Louisville is the largest city in Kentucky and sits near the state’s northern border. It was founded shortly after the establishment of America as a nation and named for King Louis XVI of France. The city is best known for the Kentucky Derby, which it hosts annually, and as the home of former professional boxer, Muhammad Ali. Officials named the commercial airport in the city for Ali, which serves as the worldwide hub for UPS. The cost of living in Louisville, KY, is fairly affordable and comes in below the national average.
How expensive is an apartment in Louisville?
Housing is an area in which Louisville has a substantially lower cost of living than the national average. Louisville includes nearly 381 square miles of land and often splits into two main categories: Louisville-Jefferson County and Louisville-Jefferson County Metro.
The metro area that includes Louisville is larger and the average cost of a studio apartment is around $800. A one-bedroom apartment comes in just above $850 per month. A two-bedroom apartment in the metro area will run you about $850 per month, while a three-bedroom jumps up to $1,150. The average cost of a four-bedroom apartment in the city’s metro area is $1,307.
Within the city limits, the prices are slightly higher. The average studio apartment monthly rent is $636 and a one-bedroom is $727. For a two-bedroom apartment, you’ll pay around $997 per month. A three-bedroom apartment in Louisville costs an average of $1,312 and a four-bedroom costs an average of nearly $1,600 per month.
How do I find cheap apartments in Louisville?
When you’re looking for affordable housing in Louisville, you can start your search on Zumper. Our user-friendly search tool allows you to easily apply filters based on your location preferences or amenities that you simply can’t live without in your next home. As you compare options, you’ll soon find that apartments located closer to the city center tend to cost more than those on the outskirts of Louisville. You can save money by choosing to live a bit further from the downtown area.
You can also save by sharing an apartment with a roommate or two. Splitting a two-bedroom apartment with one roommate costs less than the average rental price for a studio or one-bedroom apartment. Living with a roommate can also lower your ongoing monthly costs, such as utilities and internet service.
As you compare options in your search for the ideal rental in Louisville, it’s helpful to remember that most financial experts recommend keeping your rent or housing costs at or below 30% of your total income. Since the cost of living in Louisville is lower than the national average, you should be able to find a place that fits your budget. If you choose to live in a more affordable area that requires a commute to work, it’s helpful to factor the cost of transportation into your monthly budget as well.
What is the cheapest rent in Louisville?
Louisville is split up by neighborhoods, each of which has its own unique vibe and amenities for residents. Some of the more affordable neighborhoods in the city include Edgewood, Merriwether, Camp Taylor, Parkland, Southside, Portland, Russell, and Hazelwood. As you compare rental properties on Zumper, you can filter by zip code or location to find places available in these areas.
Some of the properties available for rent in Louisville cost as little as $500 a month, while upscale apartments or single-family homes located in desirable areas of the city can cost upwards of $1,600 per month. As you perform your home search, create a list of questions to ask so you’re ready when an apartment you’re interested in becomes available. Affordable properties tend to go quickly and have a larger number of applicants, so you’ll have to move fast when you see one pop up on your search.
In addition to the cost of the monthly rent, your housing costs may include electricity, gas, internet service, sewer, water, and garbage. Your required costs depend on the landlord and the terms of the lease agreement. You can use a utility calculator to determine what you might expect to pay each month for electricity and gas. One area in which Louisville has a lower cost of living than many other cities in the nation is utility prices.
How does Louisville compare to other cities?
The housing prices in the city contribute to the lower cost of living in Louisville, KY. The price of housing comes in at just under 70% of the national average, making it an affordable place to live. Grocery prices are about 11% lower than the national average, while healthcare is about 7% lower than the national average.
It’s interesting to note that the cost of living in Louisville is slightly higher than the statewide average in housing and grocery costs. The overall cost of living in the state of Kentucky comes in at just over 83% of the national average, while the overall cost in Louisville is nearly 89% of the national average. If you live outside of the city in one of the neighboring suburbs or cities, you may be able to live more cheaply.
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