Mortgage payment estimates, closing cost breakdowns, and homebuying data for Florence, Kentucky.
Median Home Price
$255K
Population
33K
Avg Monthly Rent
$1,150
Property Tax Rate
0.83% *
* Property tax shown is the Kentucky state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Florence.
Florence vs Kentucky Median
The median home price in Florence is $255,000, which is 21% above the Kentucky state median of $210,000.
Mortgage Calculator — Florence, KY
Pre-filled with Florence median home price and Kentucky tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $255K home using Kentucky's 0.83% tax rate and $2,400/yr insurance.
5% Down
$2,049/mo
Down: $12,750
Loan: $242K
P&I: $1,531
Tax: $176
Insurance: $200
PMI: $141
10% Down
$1,961/mo
Down: $25,500
Loan: $230K
P&I: $1,451
Tax: $176
Insurance: $200
PMI: $134
20% Down (No PMI)
$1,666/mo
Down: $51,000
Loan: $204K
P&I: $1,289
Tax: $176
Insurance: $200
Income needed (28% rule): $71K/year with 20% down, $84K/year with 10% down.
Rent vs Buy in Florence
Rent
$1,150/mo
vs
Buy (10% down)
$1,961/mo
Price-to-rent ratio: 18.5 — A ratio between 15-20 means the rent vs buy decision in Florence depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Florence is $255,000, 21% above the Kentucky state median of $210,000. With a population of 32,830, Florence is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Kentucky average 0.83% annually. This moderate property tax rate means a $255,000 home in Florence would carry roughly $176/month in property taxes. Homeowners insurance in Kentucky runs approximately $2,400 per year. This is within the normal range nationally.
Average rent in Florence is $1,150/month. The price-to-rent ratio in Florence is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Florence presents moderate affordability. The $255K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Florence.