The typical owner-occupied home in Island is worth about $75,000, 64% below the Kentucky median of $205,600 and 77% below the national median of $332,700. Owners pay a median $400 a year in property taxes, about 0.53% of their home's value, lower than the Kentucky rate of 0.75%. The median household earns $54,375 a year, so the median home costs 1.4 times the median income (3.2 times for Kentucky). 76% of occupied homes here are lived in by their owners, and 33% of those owners still have a mortgage.
Island at a glance
| Island | Kentucky | U.S. | |
|---|---|---|---|
| Median home value | $75,000 | $205,600 | $332,700 |
| Median property tax paid per year | $400 | $1,544 | $3,119 |
| Property tax as a share of value | 0.53% | 0.75% | 0.94% |
| Median household income | $54,375 | $63,726 | $80,734 |
| Homes lived in by their owners | 76% | 68% | 65% |
| Owner homes with a mortgage | 33% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $969 | $1,433 | $1,963 |
| Those costs as a share of the owners' income | 25.6% | 18.8% | 21.0% |
| Median rent | $929 | $967 | $1,413 |
| Rent as a share of renters' income | 18.1% | 28.1% | 30.6% |
| Median year homes were built | 1980 | 1982 | 1980 |
| Vacant homes | 3.8% | 10.3% | 10.1% |
| Population | 576 | 4,534,824 | 334,922,499 |
What a typical home costs per month in Island
At this week's average 30-year rate of 7.11%, buying the median Island home of $75,000 with 20% down costs about $468 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $593, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $20,057 for the 20%-down payment. That payment is 10% of the median Island household income of $54,375; at that income and 20% down, the 28% guideline points to a home of about $203,000.
The median rent here is $929 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $15,000 |
|---|---|
| Loan amount | $60,000 |
| Principal and interest | $404 |
| Property taxes (0.53% a year) | $33 |
| Homeowners insurance (our estimate, 0.5% a year) | $31 |
| PMI | $0 |
| Total per month | $468 |
Change the numbers in the calculator
| Down payment | $2,625 |
|---|---|
| Loan amount | $73,642 |
| Principal and interest | $495 |
| Property taxes (0.53% a year) | $33 |
| Homeowners insurance (our estimate, 0.5% a year) | $31 |
| FHA mortgage insurance | $33 |
| Total per month | $593 |
Change the numbers in the calculator
Questions about home buying in Island
What is the median home value in Island?
About $75,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Island?
Homeowners pay a median $400 a year, which is about 0.53% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Island?
For the median home with 20% down at 7.11%, the payment is about $468 a month. Keeping that under 28% of gross income takes about $20,057 a year.
More about Island
- Mortgage Refinance in Island
- Debt Relief in Island
- Home Equity Loans in Island
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data