Around the Nation -- Residential Real Estate Update - Kentucky
By Jeff Adolph
State-by-state
Kentucky is situated in the East Central region of the United States and has a total population of 4,173,405 people. Its economy relies heavily on agriculture, industry and automobile production. Agricultural outputs include horses, cattle, corn, hogs, tobacco and dairy products. Whereas, industrial outputs mainly consist of machinery production, coal mining, chemical products and the manufacturing of electrical equipment. Kentucky ranks 4th in the nation for car assembly with Chevrolet Corvette, Cadillac XLR, Ford Explorer, Ford Super Duty Trucks, Toyota Camry, Avalon and Salera assembled in the area.
Income tax for this state is in six increments ranging from 2-6%, with a sales tax of 6%. Property taxes are taxed at a state level with widely varying rates, and many of the classes are exempt from taxation by local government. Homestead exemptions apply to persons aged 65 years and over, as well as those who are totally disabled.
Lexington
This area of Kentucky currently has more buyers than sellers, however it has a good supply of homes in all prices ranges. Houses are typically sitting on the market for 90-120 days and the median for this area hovers around the $168,000 mark.
Sellers are getting 95-100% of their asking price, with prices in the area up 5% compared to this time last year. First time buyers are representing the area of greatest activity and there is an increasing trend in the region.
LGBT Real Estate Facts: There are some 7,114 same-sex couples residing in this state, making it the 28th gayest state in the U.S.A. The gayest zip codes in this area are 40505 North Lexington; 40517 Lexington; 40205 St Mathews - Louisville; 40601 Frankfort and 40204 Baxter - Louisville. -- gaydemographics.com
Main Story Source: House Hunt (2008) Real Estate Market Trends; available online at http://www.househunt.com
Picture Source: wikipedia.org
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