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Bourbon County, KY

Rent vs Own in Bourbon County, Kentucky

In Bourbon County the ownership stack ($1,362/mo) sits only modestly above HUD's $1,272/mo 2-bedroom rent, a thin premium, not a blowout. Small assumption changes in the calculator can flip the verdict. Owner-occupied homes: 5,181.

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Renting is cheaper in Bourbon County

HUD's 2-bedroom rent is $1,272/mo - only a thin step below the $1,362/mo ownership stack. That is a $90/mo difference.

Based on 20% down, 6.5% rate, 30-year mortgage. Adjust below.

What This Data Tells Us About Renting vs Owning in Bourbon County

Primary driver

HUD moved the rent benchmark up

HUD raised its 2-bedroom Fair Market Rent for Bourbon County from $1,165/mo in FY2025 to $1,272/mo in FY2026: it increased by $107/mo (+9.2%). A rising rent benchmark widens the gap in favour of owning over time, because the mortgage share of the ownership cost below is fixed at origination while the rent it is compared against reprices every year.

Decision signal 2

The county sits near the state middle

Using the assumptions above, Bourbon County ranks 81 of 120 Kentucky counties for buy-vs-rent value (rank 1 = the best relative deal for buying). It sits ahead of 39 other Kentucky counties on this measure.

Decision signal 3

Price and income sit in the middle band

Median household income is $61,354, for a 3.7x home-price-to-income ratio in the middle of the national distribution; property tax takes 2.7% of that income. Small changes in down payment or rate move this county across the rent-vs-own line more than they would in a high-ratio market.

Decision signal 4

Renting wins, but only by a thin premium

At $229,300 for the median home and $1,627/yr in tax (0.71%), Bourbon County's ownership stack (~$1,362/mo) only narrowly exceeds the $1,272/mo HUD 2-bedroom rent - a $90/mo premium. That is the band where a rate drop or a larger down payment most often flips the cash-flow verdict.

Methodology & disclaimer

This calculator is for informational purposes only and is not tax, legal, or financial advice. Property tax figures come from the U.S. Census Bureau ACS 5-Year Estimates and rent figures come from HUD Fair Market Rents; both describe area medians, not individual transactions. Insurance is estimated at 0.35% of home value annually and closing costs, maintenance, HOA, and PMI are not included. Consult a licensed mortgage, tax, or real-estate professional before making a buy-or-rent decision based on these numbers.

Monthly Cost Breakdown

Estimated Monthly Ownership
$1,362
Mortgage (P&I) $1,159
Property Tax $136
Insurance (est.) $67
Monthly Rent (2-BR FMR)
$1,272
Studio$883
1-Bedroom$1,079
2-Bedroom$1,272
3-Bedroom$1,743
4-Bedroom$1,940

Adjust Your Scenario

Affordability Context

Median Household Income
$61,354
$5,113/mo
Home Price / Income
3.7x
Moderate (3-5x)
Tax-to-Income Ratio
2.7%
National benchmark: 2-4%

Who actually pays it here

Most Bourbon County households that own outright land between $800 and $1,499 a year, at the national middle, so the tax neither argues for renting nor against it and the decision turns on price and mobility instead.

Bourbon County matches the national pattern: six-figure earners between $100,000 and $200,000 account for more of these write-offs than any other local group.

Layered on a thin rent-vs-own premium, that annual bill is often the swing factor: a paid-off owner still faces a real yearly charge even when the mortgage payment itself would have looked competitive.

Bill bands are Census ACS counts of owner-occupied homes without a mortgage. Income brackets are IRS Statistics of Income county data for tax year 2022, counted over FILERS reporting real-estate taxes on Schedule A, which is a smaller group than homeowners: most filers take the standard deduction.

Nearby Counties

Jefferson County
Home: $248,400 Tax: $2,136/yr
Fayette County
Home: $293,500 Tax: $2,542/yr
Kenton County
Home: $244,400 Tax: $2,395/yr
Boone County
Home: $277,300 Tax: $2,372/yr
Warren County
Home: $258,000 Tax: $1,668/yr
Daviess County
Home: $199,900 Tax: $1,675/yr

Frequently Asked Questions

What is the average rent in Bourbon County? ▼
HUD prices a 2-bedroom unit at $1,272/mo here. Sizing up matters: going from a studio to a 4-bedroom adds about $1,057/mo, so the per-bedroom jump is worth checking against your actual space needs before assuming the 2-BR figure applies to your situation.
Is it cheaper to rent or buy in Bourbon County, Kentucky? ▼
HUD's 2-bedroom rent is only a thin step cheaper than owning in Bourbon County (about $90/mo) on the standard 20%-down / 6.5% assumptions. A larger down payment or a rate drop often closes it; equity is still the ownership-only bonus.
Is rent going up or down in Bourbon County? ▼
HUD's 2-bedroom Fair Market Rent figure has risen 9.2% between the FY2025 and FY2026 publications, the two most recent years tracked here.
How much house can you afford in Bourbon County? ▼
On the common 3x-income guideline, a $61,354 household here can afford up to $184,062 -- about $45,238 short of this county's $229,300 median home. That gap is typically closed with a larger down payment, dual incomes, or a longer search outside the median price band.
How does Bourbon County compare to other Kentucky counties for renting vs buying? ▼
Out of 120 Kentucky counties ranked here on buy-vs-rent value, Bourbon County lands at spot 81, roughly in the middle of the pack statewide. The <a href="/states/kentucky">Kentucky state page</a> lists every peer county's tax bill beside this one.
What is the median home price in Bourbon County? ▼
$229,300, per the Census Bureau's ACS 5-Year Estimates. The property tax on that value works out to roughly 0.71% a year, in line with typical rates for the area.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from the U.S. Census Bureau (American Community Survey). See our methodology for details. Retrieved and formatted by PlainPropertyTax

Source: U.S. Census Bureau, Government Finances State and local property tax revenue by jurisdiction · 2025

Verify with HUD →