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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).
​$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.

Business Directory Services:

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If your business isn't here, contact us today to get listed!

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Copyright © 2023 Commerce Lexington Inc., all rights reserved.
COMMERCE LEXINGTON® and the Commerce Lexington logo are registered trademarks of Commerce Lexington.
330 East Main Street, Suite 100, Lexington, Kentucky, 40507
Phone: (859) 254-4447  |  Fax: (859) 233-3304
  • About
    • Message from the Board Chair
    • President's Message
    • Top Investors
    • Board of Directors
    • Racial Equity Pledge
    • Staff Directory
    • Find Our Offices | Parking
    • NEWS
  • Do Business
    • Business Directory
    • Economic Development
    • Minority Business Development >
      • Minority Business Directory
      • Procurement Opportunities
    • Business & Education Network
    • Resources >
      • Start a Business
      • Relocate a Business
      • Funding & Financing
      • Publications
  • Live & Work
    • Relocation Guide
    • Job Openings
    • Getting Around
    • Demographics
    • Cost of Living
    • Lexington History
    • Lexington Rankings
    • Education >
      • Public Education
      • Private Education
    • Health Care
  • Advocacy
    • About Public Policy
    • Your Government >
      • Local
      • State
      • Federal
    • Policy Statements & Key Issues
  • Membership
    • Member Benefits
    • Member Discounts
    • Member News
    • Sponsorship Opportunities
    • JOIN
  • Events
    • Commerce Lexington Events Calendar
    • Community Calendar
    • Submit an Event
    • An Evening With Commerce Lexington
    • EMERGE 2023 >
      • EMERGE Breakouts
      • Speakers
      • Agenda
    • Leadership Visit >
      • Grand Rapids 2023
      • Impact
      • Past Trips >
        • Tampa-St. Petersburg 2022
        • Austin 2021
        • Raleigh 2019
    • Portugal 2023
    • Regional Summit
    • Washington Fly-In
    • Salute to Small Business >
      • Nominate a Business
      • Award Categories
      • Small Business Awards Application
      • Past Award Winners
  • Connect
    • Become a Member
    • Peer Programming >
      • Business Owners Advisory Boards (BOAB)
      • Peer Groups
    • Emerging Leaders of the Bluegrass
    • Leadership Development >
      • Leadership Lexington >
        • Application
        • Class Roster
        • Class Projects
        • Steering Committee
        • Alumni
      • Leadership Central Kentucky >
        • Class Roster
        • Board of Directors
        • LCK Alumni
    • Ambassador Program