Cost of Living in Magoffin County, Kentucky
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Magoffin County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Magoffin County ranks #276 of 3,144 counties for affordability (top 9%)
Data Story
About Cost of Living in Magoffin County, Kentucky
Magoffin faces real affordability stress
Magoffin County residents spend 22.6% of income on rent—well above the 17% state average and significantly higher than the national trend toward affordability crisis. The median household income of just $33,632 pushes housing costs to unsustainable levels despite modest $633 monthly rents.
Kentucky's most strained county
Magoffin ranks among Kentucky's worst for housing affordability, with a 22.6% rent-to-income ratio that exceeds the state average by 5.6 percentage points. This burden falls on one of the state's lowest median incomes at $33,632.
Lowest income in the region
Magoffin's $33,632 median income trails all nearby counties—Martin ($46,185), McCreary ($37,355), and Mason ($51,473)—making it the region's most economically challenged. Rent at $633 is lowest in the region, but income constraints make even bargain housing unaffordable.
Modest costs mask income crisis
At $633 monthly rent consuming 22.6% of a $33,632 income, Magoffin residents face genuine hardship despite low absolute housing costs. Homeownership fares slightly better at $473 monthly, but the median home value of $88,300 still represents a steep climb for low-income families.
Magoffin offers cheap housing, limited opportunity
Remote workers or retirees with external income sources may find bargains here, but job-seekers should note Magoffin's $33,632 median income signals limited economic opportunity. Compare income prospects in Martin County ($46,185) or McCreary County ($37,355) before committing to the region.
Cost of Living Advisory: Magoffin County
Affordability Verdict
Magoffin County offers affordable rental housing at a median of $633/month — about 22.6% of the typical household income here.
Rent vs. Own
At $633/month rent versus $473/month in owner costs, owning is roughly $160/month cheaper — a 25% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $25,320/year. For owner costs at the 28% rule, the required income is roughly $20,271/year. With a median household income of $33,632, most households can comfortably afford rent here. Notably, 30.0% of renter households in Magoffin County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Compared to Butler County where rent averages $688/month, Magoffin County is approximately 8% less expensive.
Affordability Calculator
See how your income compares to housing costs in Magoffin County
Rent Burden
22.6%
of gross income
Max Housing (28% Rule)
$785
per month
Owner Cost Burden
16.9%
of gross income
You can likely afford the median home in Magoffin County
Median home value is $88,300. Estimated monthly cost: $705 vs. your max of $785.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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