Quick facts: Prestonsburg, KY

Quick Facts

99.8
Cost of Living
below US average
3,791
Population
12.66
Crime Rate per 1000
below US average
$27,099
Median Income
below US average
$145,000
Median House Price
above US average
$750.0
Average Rent
below US average
21%
Poverty Rate
above US average
6.0%
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 $27,099.

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Income Needed to Buy

βœ— Stretch
$45k/year
Based on $145,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $45k vs median $27,099
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Income Needed to Rent

⚠ Stretch
$32k/year
Based on $750.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $32k vs median $27,099
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Prestonsburg, KY

Prestonsburg is a charming city located in Floyd County, Kentucky, known for its rich history and vibrant culture. Nestled in the Appalachian Mountains, the city serves as a hub for outdoor activities, offering stunning natural landscapes and opportunities for hiking, fishing, and exploring the surrounding hills. The area is recognized for its coal mining heritage, which has shaped much of the local economy and culture. Prestonsburg is also famous for its historical sites, including the Samuel May House and the Prestonsburg Battlefield, providing visitors insight into the region's Civil War history. The city hosts various annual events and festivals, celebrating local arts, crafts, and music, promoting community spirit and tourism. In addition to its natural beauty and history, Prestonsburg is home to several parks and recreational facilities, which offer family-friendly activities. The local economy has been diversifying, with small businesses and local eateries contributing to its growing appeal. Overall, Prestonsburg combines the charm of a small town with the rich heritage of Appalachia, making it a unique place to visit or live.

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