Quick facts: Gray, KY

Quick Facts

99.8
Cost of Living
below US average
2,418
Population
124.07
Crime Rate per 1000
above US average
$35,865
Median Income
below US average
$220,000
Median House Price
above US average
$1350
Average Rent
below US average
15%
Poverty Rate
above US average
5.4%
Unemployment Rate
above 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 $35,865.

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Income Needed to Buy

βœ— Stretch
$69k/year
Based on $220,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $69k vs median $35,865
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Income Needed to Rent

⚠ Stretch
$58k/year
Based on $1350/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $58k vs median $35,865
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Gray, KY

Gray is a small unincorporated community located in Knox County, Kentucky. Nestled in the eastern part of the state, Gray is situated near U.S. Route 25E, which provides convenient access to surrounding areas and neighboring towns. The community is characterized by its picturesque rural setting and close-knit atmosphere, making it a peaceful place to reside. Gray is in proximity to larger cities like Corbin and London, offering residents access to essential services, shopping, and recreational activities. The area is rich in natural beauty, surrounded by the Appalachian Mountains, which provide ample opportunities for outdoor recreation, including hiking, fishing, and exploring local parks. Cultural influences in Gray reflect the traditions and heritage of Eastern Kentucky, with local festivals and events celebrating the community's history. While Gray itself may not have extensive amenities, its charm lies in the tranquil lifestyle and the warm hospitality of its residents. The community is a great choice for those seeking a quiet, rural environment while remaining close to larger urban centers.

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