How Much House Can You Afford in Kentucky?
Lenders typically use the 28/36 rule: your monthly housing payment should not exceed 28% of gross monthly income, and total debt payments should stay under 36%. With Kentucky's median income of $56,000/year ($4,667/month), that means a maximum housing payment of roughly $1,307/month.
At 6.87% over 30 years with a 10% down payment ($21,000), that monthly budget supports a purchase price of approximately $199,500–$210,000. The median home price in Kentucky is $210,000, which means housing is more affordable than the national average.