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City · 6,870 residents · Rowan County, Kentucky

Morehead , Kentucky

In Morehead, a typical home is worth $184,900 and typical rent is $800 a month. Compared with all of Rowan County, typical household income is 32% lower, the typical home value is 14% higher, and the share of households that own their home is 29 points lower.

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  • Typical home value

    $184,900

    14% above the county

    10% below Kentucky

    • Morehead
    • Rowan
    • Kentucky

  • Typical rent

    $800a month

    3% below the county

    17% below Kentucky

    • Morehead
    • Rowan
    • Kentucky

  • Typical household income

    $36,741a year

    32% below the county

    42% below Kentucky

    • Morehead
    • Rowan
    • Kentucky

  • Households that own their home

    33%

    29 points below the county

    35 points below Kentucky

    • Morehead
    • Rowan
    • Kentucky

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

Market now, with Zillow data

Zillow data
Typical home value
$188,842
1.6% less than 12 months ago

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

Morehead is in Rowan 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 Rowan County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Morehead apart

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

  1. Morehead has the lowest homeownership rate of the 84 cities in Kentucky with more than 5,000 people: 33%.

  2. Morehead has the 3rd lowest typical household income of the 85 cities in Kentucky with more than 5,000 people ($36,741).

  3. Nearby, in Flatwoods, the typical home value is $114,600: 38% less than in Morehead ($184,900).

  4. Morehead has the 7th largest share of rent-burdened renters of the 76 cities in Kentucky with more than 5,000 people (58%).

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

The homes here

Housing in Morehead

What homes there are in Morehead, 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

The detached house is still the most common home in Morehead, but it weighs less than in Rowan County: 50% against 61%.

Year built

The typical home in Morehead was built in 1980, 12 years before the typical one in Rowan 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
Monthly rent with utilities

With a mortgage

$1,313 a month

Rowan County: $1,298 a month

Without a mortgage

$436 a month

Rowan County: $421 a month

Owners with a mortgage

40%

Rowan County: 51%

Owning costs about the same in Morehead as in Rowan County: with a mortgage, $1,313 a month; without one, $436.

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 Morehead did not change clearly: the difference is within the Census margin of error.

Rents in Morehead rose faster than in Rowan County: 47% since 2015–2019, against 27%.

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

MeasureMoreheadRowan CountyKentuckyUnited States
Rental vacancy Unreliable estimate4.6%4.6%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.9%0.9%
More than one person per room Unreliable estimateUnreliable estimate2.0%3.4%
People per household 2.162.252.432.53
Drive alone 59%75%77%69%
Carpool Unreliable estimate8%9%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike 25%8%2%3%
Work from home Unreliable estimate9%10%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute Unreliable estimate10 to 19 minutes20 to 29 minutes20 to 29 minutes

A household in Morehead has 2.16 people on average, about the same as in Rowan County (2.25).

More people walk or bike to work in Morehead: 25%, against 8% in Rowan County.

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 Morehead?

A typical home costs more than the typical income allows

We start with a typical home in Morehead, worth $184,900, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 49% of the typical household income in Morehead, which is $36,741 a year. For that payment to be 28% of income, a household would need to earn about $64,535 a year.

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

Your numbers

Local data
$

Starts at the typical home value in Morehead. 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 $6,472 (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

$1,506

at 7.18% · 30 years

Loan amount
$181,550
Total interest
$261,209
Paid off in
November 2056

Includes $3,122 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $857 a month

  • Tight

    $857 to $1,102 a month

  • Hard

    more than $1,102 a month

    Your payment · 49%

Compared with the typical household income in Morehead ($36,741 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,506
Principal & interest$1,230
Property tax$117
Home insurance$77
FHA mortgage insurance (MIP)$82

You need at least $6,472 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

Morehead and Rowan County

Morehead is in Rowan 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).

Morehead's own numbers

Typical home value
$184,900
Typical monthly rent
$800
Typical yearly household income
$36,741
Households that own their home
33%
Effective property tax rate
0.76%

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

Numbers for all of Rowan County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$977
Price change over 5 years (FHFA)
+60%
Homes in a high flood-risk zone
9.5%

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 Rowan County.

Everything about Rowan County

Buying

Buying a home in Morehead

A typical home in Morehead is worth $184,900: 14% above the county and 10% below Kentucky. With the typical household income in Morehead ($36,741 a year), a typical home costs 5.0 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.

  • Morehead 5.0 years
  • Rowan 3.0 years
  • Kentucky 3.2 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Rowan County

According to FHFA’s house price index, home prices in Rowan County rose 81% in the 10 years through 2025.

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

Period County Kentucky U.S.
Last year (2025) +12.1% +3.9% +2.9%
5 years (2020–2025) +60% +50% +47%
10 years (2015–2025) +81% +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

Morehead next to Rowan 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
  • Morehead $184,900
  • Rowan $161,800
  • Kentucky $205,600
  • United States $332,700
Typical monthly rent
  • Morehead $800
  • Rowan $825
  • Kentucky $967
  • United States $1,413
Typical yearly household income
  • Morehead $36,741
  • Rowan $54,321
  • Kentucky $63,726
  • United States $80,734
See the full table
Morehead next to Rowan County and Kentucky
Measure Morehead Rowan County Kentucky U.S.
Typical home value $184,900 $161,800 $205,600 $332,700
Typical monthly rent $800 $825 $967 $1,413
Typical yearly household income $36,741 $54,321 $63,726 $80,734
Households that own their home 33% 62% 68% 65%
Typical yearly property tax $1,398 $885 $1,544 $3,119
Effective property tax rate 0.76% 0.55% 0.75% 0.94%
Renters with high rent for their income 58% 47% 45% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Rowan 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 Morehead

For a typical $184,900 home in Morehead, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Morehead's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,506a month

    Least cash to close
    Down payment
    $6,472
    Cash to close
    $12,019
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $82

  • Conventional, 5% down $1,472a month

    Down payment
    $9,245
    Cash to close
    $14,792
    Rate
    7.18%
    Mortgage insurance
    PMI · $88

  • Conventional, 20% down, no PMI $1,196a month

    Down payment
    $36,980
    Cash to close
    $42,527
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,367a month

    Down payment
    $27,735
    Cash to close
    $33,282
    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 Morehead and for Rowan County.

Property tax

Effective rate in Morehead

0.76%of the home’s value each year

$1,398 a year for the typical owner in Morehead.

  • Morehead 0.76%
  • Rowan 0.55%
  • 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 Rowan County

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

Homes in the high-risk zone
9.5%
981
Of those, with NFIP insurance
17%
County Kentucky U.S.
Homes in the high-risk zone 9.5% 3.5% 3.5%
Of those, with NFIP insurance 17% 19% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Morehead

Typical rent in Morehead is $800 a month: 3% below the county. In Morehead, 58% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Rowan County, by unit size. To pay the 2-bedroom one ($977 a month) without spending more than 30% of your income, you would need to earn $18.79 an hour working full time.

HUD fair market rent for all of Rowan 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 $701 $13.48 $28,040
1 bedroom $791 $15.21 $31,640
2 bedrooms $977 $18.79 $39,080
3 bedrooms $1,252 $24.08 $50,080
4 bedrooms $1,633 $31.40 $65,320

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 Morehead

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Morehead is in ZIP code 40351.

For 2 bedrooms it is $940: $37 less than the fair market rent for Rowan County ($977).

  • 40351 $940$1,210

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Morehead 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 Morehead

HUD lists 8 buildings with rents for lower incomes in Morehead. These are the largest.

  • Heritage Place 101 Rawcel Hts, Morehead 40351 223 homes, 222 low-income · Run by Housing Authority of Morehead · Average payment: $374 a month · Average wait: 12 months (606) 784-4314
  • Pine Ridge Apartments 300 Pine DR, Morehead 40351 48 low-income homes · For families (606) 783-1202
  • Morehead Inspiration Center U.S. 60 West, Morehead 40351 38 low-income homes · 4 bd: 38 · In service since 2007
  • Boodry Place Apartments Boodry Place, Morehead 40351 32 low-income homes · 1 bd: 18 · 2 bd: 14 · In service since 2008 · For older adults
  • Horizon Village 100 Horizon Way, Morehead 40351 31 homes, 30 low-income · For people with disabilities (606) 783-7293

See all 11 buildings in Rowan County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Morehead

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.

There is 1 HUD-approved agency with an office in Rowan County; none says it serves in Spanish.

A grandmother smiles, seated at home.

HUD counseling is free or low-cost

Assistance programs in Morehead

No down payment, repair or rent-help program on our list is for Morehead or Rowan County. The ones below are statewide in Kentucky: they work in Morehead 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 Morehead

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

  • Frontier Housing , Inc.

    259 Old Flemingsburg Rd, Morehead · 1 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 6 more
    (606) 784-2131

  • Appalachian Research and Defense Fund of Kentucky

    120 N Front Ave, Prestonsburg · 52 miles away · Spanish

    • Mortgage delinquency and default
    • Homelessness services
    • and 2 more
    (866) 277-5733

  • Apprisen - Lexington

    3499 Blazer Pkwy, Lexington · 55 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 2 more
    (800) 355-2227

Every agency in Rowan County All counseling agencies in Kentucky

Help in Spanish near Morehead

1 of the 3 agencies on this list says it serves 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 Morehead

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

All housing agencies in Kentucky Source: HUD

Cities

Nearby cities

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

Everything about Rowan County Housing in Kentucky

Neighboring counties

If Rowan 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 Morehead.

All guides
A mother holding her baby watches her daughter blow bubbles outdoors.

Questions

Housing questions about Morehead

Short answers with the numbers for Morehead and all of Rowan 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 Morehead?

The typical home value in Morehead is $184,900, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Rowan County it is $161,800.

How much does it cost to rent in Morehead?

Typical rent in Morehead is $800 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Rowan County is $977.

What is the FHA loan limit in Morehead?

Morehead uses the FHA limit for all of Rowan 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 Morehead?

The typical homeowner in Morehead pays $1,398 a year, according to the U.S. Census Bureau. That is 0.76% of the home’s value; in Rowan County, the rate is 0.55%.

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

There is 1 HUD-approved counseling agency with an office in Rowan County. 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).