There’s a the age old question everyone thinks about when they decide to move to a city in Kentucky:
Should I buy a place or rent?
Well, we aren’t here today to solve that problem for you exactly. We are just assuming you’ll do the right thing and a buy a place 😉
And while we are happy to tell you the best place to live in Kentucky, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the Bluegrass State.
To do that we are going to look at places in Kentucky that are growing faster than average, but where home prices are below average. In every day terms, the “deals”.
The best deal in Kentucky at the moment? That would be Russellville according to our analysis.
Here’s a look at the top ten places to buy a home in Kentucky for 2019:
- Russellville (Photos | Homes For Sale)
- Monticello (Photos | Homes For Sale)
- Hillview (Homes For Sale)
- Corbin (Photos | Homes For Sale)
- Campbellsville (Photos | Homes For Sale)
- Dayton (Photos | Homes For Sale)
- Elsmere (Homes For Sale)
- Glasgow (Photos | Homes For Sale)
- Franklin (Photos | Homes For Sale)
- Williamsburg (Photos | Homes For Sale)
The methodology that wen’t into this can be a bit complicated, so we’ll break it down for you in as much detail as we can below.
For more Kentucky reading, check out:
- These Are The 10 Best Counties To Live In Kentucky
- 10 Best Places To Raise A Family In Kentucky
- These Are The 10 Best Places To Retire In Kentucky
How do you determine the best places to buy a home in Kentucky for 2019?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we’ve put a lot of thought into what goes into finding a good place to buy a home.
So all that thinking has come to this moment where we get to spell out how we’d approach finding an up-and-coming place to live in Kentucky. Put differently, the analysis will try to find places in Kentucky with undervalued homes relative to pent up demand.
To do that we looked at the most recent American Community Survey Census data for 2013-2017 and compared it to the previous vintage (2012-2016). Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It’s still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still “cheap” for Kentucky with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 520 cities and towns in Kentucky, only 77 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 77 for the criteria mentioned above with 1 being the best for that criteria. We averaged the rankings to create a “best place to buy” index with the place having the lowest index being the best.
Turns out that Russellville is the best potential gem in the not-so-rough in the Bluegrass State.
Read on for more on these places.
Local historian. Alex C. Finley claimed the area was first settled by Gasper Butcher, as a frontier settlement of the Transylvania Colony, of Virginia, now Russellville, Kentucky, around 1780, but others have questioned this claim. Although the area is known to have been called BigBoilingSpring, GasperButcher’sSpring, and Butcher’sStation, W.R. Jillson was unable to find written records of any habitation before 1790, when William Cook and his wife erected Cook’s Cabin, accompanied by eighteen-year-old William Stewart. Also known as Cook’s Station, the community – located about 1 mile east of the present city – became LoganCourtHouse when it was chosen as the seat of newly formed Logan County in 1792.
The first settlement in the Corbin area was known as Lynn Camp Station and the first post office was called Cummins for community founder Nelson Cummins. It was discovered in 1885 that both Cummins and Lynn Camp were already in use as names for Kentucky post offices and postmaster James Eaton was asked to select another name. He chose Corbin, for the Rev. James Corbin Floyd, a local minister. The town was incorporated under that name in 1905.
The city was founded in 1817 and laid out by Andrew Campbell, who had moved there from Augusta County, Virginia. Campbell owned a gristmill and a tavern and began selling lots in Campbellsville in 1814. Campbellsville was designated by the state legislature as the county seat in 1848 after Taylor County was separated from Green County. The city agreed to sell the public square to the county for one dollar so that a courthouse could be built here.
Dayton had a ferry crossing, established in this area by the early 19th century, at the foot of what is now Dayton Street.
The community was first settled in 1885 as South Erlanger. Elsmere organized as a city in 1896, renamed after Elsmere Avenue in Norwood, Ohio, the hometown of one of its founders.
The city of Glasgow was established by the state assembly in 1799. The same year, the community was selected as the seat of a new county, owing to its central location, its large spring, native John Gorin’s donation of 50 acres for public buildings, and its being named for the Scottish hometown of the father of William Logan, one of the two commissioners charged with selecting the county seat. A post office was established in 1803, and the town received its city rights in 1809.
Franklin was formally incorporated by the state assembly on November 2, 1820, on a 62-acre tract of land. This tract was purchased from William Hudspeth and was named for Benjamin Franklin. The post office was established on September 29, 1822, with Robert W. Simpson as postmaster.
Williamsburg was first known as the Spring Ford after a nearby ford crossing the Cumberland River. On 19 April 1818 the first meeting of the Whitley County Court was held at Samuel Cox’s own home. This first court appointed local officials as well as constables to work with the county militia. The town was then known simply as Whitley Courthouse. This name would be changed in 1882 to Williamsburgh, and later changed in 1890 to its current Williamsburg.
There You Have It – The Best Places To Purchase A House In Kentucky for 2019
There’s our analysis of the best places to buy a house in Kentucky. And, to be clear, we aren’t necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 520 places in the state.
So if we’d could rent or buy in these cities, we’d definitely buy.
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