With the world-famous Kentucky Derby, rolling bluegrass hills, bourbon trails and distillery tours, historic sites, and the Red River Gorge, Kentucky offers a wealth of highlights for anyone living in the state. If Kentucky sounds like the state for you, then you may also be curious about what cities fit into your budget. For example, the median home sale price in Kentucky is $263,400 as of April.
Don’t worry if that price doesn’t fit in your budget – we’ve got options to help you find a home or apartment that does. Redfin has collected a list of the 5 of the most affordable places to live in Kentucky. And they all have a median home sale price under the state’s average. From Hopkinsville to Covington, find out which cities made the list.
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Get prequalified#1: Owensboro
Median home price: $192,250
Average sale price per square foot: $148
Average rent for a 1-bedroom apartment: $894
Median household income: $47,411
Nearest major metro: Evansville, IN (40 miles)
Owensboro, KY homes for sale
Owensboro, KY apartments for rent
With a median home sale price of $192,250, Owensboro claims the first spot on our list of affordable places to live in Kentucky. When living in this city of 60,200 people, you can visit the Western Kentucky Botanical Garden, explore the Bluegrass Music Hall of Fame & Museum, and check out downtown Owensboro.
#2: Covington
Median home price: $216,000
Average sale price per square foot: $167
Average rent for a 1-bedroom apartment: $1,584
Median household income: $47,917
Nearest major metro: Cincinnati, OH (2 miles)
Covington, KY homes for sale
Covington, KY apartments for rent
Second is Covington where about 40,400 residents currently live. The median home sale price is $216,000 which is about $45K less than the median home sale price in Kentucky. If you find yourself moving here, explore Devou Park where you’ll find a scenic overlook, trails, and the Behringer-Crawford Museum, check out the local shops and restaurants in downtown Covington, and take in the views of the Ohio River.
#3: Hopkinsville
Median home price: $235,000
Average sale price per square foot: $134
Median household income: $40,442
Nearest major metro: Bowling Green (60 miles)
Hopkinsville, KY homes for sale
Hopkinsville, KY apartments for rent
Kentucky’s third most affordable city to live in is Hopkinsville. About 60 miles away from Bowling Green, the nearest major metro, Hopkinsville is home to roughly 31,000 people. Living in Hopkinsville, you can walk along one of the trails that are part of the Hopkinsville Greenway System, check out the downtown area, or explore Jeffers Bend Environmental Center.
#4: Louisville
Median home price: $248,500
Average sale price per square foot: $161
Average rent for a 1-bedroom apartment: $1,252
Louisville, KY homes for sale
Louisville, KY apartments for rent
Only slightly more expensive than Covington is Louisville, the next city on our list. With roughly 622,900 residents in Louisville, there are plenty of awesome attractions to explore in the city. For example, you can check out one of the museums like the Louisville Slugger Museum & Factory, the Kentucky Science Center, the Old Forester Distilling Co., and the Conrad-Caldwell House Museum. You can also stroll along the Louisville Riverwalk, explore the picturesque Jefferson Memorial Forest, or see a show at Louisville Palace Theatre.
> Read: Popular Louisville, KY, Neighborhoods to Live in
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Get prequalified#5: Florence
Median home price: $250,500
Average sale price per square foot: $158
Average rent for a 1-bedroom apartment: $1,210
Median household income: $67,352
Nearest major metro: Cincinnati (10 miles)
Florence, KY homes for sale
Florence, KY apartments for rent
The final spot to make our list is Florence, located in northern Kentucky. Home to about 32,900 residents, Florence is a great option if you’re looking to be near Cincinnati, as it’s only about 10 miles northeast. Florence has plenty to explore such as South Fork Park, Turfway Park Racing & Gaming, and all the local restaurants. The city is close to Cincinnati/Northern Kentucky International Airport, making it a great area if you travel frequently.
Methodology: All cities must have over 30,000 residents per the US Census and have a median home sale price under the average median home sale price in Kentucky. Median home sale price and median sale price per square foot from the Redfin Data Center during April 2025. Average rental data from Rent.com April 2025. Population and median household income data sourced from the United States Census Bureau.
