Quick facts: Berea, KY

Quick Facts

99.8
Cost of Living
below US average
15,494
Population
13.68
Crime Rate per 1000
below US average
$54,481
Median Income
below US average
$274,900
Median House Price
above US average
$1155.83
Average Rent
below US average
12%
Poverty Rate
above US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $54,481.

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Income Needed to Buy

βœ— Stretch
$86k/year
Based on $274,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $86k vs median $54,481
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Income Needed to Rent

βœ“ Affordable
$50k/year
Based on $1155.83/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($54,481) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Berea, KY

Berea, located in Madison County, Kentucky, is a small town known for its rich cultural heritage and vibrant arts scene. With a population of around 15,000, it is famously home to Berea College, the first college in the U.S. to offer tuition-free education to students from low-income backgrounds. The town is steeped in Appalachian culture, highlighted by its artisans and craftspeople, many of whom create handcrafted goods that reflect the area’s traditions. Berea is surrounded by picturesque landscapes, including the Appalachian foothills, providing ample opportunities for outdoor activities such as hiking and fishing. The town also hosts several annual events, including the Berea Craft Festival, which showcases local artisans and their work. Furthermore, the Town's Historic District features unique shops, galleries, and restaurants that create a lively downtown atmosphere. Berea is also a designated "Artisan Village," celebrating its commitment to craftsmanship and creativity. Overall, Berea combines a strong sense of community with a dedication to preserving its cultural roots, making it a charming place to live or visit.

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