Known for the Kentucky Derby, Louisville Slugger, and 4th Street Live!, Louisville
is one place that’s always got something going on. However, as this major Kentucky
city continues to grow, prices downtown continue to climb. Fortunately, there are plenty of small town suburbs surrounding the city offering significantly cheaper options.
Here are the 10 most affordable suburbs in the Louisville region.
1. Heritage Creek
Source: City of Heritage Creek Louisville, KY via Facebook
- Median household income: $57,188
- Income spent on rent: 15.6 percent
A tiny town of around 1,000 residents, Heritage Creek is only 20 minutes away from Louisville via I-65, making this a great place to commute from on a daily basis at a much cheaper cost of living than what you’d find in the city. While Heritage Creek doesn’t have a ton of its own amenities in town, everything Louisville has to offer is an arm’s reach away.
Source: City of Coldstream via Facebook
- Median home value: $156,700
- Median household income: $82,857
Coldstream makes the cut on our list thanks to its higher incomes and still affordable housing, with residents making more money here than in any of our other featured suburbs. Often called a “bedroom community,” a lot of the locals here choose to commute to downtown Louisville as Coldstream is only a 15 mile drive from the heart of the city.
3. West Buechel
Source: Flickr User amslerPIX
- Income spent on rent: 29.3 percent
- Median home value: $76,600
Noteworthy for the rich Yugoslavian heritage present in this community, West Buechel is another affordable Louisville suburb that can’t be skipped. Aside from having very affordable housing, it’s also got the lowest cost of living on our list, 5 percent lower than the state average, scoring an 85 on a scale that puts average America at 100.
4. Worthington Hills
Source: Worthington Hills via Facebook
- Income spent on rent: 25.9 percent
- Median home value: $130,800
Close to Coldstream, another one of our featured affordable Louisville suburbs, Worthington Hills has a quaint small town vibe that you’re sure to love, home to only around 700 houses. While the cost of living is a bit higher here than other affordable suburbs, you get what you pay for. Not only are the crime rates here 73 percent lower than the state average, the high school graduation rate is very high at 94 percent.
Source: City of Jeffersontown, KY via Facebook
- Income spent on rent: 28.1 percent
- Median household income: $60,217
The largest suburb on our list at a population of over 25,000, Jeffersontown is one Louisville suburb that is noteworthy for having a vibrant community of its own. With an economy that’s built around the Bluegrass Commerce Park, this single area is home to over 850 business, making Jeffersontown the third-largest city of employment in the state. Tons of people even choose to commute from Louisville to Jeffersontown for work. This city is also home to the annual Gaslight Festival, a community event featuring activities like a golf scramble, a parade, and a car show.
Source: City of Lyndon via Facebook
- Median household income: $48,095
- Median home value: $161,200
One suburb that’s known for attracting families, approximately 44 percent of the Lyndon population is married with children under 18. This helps give this town a great community vibe, as tons of activities are offered year round geared towards families. Lyndon is also notable for its high graduation rates, 17 percent higher than the state average.
Source: Flickr User theGadgetMom
- Median home value: $104,900
- Median household income: $34,598
You might already recognize the name Shively, thanks to its strong historical ties with the bourbon industry of Kentucky. Still home to the Early Times distillery and Old Forester bourbon, this area gets plenty of tourists travelling along the famous Kentucky Bourbon Trail. Plus, its close proximity to Louisville’s 7th Street makes getting around the Derby City a breeze.
8. St. Matthews
Source: St. Matthews Street Festival via Facebook
- Median household income: $53,173
- Income spent on rent: 24.1 percent
Known throughout Kentucky as one of the best shopping destinations in the state, St. Matthews is home to both the second and fifth largest malls in the Bluegrass State, something that brings tons of money to the local area. St. Matthews also hosts an annual street festival, an event that highlights the local cuisine, history, and culture, attracting people from all around the Louisville area.
Source: Flickr User Paul A. Hernandez
- Median home value: $212,800
- Median household income: $72,530
The result of a merger between the two cities featured in its name, Graymoor-Devondale earns a spot on our list thanks to the generous incomes in the area and the presence of nicer, but still affordable housing. The overall cost of living is a little higher here slightly over the national average at a score of 101 on the same aforementioned scale. However, this inflated number is mostly due to the slightly higher housing costs, with things like utilities, groceries, and health care still much cheaper than what most Americans pay.
10. Watterson Park
Source: Flickr User chefranden
- Median household income: $26,905
- Median home value: $107,400
A tiny town of only 1,000 residents, Watterson Park gets recognized for its very low cost of living, with most savings seen through groceries, housing, and healthcare. It’s also got a strong economy, especially when you take into account its size, home to the Yum! Brands headquarters, along with several restaurants and manufacturing plants.
To create this list of affordable Louisville suburbs, we took a look at the following things:
- Cost of living
- Median home value
- Percentage of income spent on rent
- Affordability ratio (median home value divided by median household income)
We then averaged those scores into one overall score and the places with the 10 lowest scores made up our list of the 10 most affordable Louisville suburbs.
For this list, we sourced data from AreaVibes
, business listings, and the 2013 U.S. Census American Community Survey.
Want to see how all 23 Louisville suburbs stacked up? Take a look at the table below:
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