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City Report · KY

Lexington

Pop. 323,725·13th most expensive in Kentucky·Lexington rents are up 6.1% over the past year
Median rent (all units)
$1,515/mo
Year-over-Year
+6.1%
Month-over-Month
+1.4%
vs US Median
-$415
Rising (Monthly)
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Most AffordableMost Expensive
Lexington · $1,515
More affordable than 74% of US cities · National median $1,930/mo
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Medians by bedroom

Rent by unit size

Studio
$864
1 BR
$1,061
2 BR
$1,261
3 BR
$1,713
4 BR+
$1,929
Research median
$1,261/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: May 30, 2026

Annual cost
$18,180/yr
At $1,515/mo median
Market timing
Rents rising
Act sooner rather than later.
Rent Reality Score
47/100
Fairly priced
OverheatedFairGreat value

Rents are right about where Lexington's 10-year trend predicts.

Actual rent
$1,515/mo
Expected by trend
$1,491/mo
The Rent Reality Score compares today's median rent to where Lexington's own long-run trajectory projects it should be. See the full rankings →
Demographics

Who lives here

Lexington, KY is roughly split between renters and owners, 48.3% of residents hold a bachelor's degree or higher.

Population
323,725
Median age
35.3
Renters
46.2%
Age distribution
21%
28.6%
24.7%
14.7%
Under 1821%
18–3428.6%
35–5424.7%
55–6411%
65+14.7%
Gender
49.3%
50.7%
Male49.3%
Female50.7%
Race & ethnicity
68.4%
14.5%
White68.4%
Black14.5%
Hispanic9.5%
Asian4.4%
Other3.2%
Education (25+)
18.5%
25.3%
48.3%
No HS diploma7.9%
HS diploma18.5%
Some college25.3%
Bachelor's+48.3%
Housing tenure
53.8%
46.2%
Owner53.8%
Renter46.2%

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

2021 vs 2026

How Lexington, KY has changed in 5 years

Rent
$1,057 → $1,515
up 43.3%
Population
321,354 → 323,725
up 0.7%
Renter share
45.9% → 46.2%
+0.3 pts
Bachelor's+
45.6% → 48.3%
+2.7 pts

Five years ago, renters in Lexington, KY paid around $1,057 a month. That figure now sits near $1,515, up 43.3% from the 2021 baseline. Bachelor's-degree-or-higher attainment moved from 45.6% to 48.3% across the same window. Taken together, the five-year picture in Lexington, KY reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

Community

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

Can you afford rent in Lexington on your salary?

At $1,515/mo, how Lexington rent compares to typical pay (30% rule).

By apartment size

Lexington rent by bedroom count

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

Local insights

Tips for renters in Lexington

About renting in Lexington, KY

Last updated: May 30, 2026

The median rent in Lexington is $1,515/mo as of May 2026. A studio apartment averages $864/mo while a 2-bedroom runs $1,261/mo. One-bedroom apartments average $1,061/mo and 3-bedroom units go for $1,713/mo.

At 25% of estimated US median household income ($72,000/yr), Lexington ranks as affordable compared to the national benchmark of 30%. Rents have increased 6.1% over the past year.

FAQ

Frequently asked questions

Is Lexington an affordable city for renters?

Lexington is considered affordable for renters. At $1,515/mo, rent takes approximately 25% of the US median household income ($72,000/yr). The standard benchmark is 30%. Lexington falls comfortably within that range.

How much income do you need to rent in Lexington?

To keep rent at or below 30% of gross income, you would need to earn at least $61,000/year (~$29/hour full-time) to afford the median rent of $1,515/mo in Lexington.

Is rent going up or down in Lexington?

Rent in Lexington has increased 6.1% over the past year as of May 2026, putting upward pressure on renter budgets.

Which Lexington neighborhoods have the lowest rent?

The most affordable ZIP codes in Lexington are 40505 ($1,271/mo), 40508 ($1,318/mo), and 40517 ($1,362/mo). Citywide, the median rent in Lexington is $1,515/mo.

How does Lexington rent compare to other cities in Kentucky?

Lexington is middle-of-the-pack for Kentucky for rent, ranking #13 out of 34 tracked cities at $1,515/mo.

Which nearby cities are cheaper to rent in than Lexington?

Several nearby cities have lower median rents than Lexington ($1,515/mo): Richmond ($1,108/mo), Paris ($1,195/mo), Nicholasville ($1,429/mo).

What percentage of Lexington residents rent vs. own?

According to Census data, approximately 46.2% of Lexington households are renters, while 53.8% are owner-occupied. Lexington leans toward homeownership, which can mean a smaller rental inventory.

How does Lexington rent compare to the national average?

Lexington's median rent of $1,515/mo is $415 (22%) below the US national median of $1,930/mo. Within Kentucky, it ranks #13 out of 34 tracked cities.
Affordability
25%
AFFORDABLE

At $1,515/mo, rent takes ~25% of US median household income ($72,000/yr). The standard benchmark is 30%.

Lexington 25%Benchmark 30%
State income tax4%
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Lexington, KY

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