Moving to Louisville, Kentucky can be an ambitious adventure. The city is known for its many attractions, small town feel, and beautifully warm weather. Louisville also attracts many residents because of its affordable housing market which allows home buyers to purchase tasteful, sizable homes for a fraction of the price they would pay in similar cities. People often move to Louisville for the affordable mortgage rates, but they make Louisville home because of the city’s charm and quaintness. The city has made a large amount of information regarding the purchase of new Louisville homes public via Louisville’s property website.
Available Mortgage Loans
Louisville has an extensive amount of available mortgage loans for qualified purchasers. Both FHA loans, including VA loans and USDA loans, and Conventional loans are offered in this city. Conventional Loan options in Louisville are comprised of fixed rate loans, adjustable rate mortgages and are available to well-qualified purchaser but may present challenges for borrowers with less than ideal credit. Those looking to purchase a home in Louisville could greatly benefit from USDA loans, which are provided to borrowers with a wider range of credit history and are used to purchase homes in rural locations. Because there are a great deal of rural properties for sale in Louisville, USDA loans are usually the most fiscally responsible option for first time home buyers.
Median House Prices
Louisville’s beautiful homes are usually reasonably priced, with a city average home price of $140,000. Louisville’s median home prices are about 20% lower than the national median home price. Largely because of the low barrier to entry of Louisville, Ky, a large number of people move to the city from larger cities like Chicago and Atlanta. While other housing markets have risen rapidly over the last decade, Louisville’s housing market rises at a more consistent rate of around three percent per year (a fact that is extremely appealing to new residents).
The average income of Louisville residents is about $26,500. The city has a 6.7% unemployment rate and has maintained a steady economy for the past two decades. Because of the city’s relatively low cost of living, the average income is enough to provide for the necessities of Louisville residents. New Louisville residents who are largely moving toward work-from-home positions often find that their income provides a great surplus for enjoyable shopping and spending.
Louisville, Ky is home to 162 public schools, 98 private schools, and 27 postsecondary institutions. 52% of public school students pass standardized testing exams and the school systems rank about 24% lower than national averages. Although the education system in Louisville is steadily improving on an annual basis, many residents are considering homeschooling as a viable alternative to public school education.
Louisville crime rates are about 68% higher than the national average with about 4798 crimes per 100,000 people. The highest crime categories in this city are theft and property crimes. For every 100,000 Louisville citizens, about 13 crimes occur daily and the city is considered after than 41% of cities in the United States.
The statistics about life in Louisville, Ky present a very positive image of a family-oriented, small-town community that is ideal for residents who seek affordable living and a slow paced life. With mild temperatures and few storms, Louisville provides an ideal climate for those who enjoy outdoor activities like gardening or canoeing. Louisville residents enjoy easy access to over 100 different museums and educational facilities, including the famous African American Heritage House museum. The city also is home to several lounges and restaurants which make night life enjoyable. The city annually hosts several horse races that are a favorite among families and Kentucky natives. Louisville is also the home of two rival universities and basketball powerhouses, The University of Kentucky and The University of Louisville. These teams boast a combined 22 NCAA championships and always provide unadulterated entertainment for Louisville residents. Overall, Louisville is a beautiful city with an amazing balance of entertainment and amenities and small town charm. Additional information regarding Louisville properties for sale and resources for relocation are readily available at the Louisville welcome center which sits, ideally, near the entrance of the city.