The typical owner-occupied home in Clay City is worth about $63,500, 69% below the Kentucky median of $205,600 and 81% below the national median of $332,700. Owners pay a median $455 a year in property taxes, about 0.72% of their home's value, close to the Kentucky rate of 0.75%. The median household earns $23,816 a year, so the median home costs 2.7 times the median income (3.2 times for Kentucky). 41% of occupied homes here are lived in by their owners, and 29% of those owners still have a mortgage.
Clay City at a glance
| Clay City | Kentucky | U.S. | |
|---|---|---|---|
| Median home value | $63,500 | $205,600 | $332,700 |
| Median property tax paid per year | $455 | $1,544 | $3,119 |
| Property tax as a share of value | 0.72% | 0.75% | 0.94% |
| Median household income | $23,816 | $63,726 | $80,734 |
| Homes lived in by their owners | 41% | 68% | 65% |
| Owner homes with a mortgage | 29% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,114 | $1,433 | $1,963 |
| Those costs as a share of the owners' income | 17.9% | 18.8% | 21.0% |
| Median rent | $666 | $967 | $1,413 |
| Rent as a share of renters' income | 29.7% | 28.1% | 30.6% |
| Median year homes were built | 1977 | 1982 | 1980 |
| Vacant homes | 13.1% | 10.3% | 10.1% |
| Population | 1,204 | 4,534,824 | 334,922,499 |
What a typical home costs per month in Clay City
At this week's average 30-year rate of 7.11%, buying the median Clay City home of $63,500 with 20% down costs about $406 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $512, 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 $17,412 for the 20%-down payment. That payment is 20% of the median Clay City household income of $23,816; at that income and 20% down, the 28% guideline points to a home of about $87,000.
The median rent here is $666 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $12,700 |
|---|---|
| Loan amount | $50,800 |
| Principal and interest | $342 |
| Property taxes (0.72% a year) | $38 |
| Homeowners insurance (our estimate, 0.5% a year) | $26 |
| PMI | $0 |
| Total per month | $406 |
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| Down payment | $2,222 |
|---|---|
| Loan amount | $62,350 |
| Principal and interest | $419 |
| Property taxes (0.72% a year) | $38 |
| Homeowners insurance (our estimate, 0.5% a year) | $26 |
| FHA mortgage insurance | $28 |
| Total per month | $512 |
Change the numbers in the calculator
Questions about home buying in Clay City
What is the median home value in Clay City?
About $63,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Clay City?
Homeowners pay a median $455 a year, which is about 0.72% 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 Clay City?
For the median home with 20% down at 7.11%, the payment is about $406 a month. Keeping that under 28% of gross income takes about $17,412 a year.
More about Clay City
- Mortgage Refinance in Clay City
- Debt Relief in Clay City
- Home Equity Loans in Clay City
- 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