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City Report · KY

Florence

Pop. 32,803·12th most expensive in Kentucky·Rental market data updated monthly for Florence, KY
Median rent (all units)
$1,588/mo
Year-over-Year
-1.0%
Month-over-Month
-3.0%
vs US Median
-$377
Falling (Monthly)
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Most AffordableMost Expensive
Florence · $1,588
More affordable than 70% of US cities · National median $1,965/mo
Rent Reality Score
64/100
Good value
OverheatedFairGreat value

Rents are 7% below what Florence's 10-year trend predicts — a better deal than its own history suggests.

Actual rent
$1,588/mo
Expected by trend
$1,710/mo
The Rent Reality Score compares today's median rent to where Florence's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$980
1 BR
$1,100
2 BR
$1,430
3 BR
$1,900
4 BR+
$2,090
Research median
$1,430/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$19,056/yr
At $1,588/mo median
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 1.0% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-1.0% YoY, -3.0% MoM), not inventory.
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Demographics

Who lives here

Florence, KY is majority owner-occupied, 26.4% of residents hold a bachelor's degree or higher.

Population
32,803
Median income
$71,003
Median age
38.9
Renters
42.5%
Age distribution
20.7%
24%
23.8%
19.6%
Under 1820.7%
18–3424%
35–5423.8%
55–6411.9%
65+19.6%
Gender
48.7%
51.3%
Male48.7%
Female51.3%
Race & ethnicity
78.1%
White78.1%
Black6.7%
Hispanic9.2%
Asian3.4%
Other2.5%
Education (25+)
33.2%
31.2%
26.4%
No HS diploma9.2%
HS diploma33.2%
Some college31.2%
Bachelor's+26.4%
Housing tenure
57.5%
42.5%
Owner57.5%
Renter42.5%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Florence, KY has changed in 5 years

Rent
$1,242 → $1,588
up 27.9%
Income
$64,718 → $71,003
up 9.7%
Population
31,699 → 32,803
up 3.5%
Renter share
41% → 42.5%
+1.5 pts
Bachelor's+
25.7% → 26.4%
+0.7 pts

Five years ago, renters in Florence, KY paid around $1,242 a month. That figure now sits near $1,588, up 27.9% from the 2021 baseline. On the earnings side, the typical household in Florence, KY now reports about $71,003, up from $64,718 in 2021. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show Florence, KY adding about 1,104 residents over the five-year window, up 3.5% on net. The renter share has risen from 41% to 42.5%, with owner-occupied housing accounting for the remainder. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and Florence, KY reflects that arc in its own way.

Community

Discussions about Florence

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View Florence rent history (2015–2026) →
Salary vs rent

Can you afford rent in Florence on your salary?

At $1,588/mo, how Florence rent compares to typical pay (30% rule).

By apartment size

Florence rent by bedroom count

Median rent for each apartment size in Florence. Click any size for full breakdown.

Local insights

Tips for renters in Florence

About renting in Florence, KY

Last updated: July 20, 2026

The median rent in Florence is $1,588/mo as of July 2026. A studio apartment averages $980/mo while a 2-bedroom runs $1,430/mo. One-bedroom apartments average $1,100/mo and 3-bedroom units go for $1,900/mo.

At 27% of local median household income ($71,003/yr), Florence ranks as affordable compared to the national benchmark of 30%. Rents have decreased 1.0% over the past year.

FAQ

Frequently asked questions

Is Florence an affordable city for renters?

Florence is considered affordable for renters. At $1,588/mo, rent takes approximately 27% of the local median household income ($71,003/yr). The standard benchmark is 30%. Florence falls comfortably within that range.

How much income do you need to rent in Florence?

To keep rent at or below 30% of gross income, you would need to earn at least $64,000/year (~$31/hour full-time) to afford the median rent of $1,588/mo in Florence. The local median household income is $71,003/yr, meaning the typical Florence household meets that threshold.

Is rent going up or down in Florence?

Rent in Florence has decreased 1.0% over the past year as of July 2026, offering some relief compared to 12 months ago.

How does Florence rent compare to other cities in Kentucky?

Florence is one of the pricier cities in Kentucky for rent, ranking #12 out of 39 tracked cities at $1,588/mo.

Which nearby cities are cheaper to rent in than Florence?

Several nearby cities have lower median rents than Florence ($1,588/mo): Erlanger ($1,242/mo), Fort Wright ($1,565/mo).

What percentage of Florence residents rent vs. own?

According to Census data, approximately 42.5% of Florence households are renters, while 57.5% are owner-occupied. Florence leans toward homeownership, which can mean a smaller rental inventory.

How does Florence rent compare to the national average?

Florence's median rent of $1,588/mo is $377 (19%) below the US national median of $1,965/mo. Within Kentucky, it ranks #12 out of 39 tracked cities.
Income Affordability
27%
AFFORDABLE

At $1,588/mo, rent takes ~27% of Florence's median household income ($71,003/yr). The standard benchmark is 30%.

Florence 27%Benchmark 30%
State income tax4%
Run the Florence affordability calculator →
Lowest-rent ZIP codes in Florence
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Florence, KY

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