Lexington-Fayette is a combined municipality in Kentucky, which on a consolidated basis has over 700,000. This makes it the second most populated city and region in the state, and the 35th most populated in the country. The city is home to a number of large colleges, healthcare providers, manufacturers, and other employment providers, which helps to ensure that the city continues to have a strong economy. Along with the strong economy, the housing market in Lexington-Fayette has continued to be solid and home prices have remained stable, even during the larger global economic downturn in the past decade.
Mortgage Loans in Lexington-Fayette
When people move to Lexington-Fayette, the majority of those that are looking to buy their home will need to take out a mortgage. The Lexington-Fayette economy has a wide range of mortgage lenders that provide mortgages in the state. The leading mortgage providers in Lexington-Fayette are the national banks, which include Bank of America, SunTrust Bank, and Chase Bank.
When taking out a mortgage in Lexington-Fayette, most buyers will find that interest rates on mortgages tend to be below the national average. This is due to the fact that the state of Kentucky does not have the same taxes as other states do. Furthermore, most mortgage lenders agree that the state and city has a stable economy, which provides an additional level of security to lenders.
Home Affordability in Lexington-Fayette
The Lexington-Fayette is also considered one of the most affordable cities in the country. The city has a strong median income of $52,000, which is about the national average and is well above the state average of $45,000. At the same time, the median home value in Lexington-Fayette is only around $170,000. While this is above the state average of $130,000, it is still well below the national average. The resulting value to income ratio of 3.3 is considered quite affordable compared to many other areas across the country.
Education System in Lexington-Fayette
Overall, Lexington-Fayette is considered one of the most educated cities in the country. More than 40% of all residents hold at least a bachelor’s degree, which ranks in the top 10 in the country. The city is served by the Fayette County Public Schools, which is the largest public school system in the country. It currently has over 70,000 students, which are spread out across 80 different schools.
Those that are looking for an option outside of the Fayette County Public Schools system can choose from one of 20 different private schools and charter schools. The city may be best known for its wide range of higher education options. Lexington-Fayette is the home to the University of Kentucky, which is a major college that has an enrollment in excess of 30,000. Beyond the University of Kentucky, there are about a dozen additional private schools, community colleges, and trade schools in Lexington-Fayette.
Crime in Lexington-Fayette
Another benefit of moving to Lexington-Fayette is that the city has a low level of crime compared to other cities in the country. Lexington-Fayette currently has one of the lowest rates of violent crimes, but there are still some issues in the city. Lexington-Fayette has a higher rate of vandalism, theft, and burglary than some other cities of its size.