Fayette County is situated in the center portion of the state. The main city in Fayette is Lexington. The area is known for horses and horse racing. The area possesses beauty and charm. College sports are popular, and some of the best hospitals in the country are in the region. Fayette has a higher than average intelligence for the community, and the people are friendly. The community is tight-knit, and it is a great place to live. If you are planning to purchase a home in Fayette, you have some many options; therefore, become familiar with the areas and neighborhoods of the city, so that you can choose the best home for your family.
Demographics of Fayette, Kentucky
The census bureau at https://www.census.gov/quickfacts/table/PST045215/21067 puts the population of Fayette at 314,488. The majority of the population is white at 72.1%. 6.9% are Hispanics, and 15% are African American. 3.9% are Asian. The median resident age is 33. The estimated household income stands at $51,948, which is a little above the state’s average. Almost 63,000 families live in the area.
Median Home Prices in Fayette
The median property value stands at $170,200. The unemployment rate is 5/5%, and the poverty level is 19.3%. The unemployment rate is lower than the national average, and the poverty rate is above the national average.
Crime Rate in Fayette, KY
The crime rate in Fayette is above the national average. 75% of the cities in the country are safer than Fayette. The crime rate over the last year has increased slightly. There are about 14,000 crimes reported in the city each year. About 1,000 of those are violent crimes.
Fayette is home to 36 Elementary schools, 12 middle schools, and 5 high schools. 89% of the population have graduated from high school and 40% have a college degree. The average test scores in Kentucky stand at 69%. This is par with the national and state average scores. Fayette Country is home to the University of Kentucky. The most common major at the school is physical education and coaching. A large number of people major in Equine Management.
Mortgage Loan Options in Fayette
Numerous lenders are waiting to help you choose the best loan for your mortgage. When contacting lenders, they will want to know information about yourself, so you will know what loan is right for you.
You will have the option of a fixed rate or an adjustable rate mortgage. A fixed rate loan offers an interest rate that will not change while you are paying on the loan. This provides predictability for you, as you will know exactly how much you will be paying each month on the loan. The most popular type of fixed loan is a 30-year loan. People like this option because the monthly payment amount will be lower. You have the option to shorten your term. This will save you money on interest; however, the monthly payments will be higher.
If you get a low interest rate and plan to stay in your home short-term, you might want an adjustable rate mortgage. You will be offered a rate for a certain number of years; then it will increase or decrease. There are laws in place to prevent the rate from sky rocketing.
Some of the types of loans available include:
- FHA loans: These loans are backed by the Federal Government. You need a low-down payment amount, and you do not need perfect credit. These are less risky for the lender since they are insured by the government.
- VA loans: These loans are also backed by the Federal Government. The Veterans Administration insures these loans for people who have served in the United States military.
- USDA loans: The United States Department of Agriculture offers these loans for people who live in certain areas with low to moderate income.
- Conventional loans: These are a little harder to get as they require a higher down payment and good credit. However, you might get a better rate.
Fayette, Kentucky offers numerous things to offer residents. If you are moving to the area, research your loan options to see what might be right for your needs.