Thinking about moving to Lexington?
You’ll be in good company. Between 2010 and 2016, more than 22,646 people have moved to Lexington, an increase of 7.7%. New residents are attracted to Lexington’s access to adventure, history, smooth jazz, and beachy lifestyle.
Lexington is home to 318,449 Lexingtonians. With an area of 283.6 square miles, Lexington has a population density of 1,123 persons per square mile, which makes it less dense than many other cities of comparable size.
The Lexington-Fayette, KY Metropolitan Statistical Area boasts a population of 506,751 people, of which Lexington proper’s population makes up 63%.
One of Lexington’s greatest strengths is its relatively affordable housing market. The median home value in Lexington is $165,800, -17% below the US median value, according to Zillow. The median price per square foot in Lexington is $103. Over the past 5 years, home values in Lexington have increased by 3%.
Renters in Lexington will also have an easy time finding affordable housing. The median rent in Lexington is $1,207 per month, which is 16% lower than the US median. Over the past year, rental rates in Lexington have increased by 1.2%.
Lexington’s economy is on fire. The Lexington metro area’s GDP grew by 25% between 2011 and 2016, from $23.2 billion in 2011 to $28.9 billion in 2016, a total increase of $5.7 billion. The metro area has a per capita GDP of $57,208. According to the US Census Bureau, the median household income in Lexington is $50,921, 14% lower than the national median. Lexington’s unemployment rate is 4.5%.