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City · 32,803 residents · Boone County, Kentucky

Florence , Kentucky

In Florence, a typical home is worth $210,700 and typical rent is $1,329 a month. Compared with all of Boone County, typical household income is 29% lower, the typical home value is 24% lower, and the share of households that own their home is 19 points lower.

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  • Typical home value

    $210,700

    24% below the county

    2% above Kentucky

    • Florence
    • Boone
    • Kentucky

  • Typical rent

    $1,329a month

    3% below the county

    37% above Kentucky

    • Florence
    • Boone
    • Kentucky

  • Typical household income

    $71,003a year

    29% below the county

    11% above Kentucky

    • Florence
    • Boone
    • Kentucky

  • Households that own their home

    58%

    19 points below the county

    11 points below Kentucky

    • Florence
    • Boone
    • Kentucky

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$287,887
0.7% more than 12 months ago
Typical rent
$1,522 a month
2.4% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Florence is in Boone County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Boone County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Florence apart

What this place has that others do not, from public data, most unusual first.

  1. 58% of households in Florence own their home, against 76% in Boone County.

  2. Nearby, in Erlanger, the typical rent is $970: 27% less than in Florence ($1,329).

  3. The typical household income in Florence is $71,003, 29% less than in Boone County as a whole ($99,414).

  4. The typical home in Florence is worth $210,700, 24% less than in Boone County as a whole ($277,300).

  5. Nearby, in Elsmere, the typical home value is $171,900: 18% less than in Florence ($210,700).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Florence

What homes there are in Florence, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

No kind of home is the majority in Florence; the largest group, detached houses, adds up to 45%, less than in Boone County (68%).

Year built

The typical home in Florence was built in 1985, 11 years before the typical one in Boone County.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

At least 97% of owner-occupied homes in Florence are worth less than $500,000, below the FHA loan limit for Boone County ($541,287).

Monthly rent with utilities

Measured against HUD's 2-bedroom fair market rent ($1,442), about 63% of rented homes in Florence cost less.

With a mortgage

$1,398 a month

Boone County: $1,656 a month

Without a mortgage

$546 a month

Boone County: $582 a month

Owners with a mortgage

67%

Boone County: 70%

The typical cost for an owner with a mortgage in Florence is $1,398 a month, less than in Boone County ($1,656); without one, $546.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in Florence rose 37%; in Boone County, it rose 46%.

Rents in Florence rose at about the same pace as in Boone County: 38% since 2015–2019, against 39%.

Here income did not keep up with housing: it rose 24%, while home values changed +37% and rent +38%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureFlorenceBoone CountyKentuckyUnited States
Rental vacancy Unreliable estimate4.3%4.6%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.9%0.9%
More than one person per room 2.9%2.3%2.0%3.4%
People per household 2.312.722.432.53
Drive alone 77%77%77%69%
Carpool 9%7%9%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike Unreliable estimate0%2%3%
Work from home 11%13%10%15%
Other means Unreliable estimate2%1%2%
Typical commute Unreliable estimate20 to 29 minutes20 to 29 minutes20 to 29 minutes

More than one person per room: that is how 2.9% of households in Florence live, near the figure in Boone County (2.3%).

Fewer people live in each home here: 2.31 on average, against 2.72 in Boone County.

In Florence, 77% of workers drive alone to work; in Boone County, 77%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Florence?

A typical home is tight for the typical income

We start with a typical home in Florence, worth $210,700, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 29% of the typical household income in Florence, which is $71,003 a year. For that payment to be 28% of income, a household would need to earn about $74,368 a year.

The calculator's FHA and conventional loan limits are those of all of Boone County.

Your numbers

Local data
$

Starts at the typical home value in Florence. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $7,375 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,735

at 7.18% · 30 years

Loan amount
$206,883
Total interest
$297,656
Paid off in
November 2056

Includes $3,558 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,657 a month

  • Tight

    $1,657 to $2,130 a month

    Your payment · 29%

  • Hard

    more than $2,130 a month

Compared with the typical household income in Florence ($71,003 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,735
Principal & interest$1,401
Property tax$153
Home insurance$88
FHA mortgage insurance (MIP)$93

You need at least $7,375 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Florence and Boone County

Florence is in Boone County, Kentucky. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Florence's own numbers

Typical home value
$210,700
Typical monthly rent
$1,329
Typical yearly household income
$71,003
Households that own their home
58%
Effective property tax rate
0.87%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Boone County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,442
Price change over 5 years (FHFA)
+50%
Homes in a high flood-risk zone
0.7%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Boone County.

Everything about Boone County

Buying

Buying a home in Florence

A typical home in Florence is worth $210,700: 24% below the county and 2% above Kentucky. With the typical household income in Florence ($71,003 a year), a typical home costs 3.0 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Florence 3.0 years
  • Boone 2.8 years
  • Kentucky 3.2 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Boone County

According to FHFA’s house price index, home prices in Boone County rose 88% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Boone County.

Period County Kentucky U.S.
Last year (2025) +3.2% +3.9% +2.9%
5 years (2020–2025) +50% +50% +47%
10 years (2015–2025) +88% +84% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Florence next to Boone County, Kentucky and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Florence $210,700
  • Boone $277,300
  • Kentucky $205,600
  • United States $332,700
Typical monthly rent
  • Florence $1,329
  • Boone $1,373
  • Kentucky $967
  • United States $1,413
Typical yearly household income
  • Florence $71,003
  • Boone $99,414
  • Kentucky $63,726
  • United States $80,734
See the full table
Florence next to Boone County and Kentucky
Measure Florence Boone County Kentucky U.S.
Typical home value $210,700 $277,300 $205,600 $332,700
Typical monthly rent $1,329 $1,373 $967 $1,413
Typical yearly household income $71,003 $99,414 $63,726 $80,734
Households that own their home 58% 76% 68% 65%
Typical yearly property tax $1,842 $2,372 $1,544 $3,119
Effective property tax rate 0.87% 0.86% 0.75% 0.94%
Renters with high rent for their income 41% 40% 45% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Boone County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Florence

For a typical $210,700 home in Florence, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Florence's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,735a month

    Least cash to close
    Down payment
    $7,375
    Cash to close
    $13,696
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $93

  • Conventional, 5% down $1,697a month

    Down payment
    $10,535
    Cash to close
    $16,856
    Rate
    7.18%
    Mortgage insurance
    PMI · $100

  • Conventional, 20% down, no PMI $1,382a month

    Down payment
    $42,140
    Cash to close
    $48,461
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,577a month

    Down payment
    $31,605
    Cash to close
    $37,926
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Florence and for Boone County.

Property tax

Effective rate in Florence

0.87%of the home’s value each year

$1,842 a year for the typical owner in Florence.

  • Florence 0.87%
  • Boone 0.86%
  • Kentucky 0.75%

What Kentucky publishes Homestead exemption for owners 65 or older or totally disabled (Kentucky Department of Revenue)

Exemptions and deadlines in Kentucky

Flood risk in Boone County

FEMA does not publish these numbers by city: they are for all of Boone County.

Homes in the high-risk zone
0.7%
294
Of those, with NFIP insurance
5.4%
County Kentucky U.S.
Homes in the high-risk zone 0.7% 3.5% 3.5%
Of those, with NFIP insurance 5.4% 19% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Florence

Typical rent in Florence is $1,329 a month: 3% below the county. In Florence, 41% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Boone County, by unit size. To pay the 2-bedroom one ($1,442 a month) without spending more than 30% of your income, you would need to earn $27.73 an hour working full time.

HUD fair market rent for all of Boone County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,052 $20.23 $42,080
1 bedroom $1,128 $21.69 $45,120
2 bedrooms $1,442 $27.73 $57,680
3 bedrooms $1,897 $36.48 $75,880
4 bedrooms $2,141 $41.17 $85,640

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Florence

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Florence is in ZIP code 41042.

For 2 bedrooms it is $1,730: $288 more than the fair market rent for Boone County ($1,442).

  • 41042 $1,730$2,280

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Florence when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Florence

HUD lists 13 buildings with rents for lower incomes in Florence. These are the largest.

  • Arcadia Park Apartments, Phase I and II Christian Drive, Florence 41042 155 low-income homes · 1 bd: 154 · 4 bd: 1 · In service since 2005 · For families
  • Arcadia Park Apartments I & II 100 Christian Dr, Florence 41042 154 low-income homes · For older adults (859) 594-4140
  • Greens of Turfway Townhomes 6058 Celtic Ash Ave, Florence 41042 88 low-income homes · 3 bd: 87 · In service since 1992 · For families
  • Dixie Apartments 7825 Riehl Dr, Florence 41042 72 homes, 71 low-income · For families (859) 525-1207
  • Arcadia Park Apartments III 300 Christian Dr, Florence 41042 60 low-income homes · For older adults (859) 594-4140

See all 18 buildings in Boone County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Florence

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Boone County. The nearest ones are below; many serve by phone or online.

A grandmother pushes her grandson on a playground swing.

HUD counseling is free or low-cost

Assistance programs in Florence

No down payment, repair or rent-help program on our list is for Florence or Boone County. The ones below are statewide in Kentucky: they work in Florence the same as in the rest of the state.

Which programs do I qualify for? All programs in Kentucky

  • KHC Down Payment Assistance (DPA)

    Statewide in Kentucky

    Kentucky state corporation loan of up to $12,500 for the down payment and closing costs, repaid over 15 years as a second loan, for buyers who take a KHC mortgage. Offered by Kentucky Housing Corporation (KHC).

    Repayable

    See the program Official page

Housing counselors near Florence

The HUD-approved agencies closest to the center of Florence, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Catholic Charities, Diocese of Covington

    3629 Church St, Covington · 9 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 2 more
    (859) 581-8974

  • Legal Aid of the Bluegrass

    104 E 7th St, Covington · 10 miles away · Spanish

    • Mortgage delinquency and default
    • Homelessness services
    • and 2 more
    (859) 431-8200

  • Brighton Center, Incorporated

    799 Ann Street, Newport · 10 miles away · Spanish

    Also serves in Portuguese.

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 9 more
    (859) 491-8303

All counseling agencies in Kentucky

Help in Spanish near Florence

3 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Florence

HUD’s record names them for Florence or Boone County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

All housing agencies in Kentucky Source: HUD

Cities

Other cities in Boone County

These cities are also in Boone County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Boone County Housing in Kentucky

Nearby cities

The cities closest to Florence, with the typical home value.

Neighboring counties

If Boone County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Florence.

All guides
A mother holds her laughing daughter on a grey sofa.

Questions

Housing questions about Florence

Short answers with the numbers for Florence and all of Boone County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Florence?

The typical home value in Florence is $210,700, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Boone County it is $277,300.

How much does it cost to rent in Florence?

Typical rent in Florence is $1,329 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Boone County is $1,442.

What is the FHA loan limit in Florence?

Florence uses the FHA limit for all of Boone County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Florence?

The typical homeowner in Florence pays $1,842 a year, according to the U.S. Census Bureau. That is 0.87% of the home’s value; in Boone County, the rate is 0.86%.

Where can I find free help to buy or rent in Florence?

We found no HUD-approved counseling agencies with an office in Boone County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).