The home of Muhammad Ali became a town during the American Revolutionary War. It was named in honor of King Louis XVI of France because the French were helping the United States' soldiers fight the British. The Falls of Ohio prevented travel further down the Ohio River, prompting many travelers to settle in Louisville. The completion of the Louisville and Portland Canal in 1830 created a waterway for boats to circumvent the falls, but by then, Louisville was already the largest municipality in the state. The canal enabled trade to a larger portion of the country, and the city began to emerge as a manufacturing and shipping center. The Louisville and Nashville Railroad Company came into existence in 1850 and created routes that enhanced the city's trade capabilities by land. Louisville was conveniently located within a relatively close range of much of the developed part of the U.S., enabling the city to further establish its prominence in manufacturing and shipping.
Manufacturing and shipping are still prominent industries in Louisville. In fact, it was ranked as the number one city for manufacturing by Forbes Magazine as recently as 2017. Louisville maintains strategic partnerships with the Kentucky Manufacturing Career Center and the Kentucky Federation of Advanced Manufacturing Education to ensure the availability of employees and the future of the industry. But times have changed, and so has the city. Although the United Parcel Service, a shipping company, is the largest employer in Louisville with 23,533 employees, its economy has seen much success in health care, business services, food and beverage, and tourism.
Louisville, KY is a great place for affordable rent-to-own homes! With a median household income of over $54,929 and a median rent of $878, the Louisville, KY rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Louisville, KY. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Louisville, KY is seeing rapid growth and Louisville, KY's' housing market remains optimal with an average home price that is -24% below the 2023 national average. Louisville, KY is part of Jefferson county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Jefferson is 0.9% which is below the national average, which is 0.99%.