Rent to own Homes in Louisville, KY
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.
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Rent to own Homes in Cities Near Louisville, KY
- Anchorage
- Audubon Park
- Bancroft
- Beechwood Village
- Bellemeade
- Blue Ridge Manor
- Borden
- Briarwood
- Brownsboro Farm
- Brownsboro Village
- Buckner
- Cambridge
- Charlestown
- Clarksville
- Coldstream
- Crestwood
- Crossgate
- Douglass Hills
- Druid Hills
- Fincastle
- Georgetown
- Glenview Manor
- Goose Creek
- Goshen
- Green Spring
- Greenville
- Henryville
- Hillview
- Hollyvilla
- Jeffersonville
- Kingsley
- La Grange
- Lanesville
- Marysville
- Meadowbrook Farm
- Memphis
- Middletown
- New Albany
- New Pekin
- New Washington
- Pekin
- Richlawn
- River Bluff
- Rolling Hills
- Sellersburg
- South Park View
- Underwood
- Utica
- Westport
- Westwood
Neighborhoods in Louisville, KY
Cloverleaf rent to own homes Camp Taylor rent to own homes Smoketown rent to own homes Beechmont rent to own homes Algonquin rent to own homes Auburndale rent to own homes Audubon rent to own homes Avondale Melbourne Heights rent to own homes Bashford Manor rent to own homes Belknap rent to own homesBuying a Home in Louisville, KY
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%.
Median Home Price in Louisville, KY
Median Rent in Louisville, KY
Average Cost of Living in Louisville
The overall cost of living in Louisville is 4.8% higher than Kentucky's average but 11.6% lower than the U.S. average. Groceries, health, housing, and utilities are all cheaper than in other parts of the country. Crestwood and Goshen adjoin the city, and both are upwards of 20% higher than Louisville, while Brooks is 1.2% lower. Louisville is on the low end as far as the cost of living for the area.
Average Home Prices in Louisville
The median cost of a house in Kentucky is $146,400, well below the U.S. average of $231,200. At $160,800, Louisville homes are $14,400 more expensive than the state average and more than $70,000 cheaper than the national average. While an average house in Brooks costs $140,400, real estate in the area is generally more expensive. Crestwood's median price is $303,900, and you'll pay $288,100 in Goshen. Louisville is an excellent place to buy a rent-to-own home. Despite being the largest municipality in the state and its economic advantage, it has a more affordable real estate market than most of its surrounding towns.
Louisville Statistics
If you're interested in Louisville rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Louisville statistics compared to the U.S. national average.
| Louisville Averages | National Averages | |
|---|---|---|
| One-Way Commute | 22.4 minutes | 26.4 minutes |
| Violent Crime | 46.2 | 22.7 |
| Property Crime | 87.2 | 35.4 |
| Unemployment Rate | 5.0% | 3.9% |
| Income Tax Rate | 8.0% | 4.6% |
| Air Quality | 51 | 58 |
| Water Quality | 13 | 55 |
| Median Household Income | $44,806 | $53,482 |
| Median Property Taxes | $1,500 | $2,200 |
| Utilities | $140/month | $112/month |
| Monthly Rent | $800 | $1,470 |
| Median Home Cost | $160,800 | $231,200 |
| Median Home Age | 49 years | 40 years |
Popular Amenities and Attractions in Louisville
Louisville is known as the Derby City because it hosts the Kentucky Derby annually at the Churchill Downs Racetrack. At the Kentucky Derby Museum, you can watch the horses train, tour the track, view a host of exhibits to learn about the race's history, and enjoy lunch at the Derby Café express. For action and excitement, join the Kentucky Derby Festival. The event takes place during the two weeks preceding the race and includes concerts, fireworks, sports, and games for the entire family.
If you've heard of Louisville, you've likely also heard of the Louisville Slugger. Visit the Louisville Slugger Museum and Factory to learn about the company's history and the evolution of the baseball bat. The Kentucky Kingdom and Hurricane Bay is a combination of an amusement park with rides for children and adults, a waterpark for people of all ages, and King Louie's Playland for younger children. The Louisville Zoo encompasses 130 acres with more than 1,100 animals from around the world. Enjoy its many exhibits, but leave some time to relax in the stunning on-site botanical gardens. The Kentucky Bourbon Trail neatly displays the state's deep roots in the bourbon industry. Although it extends well beyond the city, you can enjoy live music, shops, events, and exhibits at its Louisville locations.
Over 25 million people visited the city in 2018 to see friends and family, for business, or to enjoy its many attractions. But Louisville is also an excellent place to call home. Its 617,638 residents enjoy a thriving economy, affordable housing, and a low cost of living. You can take advantage of these benefits as well by buying a rent-to-own home in Louisville.