A survey released by Smart Asset.com shows Princeton is the most affordable place to buy a home in Kentucky.

The site’s sixth annual poll on affordable places to live uses information such as property tax, homeowner’s insurance, median income and average mortgage payments.

The top five places listed in the survey also included Central City, Hebron, Flatwoods and Hillview. Other regional locations listed include Hendron, ranked 29th; Mayfield, ranked 56th; Paducah, ranked 67th; and Murray, ranked 85th.

According to the website, SmartAsset considered closing costs, real estate taxes, homeowners insurance and mortgage rates in the analysis.

The analysis includes all cities with a population of 5,000 or greater. The survey measured the total cost of owning a home (using the average home cost) in each city over a five-year period. That five-year cost was then measured as a proportion of median household income in each place to determine affordability.

The most affordable places were those in which total housing costs were smallest compared to the median income in each area. Each city was then indexed on a scale from 0 to 100, with the most affordable location receiving a score of 100.

“It’s a good, small town with safe, affordable housing,” said Riley Farless, Realtor and property manager of Farless Realty of Princeton.

“It’s good people, a good workforce. We’re centrally located between larger markets like Bowling Green, Nashville and St. Louis. We’ve got good interstate access and we’re close to the lakes.

“I would say there’s been an uptick in new construction in the last 2½ to three years. The majority of the homes built here went up when the hosiery mill was booming in the ‘60s and ‘70s, but that may have something to do with their affordability as well.”

The survey can be found at smartasset.com/mortgage.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Thank you for reading!

Please log in, or sign up for a new account and purchase a subscription to read or post comments.