Loading Content...
Corbin, Kentucky: Average Home Values Soar Amid Stable Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Corbin, Kentucky, a vibrant community in the southeastern part of the state, is known for its scenic beauty and as the birthplace of Kentucky Fried Chicken. Over the past decade, Corbin has experienced interesting shifts in homeownership and housing prices. The city has maintained a relatively stable homeownership rate, hovering around 62-65%, while average home prices have seen significant growth, particularly in recent years.
The relationship between homeownership rates and average home prices in Corbin shows some interesting patterns. In 2013, when the homeownership rate was 62%, the average home price was $86,516. As home prices gradually increased, reaching $106,854 by 2019, the homeownership rate also rose slightly to 64%. This suggests that rising home values did not significantly deter homeownership during this period. However, the most substantial increase in average home prices occurred between 2020 and 2022, jumping from $114,834 to $147,780, a 28.7% increase. Despite this sharp rise, the homeownership rate actually increased from 63% to 65% during the same period, indicating strong local demand for homeownership even in the face of rising prices.
Federal interest rates have played a role in Corbin's homeownership trends. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to the stability and slight increase in homeownership rates during this time. The increase in interest rates to 1.68% in 2022 did not appear to significantly impact homeownership, as the rate reached its highest point of 65% that year.
Renting trends in Corbin have shown some fluctuations in relation to average rent prices. In 2013, when the renter-occupied rate was 38%, the average rent was $560. By 2019, as the average rent increased to $643, the percentage of renters decreased slightly to 36%. Interestingly, in 2021, despite a drop in average rent to $556, the renter-occupied rate increased to 38%. This suggests that factors beyond rent prices, such as job market changes or demographic shifts, may influence renting decisions in Corbin.
Looking at the most recent data, average home prices in Corbin continued to rise, reaching $159,082 in 2023 and $160,105 in 2024. This represents a 7.7% increase from 2022 to 2023 and a modest 0.6% increase from 2023 to 2024, indicating a potential slowdown in the rate of price growth. Concurrently, federal interest rates have increased significantly, standing at 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Corbin will continue to rise, but at a more moderate pace. By 2029, average home prices could potentially reach around $180,000 to $190,000, assuming a steady but slower growth rate compared to the rapid increases seen in recent years. Average rent prices are expected to follow a similar trend, potentially reaching $650 to $700 by 2029, factoring in historical fluctuations and overall housing market conditions.
In summary, Corbin has demonstrated resilience in its homeownership rates despite significant increases in average home prices. The relationship between federal interest rates and homeownership has been complex, with low rates potentially supporting homeownership even as prices rose. Renting trends have shown some independence from rent prices, suggesting other local factors influence housing decisions. As we look to the future, moderate growth in both home prices and rents is anticipated, with potential impacts from higher interest rates shaping the housing market landscape in Corbin.
