With home prices dipping slightly over the course of the past year, Kentucky offers up a whole lot of potential for aspiring Rent to Own home buyers looking to make a big move. Home prices are expected to rebound and appreciate 2.8 percent over the course of the next year, growing the investment homeowners put into their property--all the while staying low enough to allow new buyers into the market.
Life in the land of Bluegrass
Kentucky is a southern state that claims bourbon, bluegrass music, and the most exciting 2-minutes of horse racing as its own--being the home of all three. Centered in the heart of the Appalachian Mountains and straddling one of the most important waterways in the East, the Ohio River, the Bluegrass State is also one of the few places where you can regularly view “moonbows,” or the night version of rainbows made with moonlight in misty areas or near waterfalls. Speaking of water, Kentucky is home to hundreds of lakes and rivers to entice water sport enthusiasts everywhere. Major industries in the state include transportation equipment, healthcare, finance, tourism, and retail trade. Population growth averages at about 0.3 percent annually. Job growth in Kentucky continues at 5.6 percent and unemployment sits at 5.2 percent. For average income, the median household income is $33,672 and the median family income is $40,939 annually.
Daniel Boone National Forest, KY Via PlanetwareThe Housing Market in Kentucky
Home prices in Kentucky come in below the national average, making them a great investment for middle class home buyers working on a budget. According to Zillow, the average home value in Kentucky is $125,400 as of early May 2015. Some of the most popular metro areas in Kentucky are Lexington, Louisville, Bowling Green, Owensboro, and Covington.
EducationPrimary and secondary school rankings in Kentucky are mostly average to good throughout the state, with many of the best schools concentrated near major metro areas. Kentucky has several notable universities such as the University of Kentucky, University of Louisville, Western Kentucky University, Bellarmine University, and Transylvania University.
Kentucky is safer than the average state in terms of crime according to Neighborhood Scout. Violent crime affects 2.1 residents per 1000, which is slightly below the 3.8 per 1,000 residents national average. Property crime is similarly below average at 23.63 per 1,000 residents compared to the 27.3 national average.
Culture and Entertainment
Kentucky is home to so many points of interest, it's tough to cut them down to a short list. Some perennial favorites in the state include Mammoth Cave National Park, Kentucky Horse Park, Kentucky Kingdom, Lost River Cave, and Abraham Lincoln Birthplace Historical Park. The Kentucky Festival of the Bluegrass and other live music events are popular. Churchill Downs in Louisville is home to perhaps the world's most famous horse-racing event, the Kentucky Derby, and horse racing is popular in the state’s many other tracks. Breweries, distilleries, and barbecue are central to regional cuisine and culture in the Bluegrass State.