“The Horse Capital of the World”
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Center of Kentucky Bluegrass region, second biggest city in the state of Kentucky and ranked 60th biggest city in its country.
Culture, History, and Business
Before the state of Kentucky was formed, this city had been occupied by various Native American tribes. Even though there was trade in the city as far back as the 17th century, settlements here were not much until the late 18th century
Lexington’s economy is listed amongst the most robust and stable economies in the entire US cities. It is deemed a strong economy with a stable business base. The economy of the city is well diversified in technology, manufacturing, and entrepreneurial support. The city plays host to numerous big companies and corporations. The city is benefiting from the sizable jobs and employments generated from the presence of four Fortune 500 companies in the city – IBM, Lexmark International, Xerox, Toyota, Amazon.com Inc, and Lockheed-Martin. Inc, and Lockheed-Martin.
The city’s biggest employer in 2017, the University of Kentucky, has a $1.4 billion annual budget and is ranked ninth-largest economic company in Kentucky.
Real Estate Appeal
The real estate market in Lexington is affordable. Prices in real estate here are low, even for those who have limited income; hence, there are options for varying budget ranges. In 2019, the median home price for the state of Kentucky was above $170,000. The average cost of a home within the Lexington real estate market was $156,000.
In 2019, the average rent for an apartment in the Lexington real estate market was $1,100 per month. The rent for a one-bedroom apartment was about $900 per month. Common types of homes found within the Lexington property market are the 2-bedroom homes and the 3-bedroom homes. Landlords often charge over $1400 as rent for these homes. Rentals for tourism are also booming. The ROI on these rental properties is between $20,000 to $40,000 every year.
The average tax burden in the state of Kentucky is significantly low. The average local and state tax burden is one of the lowest in the country ranking at 10th position out of 50 states. Compared to the average property tax of the country that is at 1.1%, the average property tax bill for a home in Kentucky is 0.8%.
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