Lexington offers a high quality of life for a relatively low cost of living and is consistently nationally recognized for its quality of life. This year, Lexington has ranked #5 Best Run City by WalletHub, #7 Best City for New Grads by SmartAsset, and #8 Best City to Start a Business by HeroPay.
In fact, the Cost of Living Index calculates that Lexington’s 2016 housing costs were 84.0 on an index where 100 is the national average, meaning that Lexingtonians pay about $0.84 on the dollar for housing compared to the average of other communities around the nation. For example, Sarasota, FL, and Minot, ND, have a housing score of 99.8, the closest to 100 of the 264 communities surveyed. Residents of Sarasota and Minot could expect to purchase a new 2,400 SF home in a good neighborhood for $329,000 and $326,000 respectively, compared to $264,000 in Lexington. With a 25% down payment, Sarasota and Minot residents could also expect mortgage payments of $1,337 and $1,116, while Lexington resident could expect just $913, according to the 2016 Cost of Living Index.
The Lexington-Bluegrass Association of Realtors (LBAR) is the region’s leading advocate for homeownership and represents more than 2,700 realtors. This month, LBAR announced that there were nearly 4,500 sales in seven counties of the Bluegrass Region (Madison County was not included) totaling over $952 million in the first half of 2017. Fayette County accounted for 65% of sales and 60% of total dollars – 2,682 sales totaling $616,177,622. The median sale price increased 8% from $173,000 in the first half of 2016 to $186,250 in the first half of 2017.
Lexington offers limitless opportunities for higher education, a vibrant downtown that attracts over 2.8 million visitors every year, exciting sports teams, nearby Keeneland and other equine attractions, craft beer and ice cream, renowned bourbon distilleries, and many other assets. Commerce Lexington Inc. and VisitLEX have embarked upon a more formal partnership to develop strategies to recruit associations and business meetings to the area. Our teams meet quarterly to discuss various topics including infrastructure, marketing strategies, client feedback, incentives, and other items, as well as review our strategic plan.
Note: The Cost of Living Index collects data on new home purchase prices and 30-year fixed interest mortgage rates and calculates fixed monthly principal-and-interest payments over the entire life of the loan assuming 25% down payment. It intended as an estimate for comparison purposes only.