Cheapest Homes in Kentucky

You'll find examples of the cheapest homes in Kentucky in either of the Blue Grass State's largest municipal areas: Lexington and Louisville. As is almost always these case these days, the most inexpensive houses on the market tend to be those which a bank recently foreclosed on. It's fairly common for the foreclosed residences to be relatively new, put there in the building boom when many creditors were offering sub-prime mortgages. Speaking of which, Kentucky has its share of HUD homes still on the market, too.

Cities in Kentucky

From Louisville and its 244,000 people on the banks of the Ohio River to Lexington with its population just under 300,000 people, Kentucky is close enough to the North to give relatively close access to the big cities of the Rust Belt and Greater Midwest, while retaining the warmth and neighborly qualities of a southern state. The largest metropolitan area, Lexington, is known as the "Horse Capital of the World", due to its association with horse racing, parimutual betting, and the Kentucky Derby. Louisville is a college town known for its competitive Louisville Cardinals basketball and football teams. Lexington is home to the University of Kentucky and its Wildcats teams, as well as the older Transylvania University.

This is the backdrop of the Bluegrass State. Both Lexington and Louisville offer a diverse cityscape, so you should be able to find just the kind of home you want. The housing market is quite depressed at the moment, so the price should be as affordable as it's likely to ever be in your lifetime.

Cheapest Homes in Louisville

A 3 bedroom, 1 bathroom residence at 5108 West Pages Lane is selling for $34,200. The broker of this housing deal receives $1,250 for selling this property, so you should be able to get the deal done quickly. You'll find a slightly cheaper home at 205 Oval Avenue in Louisville, which is also a 3 bedroom, 2 bathroom home with an extended listing, but the same brokerage deal does not apply to this property. Both of these are HUD properties listed on the HUD homes website, so remember to search for cheap housing on the HUD site while you're house searching. Let's move on to the cheapest homes in Louisville not listed by HUD.

On Grand Avenue in Louisville, you'll find a foreclosed home with 2 bedrooms and 1 bathroom which is retailing for $8,000. A house on Bellevue Avenue with 2 beds and 1 bath is selling for $51,000. This home has a long ramp leading up to it, so it appears to have wheelchair access. You'll find a home on Haney Way that's 3 bed, 2 bath, and 1 garage which is selling for $61,000.

I also found a quaint little home on Edsel Lane in Louisville with 3 bedrooms and 1 bath with an asking price of $45,900. If you're looking for something a little removed from neighbors, a home on Old Preston Highway with a big yard, 2 bedrooms, and 1 bathroom is available for $83,900. This house is a foreclosed home, like so many others.

Cheapest Homes in Lexington

The price of housing remains a little stronger in Lexington, at least at this very moment. I didn't find many homes in the $20,000 to $30,000 range listed, though this can change at any time. Keep checking for the inexpensive property listings in Lexington.

The cheapest Lexington residence on the market at present is a 1 bed, 1 bath foreclosure home selling for $17,900. The next cheapest residence in town is a place on North Limestone which has a listed price of $34,900. Unfortunately, I couldn't find a list of rooms and baths on this residence, but I'm guessing it has 2 or 3 bedrooms. It looks like a well-kept little place with a rail on the front porch and a nice paint job.

Elmwood Drive has a home selling for $44,900 with 3 bedrooms and 1 bathroom. Another inexpensive home with full details is one I found on Birch Drive with 3 bedrooms and 1 bathroom which is selling for $67,900. This house has over 1,300 square feet inside. Buckhorn Drive has its own 3 bed, 1 bath property listed right now. This house has 1,073 square feet and has an asking price of $87,900. I bet the price on this one comes down a bit in the coming months.

That's because I compare the house to a place on Mount McKinley Way with 4 bedrooms and 1 bathroom with an asking price of $85,900. The square footage listed on this home is 2,322, though I would double-check that if I were you. From what I saw, the property didn't appear to have anywhere near that square footage. It's hard to know until you walk the perimeter, though.

Cheap Homes in Bowling Green

The cheapest home I found in Bowling Green, Kentucky is on Mercer Road. This 2 bedroom, 2 bathroom place has 896 square feet and has an asking price fo $42,900. You can also find a foreclosed residence on Upper Stone Avenue in Bowling Green which is listed at $59,900. This place has a 3 bedroom, 2 bathroom layout. Though it's the third largest city in the state, Bowling Green is small than Louisville or Lexington by nearly 200,000 people, so it doesn't have quite so many listings.

Affordable Housing in Owensboro, Kentucky

The cheapest house on the market right now in Owensboro is a 3 bedroom, 2 bathroom residence selling for $77,500. Another house listed under $100,000 is a residence at Live Oak Place with 3 bedrooms, 1 bathroom, and 2,200 square feet. This house has the current asking price of $99,500.