LEXINGTON, Ky. (LEX 18) — A recent report underscores the difficulties middle-class families are facing in the housing market with persistently high prices and interest rates.
Barriers continue to make home ownership seem unattainable for many, though some are have managed to navigate these challenges successfully. Affordability still remains the key issue for many prospective buyers.
A report from the National Association of Realtors highlights this struggle, noting that individuals earning $75,000 annually can only afford about 21% of home listings on the market this year. It's a significant drop from pre-pandemic affordability levels, which sat at about 48% for the same income level.
Tristan Burton, a Lexington resident, expressed his relief and excitement about recently transitioning from renting to owning a home despite challenges in his search.
"The supply was very low, the cost was very high for what I could afford," Burton said of the market when he was searching just over a year ago.
Locally, Bluegrass Realtors data shows the number of homes for sale has increased compared to last year.
It has also, however, reported a 57% surge in home prices in the region between 2019 and 2025, from $175,000 to $274,000.
Thaddeus Blevins, a Lexington real estate agent with the Diamond Real Estate Group, acknowledged the difficulties some are facing, but said there is still hope for those looking at buying.
"I think you just have to be more patient and more discerning and more willing to jump on things whenever the right thing presents itself," Blevins said.
On a positive note, Bluegrass Realtors reports that new construction projects in Lexington are progressing at the fastest rate in five years, offering hope for those waiting for favorable news in the housing market.
Meanwhile, many striving to break into home ownership remain in a holding pattern.
Burton, grateful to have secured his own home, said he empathizes with others waiting for their chance.
"I have several friends that experience still living with their parents, can't afford to get a place on their own, they're looking to buy," he said.
