Everything else equal, I think we can all agree that living in a cheaper place is better than living in a more expensive place.
I’d much rather pay $500/mo in rent than $1,000. And I’d rather pay $2 for coffee than $5.
And while every neighbhorhood in Louisville might be more expensive than living in rural Kentucky, there are certain neighborhoods that are definitely cheaper.
So what exactly are those Louisville neighborhoods where your dollar goes a little further — you can get that one bedroom instead of the studio?
Instead of relying on public opinion and speculation, we wanted to get the facts straight and find out which neighborhoods in Louisville are the cheapest.
What’s the cheapest neighborhood to live in Louisville for 2020? According to the most recent census data, Edgewood looks to be the cheaptest Louisville neighborhood to live in.
At this point we should make it clear that you do get what you pay for — some of these neighborhoods might not be the best places to live in Louisville. You could be sacrificing location or crime rates in return for more space and cheaper groceries.
Read on to see how we determined the places around Louisville that deserve a little bragging rights or maybe you’re interested in the worst neighborhoods in Louisville.
Once you’re done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
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How We Determined The Cheapest Louisville Hoods In 2020
In order to rank the cheapest places to live in Louisville, we had to determine what criteria defines “cheap”.
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 65 in each category, where 1 was the cheapest.
Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.
And finally, we crowned the neighborhood with the lowest cheapest neighborhood index the “Cheapest City Neighborhood In Louisville.” We’re lookin’ at you, Edgewood.
Read on below to learn more about what it’s like to live in the cheapest places Louisville. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.
The 10 Cheapest Neighborhoods To Live In Louisville For 2020
The median income in Edgewood comes in at $40,291 and the median home value is $93,150 for 2020.
The median income in Merriwether comes in at $36,212 and the median home value is $55,900 for 2020.
The median income in Hazelwood comes in at $37,002 and the median home value is $50,950 for 2020.
The median income in Camp Taylor comes in at $31,592 and the median home value is $90,500 for 2020.
The median income in Iroquois comes in at $41,255 and the median home value is $94,480 for 2020.
The median income in Parkland comes in at $28,638 and the median home value is $54,244 for 2020.
The median income in Algonquin comes in at $29,199 and the median home value is $61,436 for 2020.
The median income in Southside comes in at $36,516 and the median home value is $89,088 for 2020.
The median income in Russell comes in at $19,483 and the median home value is $30,991 for 2020.
The median income in Portland comes in at $23,489 and the median home value is $42,014 for 2020.
Summing Up The Cheapest Places In Louisville
If you’re measuring the neighborhoods in Louisville where prices are low and it’s cheap to live, this is an accurate list.
As we mentioned earlier, the neighborhoods in Louisville aren’t all cheap. Central Business District takes the title of the most expensive neighborhood to live in Louisville.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
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