Cost of Living in Lexington
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.
According to the Fayette County Property Valuation Administrator, the median sales price in 2022 for single-family homes was $260,000, representing an 80-percent increase over the last ten years. 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 older homes near campus.
By The Numbers: What to Expect
Bluegrass residents enjoy a cost of living that is consistently below the national average in almost all major categories. The figures below are from the ACCRA Cost of Living Survey (2022 Averages).
According to the Fayette County Property Valuation Administrator, the median sales price in 2022 for single-family homes was $260,000, representing an 80-percent increase over the last ten years. 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 older homes near campus.
By The Numbers: What to Expect
Bluegrass residents enjoy a cost of living that is consistently below the national average in almost all major categories. The figures below are from the ACCRA Cost of Living Survey (2022 Averages).
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$351,975
Cost for 2,400-square foot living area new home with 3 bedrooms, 2 baths, and 2-car garage on 60x120 lot. $109.72
Average monthly gas bill. |
$982
Monthly rent for unfurnished apartment with two bedrooms, two baths at approximately 950-square feet (excluding all utilities except water and sewer). $189.80
Average monthly phone bill. |
4.71 %
Average mortgage rate with points. $90.87
Average monthly electric bill. |