Lexington vs Louisville: Mortgage Cost Comparison
Thinking about buying in Lexington or Louisville? Here's a side-by-side comparison of mortgage costs in both cities.
$1,737
Lexington PITI
$1,535
Louisville PITI
$202/mo
Difference
-
? Monthly payment PITI with taxes & insurance included
-
? Bi-weekly payment PITI if paid every other week
-
-
-
-
-
-
Lexington vs Louisville: Full Mortgage Comparison
Buying a home in Louisville is $202/month cheaper based on average home prices and local costs.
| Lexington, KY | Louisville, KY | |
|---|---|---|
| Avg. Home Price | $275,000 | $235,000 |
| Down Payment (20%) | $55,000 | $47,000 |
| Loan Amount | $220,000 | $188,000 |
| Property Tax Rate | 0.84% | 0.92% |
| Annual Property Tax | $2,310 | $2,162 |
| Annual Insurance | $1,850 | $2,000 |
| Monthly P&I | $1,391 | $1,188 |
| Monthly PITI | $1,737 | $1,535 |
| Total Interest (30yr) | $280,598 | $239,784 |
What Drives the Difference?
Home prices are the biggest factor — Lexington’s average home costs $40,000 more than Louisville’s.
Property taxes also favor Lexington — Louisville’s 0.92% rate is higher than Lexington’s 0.84%.
Insurance is $150/year more in Louisville.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Lexington | Louisville | |
|---|---|---|
| Monthly PITI | $1,737 | $1,535 |
| Income needed | $74,452 | $65,791 |
Try Your Own Numbers
The calculator above is pre-filled with Lexington’s averages. Adjust the values to match your situation, or try the Louisville calculator for Louisville-specific numbers.