downtown living in Lexington has always been at a premium, but new projects that are already underway expect to create more than 300 new apartments, condominiums and townhouses over the next few years, filling what many see as a great need in downtown. In addition to five residential projects under construction, five more are waiting in the wings in the planning stage. There is also talk of creating themed districts, such as an entertainment district and a shopping district, within portions of downtown.
Housing By The Numbers - What to Expect
Cost for 2,400-square foot living area new home with three bedrooms, two baths, and two-car garage on 60x120 lot $217,740
Monthly rent for unfurnished apartment with two bedrooms, two baths at approximately 950-square feet (excluding all utilities except water and sewer) $707
Average mortgage rate with points 5.60%
Average monthly electric bill $41.36
Average monthly gas bill $91.42
Average monthly phone bill $34.76
States with the LOWEST Electric Power Cost
1. Kentucky 4.26 (cents per Kilowatt-hour)
2. Wyoming 4.68
3. West Virginia 5.11
4. Indiana 5.34
5. Utah 5.39
United States 7.21
(Source: 2002 Energy Information Administration/Electric Power Annual 2002)
Cost of Natural Gas
(in dollars per million BTU's of energy) Commercial Industrial Kentucky 6.42 4.63
United States average 6.57 4.71
(Source: Business Facilities, June 2003)
HOUSING Resources:
Home Builders Association of Lexington
3146 Custer Drive
Lexington, KY 40517
Phone: (859) 273-5117
Web:www.hbalexington.com
Kentucky Association of Realtors
161 Prosperous Place
Lexington, KY 40509
Phone: (859) 263-7377
Web: www.kar.com
Lexington-Bluegrass Association of Realtors
2250 Regency Road
Lexington, KY 40503-2302
Phone: (859) 276-3503
Web: www.lbar.com
Lexington-Fayette County Housing Authority
300 West New Circle Road
Lexington, KY 40505
Phone: (859) 281-5060
Lexington Relocation Services
3131 Custer Drive, Suite 6
Lexington, KY 40517
Phone: (859) 273-3303
Web: www.lexingtonrelocation.com
Apartment Resources:
Apartment Finder
Phone: (859) 235-0096
Web: www.apartmentfinder.com
Greater Lexington Apartment Association
210 Malabu Drive, Ste. 7
Lexington, KY 40502
Phone: (859) 278-6540
Web: www.greaterlaa.com
Lexington Apartment Guide
Phone: (859) 223-4085
Web: www.lexingtonapartmentguide.com
Lexington Residential & Apartment Referral Service
155 Prosperous Place, Suite 2B
Lexington, KY 40509
Phone: (859) 263-3740
Web: www.irentapts.com