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Frankfort, Kentucky

Frankfort (population 28,000) sits on either side the Kentucky River in north central Kentucky's Bluegrass Region and is the state's capital city. It is also home to Kentucky State University and is the birthplace of the famous bourbon ball, a bite-sized candy made with bourbon whiskey and dark chocolate.

The city likes to call itself "Kentucky Distilled," a reference to its many breweries, wineries and distilleries. The beautiful capitol building anchors downtown, which is lined with quaint candy stores, bookstores, galleries, bakeries, apparel shops, a tea room and more. Some streets are paved with red bricks.

Restaurants are in good supply, serving up everything from Asian and Italian to seafood and steak. Attractions include the Rebecca Ruth Candy Tours and Museum, the Kentucky Military History Museum, the Frank Lloyd Wright Ziegler House and the Frankfort Cemetery where legendary frontiersman Daniel Boone is buried.

The city's Cove Spring Park boasts wetlands, forests, waterfalls, ravines and streams. Flat bottomed boats still make their way up and down the river at a leisurely pace. Wooded hills and bluegrass pastures pepper the surrounding landscape.

Cost of Living

Frankfort is nice affordable town with an overall cost of living 20% less than the national average.

It is 21% less expensive than St. George, Utah, 5% less expensive than Columbia, South Carolina and 40% less expensive than Aventura, Florida

The median household income is $40,600.

Real Estate

The median home value is $153,600. This is a 4.2% increase over the previous year. For comparison, the national median home price is currently $248,850.

Estimates are that Frankfort housing values will decline by 2% over the next year.

The median rental price is $685 per month.

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Growth

Frankfort has grown by 7% during the last decade.

Taxes

The combined sales tax rate for Frankfort is 8%, including the city rate and the county rate.

The vehicle registration tax is 6%, and the state adds a vehicle property tax rate of $0.45 per $100 of car value.

The property tax rate is $925 per $100,000 in assessed value. The annual taxes on a $153,600 home are approximately $1,415.

For people making between $29,601 and $44,000 per year, property taxes are limited to 5% of their income.

For homeowners 65 or better, $39,300 of the assessed value of their home is exempt from state taxes.

Up to $31,100 of income from private, government, and military retirement plans is exempt from taxation.

Kentucky does not tax Social Security.

Desire a Nicer Home Without a Mortgage Payment?

If so, consider a Home Equity Conversion Mortgage (HECM) for Purchase. This is a reverse mortgage that lets people age 62+ purchase a new home by using a reverse mortgage.

How does it work? Buyers must put down approximately 45% to 62% of the new home's purchase price, depending on the buyer's age and other factors. This money usually comes from the buyer selling his current home. The rest of the purchase funds come from the HECM loan.

For example, a person sells his home and nets $250,000 from the sale. With a HECM for Purchase Loan he can then buy a new $450,000 home by putting down $225,000 (50%), keeping $25,000 cash in his pocket and financing the remaining $225,000 home price with the reverse mortgage loan. Best yet, the buyer will have no monthly mortgage payments.

Talk to a HUD representative for more information.

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