Federal Housing Finance Agency Home Price Index (FHFA HPI):
Lexington-Fayette, KY is a Federal Housing Finance Agency home price index that comprises counties including Bourbon County, and Scott County. Its most recent index value is 256.91.
The Lexington-Fayette, KY, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index that measures average price changes in repeat sales or refinancings on the same properties. The index covers single-family homes and condominiums. The HPI value for a particular geographic area is a weighted average of transaction prices for all properties in that area.
The HPI began in January 1975 and covers the nine census divisions of the United States. The most recent data point is from December 2020. In December 2020, the HPI for Lexington-Fayette was 176.1, up 0.4% from November and up 5% from December 2019.
Between 2000 and 2006, home prices in Lexington-Fayette more than doubled; however, since then prices have fallen by nearly 30%. Despite this decrease, home equity levels remain high in Lexington-Fayette as homeowners have not experienced significant decreases in their home values since the Great Recession. In fact, according to Zillow data, the median home value in Lexington-Fayette has increased slightly over the past year while remaining relatively flat over the past five years.
There are several reasons why home prices have remained strong in Lexington-Fayette despite falling elsewhere across the country. First, job growth has been strong in Kentucky's capital city thanks to an expanding healthcare sector which employs nearly one quarter of workers in Lexington-Fayette County. Additionally, many people are moving to Kentucky from other parts of the country due to its low cost of living; according to CNBC's Cost of Living calculator, living expenses are nearly 10% lower in Lexington than the national average. This combination of strong job growth and low living costs has helped support housing demand and keep prices relatively stable even as other markets have seen sharp declines during COVID-19 pandemic
Price Index: Lexington-Fayette, KY
Name | State | Metromicro | Fips State Code | Fips County Code | Region Type | Population |
---|---|---|---|---|---|---|
Fayette County | Kentucky | Metropolitan | 21 | 067 | Central | 321,844 |
Scott County | Kentucky | Metropolitan | 21 | 209 | Outlying | 54,801 |
Jessamine County | Kentucky | Metropolitan | 21 | 113 | Outlying | 52,112 |
Clark County | Kentucky | Metropolitan | 21 | 049 | Outlying | 35,544 |
Woodford County | Kentucky | Metropolitan | 21 | 239 | Outlying | 26,874 |
Bourbon County | Kentucky | Metropolitan | 21 | 017 | Outlying | 18,961 |
Name | State | Population |
---|---|---|
Lexington | Kentucky | 321,844 |
Georgetown | Kentucky | 48,251 |
Nicholasville | Kentucky | 44,181 |
Winchester | Kentucky | 35,544 |
Versailles | Kentucky | 23,805 |
Paris | Kentucky | 18,436 |
Wilmore | Kentucky | 7,931 |
Stamping Ground | Kentucky | 3,968 |
Midway | Kentucky | 3,069 |
Sadieville | Kentucky | 2,582 |
Zipcode | Population | Density | Timezone | Latitude | Longitude | City | County | State |
---|---|---|---|---|---|---|---|---|
40347 | 3,069 | 33.9 | America/New_York | 38.15843 | -84.71560 | Midway | Woodford County | Kentucky |
40383 | 23,805 | 60 | America/New_York | 38.01264 | -84.73985 | Versailles | Woodford County | Kentucky |
40370 | 2,582 | 12 | America/New_York | 38.39836 | -84.52642 | Sadieville | Scott County | Kentucky |
40379 | 3,968 | 24.1 | America/New_York | 38.31339 | -84.68720 | Stamping Ground | Scott County | Kentucky |
40324 | 48,251 | 120.1 | America/New_York | 38.24673 | -84.55326 | Georgetown | Scott County | Kentucky |
40507 | 1,772 | 1,643.6 | America/New_York | 38.04699 | -84.49640 | Lexington | Fayette County | Kentucky |
40510 | 1,990 | 35.8 | America/New_York | 38.06892 | -84.60142 | Lexington | Fayette County | Kentucky |
40506 | 2,329 | 10,304.1 | America/New_York | 38.02821 | -84.50319 | Lexington | Fayette County | Kentucky |
40516 | 3,303 | 36.2 | America/New_York | 38.06968 | -84.36120 | Lexington | Fayette County | Kentucky |
40513 | 11,163 | 298.7 | America/New_York | 38.01594 | -84.60641 | Lexington | Fayette County | Kentucky |