Lexington in Kentucky provides the perfect balance for people who live there: On one hand, it has everything you would expect from a lively urban area– shops galore and lots going on– but on the other, it hasn’t lost any of the friendliness that makes small towns so great.
The city is known to many as the “Horse Capital of the World“. But there’s more to Lexington than simply thoroughbred racing studs. Its stunning countryside has a long and fascinating history, and the people here are friendly! We’ll delve into what life is like in Lexington and give you a detailed run-through on how to buy property in Kentucky’s second-largest city!
The Appeal of Lexington
Lexington has grown in popularity in the past few years because of its robust economy, reasonable cost of living, and inviting vibe. With a population of about 323,000, the city draws new residents interested in good deals on homes and things like parks or schools for their families.
Quality of Life
Lexington is consistently ranked as one of the best places to live in the United States by national surveys. This means that if you move here, your quality of life will be very high–and it’ll also cost less than the national average. That makes Lexington a good option for people on all budgets, whether they’re individuals or families (or even retirees). Additionally, the public school system has regularly been ranked as one of the best in the state!
There is a real sense of community here, plus many different things to do throughout the year. When you fancy some fresh air, head to one of Lexington’s lovely parks or green spaces; if you’re keen on music, why not check out an event like the Festival Of The Bluegrass? And don’t forget about culture– many locals enjoy visiting attractions like the University Of Kentucky Art Museum.
Economic Opportunities
Due to a variety of industries— including healthcare, tourism and manufacturing, as well as the famous horse business— Lexington is still expanding economically. In fact, some Fortune 500 firms, such as Tempur Sealy International and Lexmark International, are based here.
There are plenty of jobs around for anyone considering moving to this city: not just any jobs but good ones with prospects, too! And if you fancy setting up your own business firm, don’t worry because loads of people do exactly that; some even succeed absurdly in Lexington.
The Real Estate Market in Lexington is Booming
Affordability and Value
Lexington has a real estate market that is affordable and offers good value compared to other big US cities. Figures from Zillow show that the median home price in Lexington is much less than the national average– great news for people looking to buy their first house or purchase an investment property.
Lexington’s housing market has something for everyone: from historic properties located within well-established neighborhoods to brand-new developments with a modern feel.
Here are a few notable neighborhoods:
- Downtown: If you want city living where shops, restaurants and entertainment are easy, choose downtown.
- Gainesway: Prefer somewhere quieter? East-side Gainesway has lovely parks and top schools.
- Southland- Ashland Park: Southland-Ashland Park is great for families– plus there are shops and food outlets within walking distance. It’s also safe.
- Hamburg: Hamburg could be perfect for you if you like the idea of living in a new area that’s becoming more and more popular. There are homes and places to shop or work: a ‘mixed development’.
- Lakeview Acres: If you are okay with being 10 minutes from the center, Lakeview Acres offers attractive housing with views over a lake; ideal!
This variety means you can choose whether to live somewhere busy like downtown (or near downtown), prefer peace and quiet further out, prefer traditional design, or go for ultra-modern open-plan layouts!
Real Estate Market Insights
Lexington’s real estate market has been consistently strong, with steady appreciation rates. The city was heavily affected by the 2008 housing crisis; however, real estate values stayed put even during the worst times! This makes Lexington a reliable and stable market for long-term investments.
The typical home in Lexington, Kentucky, costs $303,077— an increase of 7% from last year— and typically goes under contract in about three days (according to several real estate analytical resources).Additionally, Lexington has seen a significant increase in new construction projects, offering buyers more options and opportunities for growth.
Living in Lexington
Cultural and Recreational Activities
If you are looking for many different things to do and places to see, come to Lexington! There is also plenty of space to enjoy yourself outside in nature. In fact, with so many parks covering thousands of acres, residents never have a problem finding somewhere to hike or have a picnic. Some of the famous parks include:
- Raven Run Nature Sanctuary
- Thoroughbred Park
- Jacobson Park
- Legacy Trail
- Masterson Station Park
Art lovers will be spoilt for choice, too: why not pop into the Lexington Art League, which has new exhibitions every few weeks showcasing talent from the area?
And if you prefer your culture with a kick, follow the Bourbon Trail. This takes you on a journey through distilleries where visitors can learn more about how bourbon– Kentucky’s most famous export– is made; it also offers insights into the drink’s history.
Education and Healthcare
Lexington offers a variety of educational opportunities, such as the University of Kentucky and many excellent K-12 schools. Some of the most renowned schools and universities include:
- Midway University
- Asbury University
- Lafayette High School
- Transylvania University
- Eastern Kentucky University
- Georgetown College
- Henry Clay High School
- Paul Laurence Dunbar High School
When it comes to healthcare, Lexington residents are fortunate to have access to some of the best facilities in the country. For example, Baptist Health Care and the Albert B. Chandler Hospital at the University of Kentucky are renowned for their high-quality treatment options and cutting-edge medical research efforts.
Community and Lifestyle
Lexington is recognized for its friendly residents and supportive atmosphere, which help foster a close-knit community amid diverse neighborhoods. Community events, festivals and initiatives abound, giving you many chances to meet your neighbors or make new friends.
And when you’re ready to eat, Lexington has much to offer. You can choose from international cuisine and local classics such as Hot Browns. In fact, there are so many restaurants that it takes a lot of work to pick just a few favorites!
- Zen Sushi & Sake
- OBC Kitchen
- Merrick Inn Restaurant
- Coles 735 Main
- Carson’s Food & Drink
- Tony’s of Lexington
Plenty of places to shop in the city, including many traditional malls and outdoor shopping areas spread across different neighborhoods.
Transportation and Accessibility
Lexington can be conveniently reached by a car or a plane. The city is served by two major interstates– I-75 and I-64 – making it easy to travel to nearby areas.
If you don’t have wheels, don’t worry: Lextran has you covered! This public bus system operates 25 routes around town, all passing through the Downtown Transit Center at 220 East Vine Street.
Need to go further afield? Bluegrass Airport has daily flights directly to big cities such as New York, Atlanta, and Chicago.
Overall Conclusion on Living and Buying Real Estate in Lexington
In conclusion, residing and investing in property in Lexington is an attractive opportunity for singles and families.
The city’s combination of affordable housing, healthy economy, plus points like watching horse racing at Keeneland Racecourse makes it appealing. There are also plenty of community events to help you feel at home.
Lexington’s housing market is strong: you can get a lot for your money whether you want to live downtown or in a family-friendly suburb.
This means there are great chances for anyone wanting to invest in rental real estate or buy a house to fix up and sell for a later profit. And with so many things to do all year round– why not make the move now?!