Mortgage Calculator & Closing Costs: Lexington, KY
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Lexington, Kentucky.
Median Home Price
$275K
Population
323K
Avg Monthly Rent
$1,220
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 Lexington.
Lexington vs Kentucky Median
The median home price in Lexington is $275,000, which is 31% above the Kentucky state median of $210,000.
Mortgage Calculator — Lexington, KY
Pre-filled with Lexington median home price and Kentucky tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $275K home using Kentucky's 0.83% tax rate and $2,400/yr insurance.
5% Down
$2,194/mo
Down: $13,750
Loan: $261K
P&I: $1,651
Tax: $190
Insurance: $200
PMI: $152
10% Down
$2,099/mo
Down: $27,500
Loan: $248K
P&I: $1,564
Tax: $190
Insurance: $200
PMI: $144
20% Down (No PMI)
$1,781/mo
Down: $55,000
Loan: $220K
P&I: $1,391
Tax: $190
Insurance: $200
Income needed (28% rule): $76K/year with 20% down, $90K/year with 10% down.
Rent vs Buy in Lexington
Rent
$1,220/mo
vs
Buy (10% down)
$2,099/mo
Price-to-rent ratio: 18.8 — A ratio between 15-20 means the rent vs buy decision in Lexington 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 Lexington is $275,000, 31% above the Kentucky state median of $210,000. With a population of 322,570, Lexington is a mid-size city 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 $275,000 home in Lexington would carry roughly $190/month in property taxes. Homeowners insurance in Kentucky runs approximately $2,400 per year. This is within the normal range nationally.
Average rent in Lexington is $1,220/month. The price-to-rent ratio in Lexington is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Lexington presents moderate affordability. The $275K 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 Lexington.