What You’ll Really Pay for Housing in St Matthews in 2025

The Housing Market in St Matthews Today

St Matthews, Kentucky, a thriving suburb of Louisville, has seen steady growth in recent years due to its strong local economy, excellent schools, and convenient location. The housing market in St Matthews is characterized by a mix of well-maintained single-family homes, townhouses, and apartments catering to a diverse population of young professionals, families, and retirees.

Major employers in the area, such as Baptist Health Louisville and the Bluegrass Industrial Park, contribute to the stable housing demand in St Matthews. Compared to nearby cities like Lyndon and Hurstbourne, St Matthews offers a similar range of housing options but with the added benefits of a more walkable downtown area and easy access to Louisville’s amenities.

For those considering a move to St Matthews, it’s essential to understand the local housing market’s unique dynamics, including the cost of living, property taxes, and the pros and cons of renting versus buying. This guide will provide a comprehensive overview of housing costs in St Matthews to help you make an informed decision.

Renting in St Matthews: Typical Costs and Trends

Renting is a popular choice for many St Matthews residents, particularly young professionals and those who value flexibility. The average rent for a 1-bedroom apartment in St Matthews ranges from $900 to $1,200 per month, while a 2-bedroom apartment typically costs between $1,100 and $1,500 monthly. These prices are influenced by factors such as proximity to downtown Louisville, access to major highways like I-64 and I-264, and the apartment’s age and amenities.

Some of the most sought-after rental neighborhoods in St Matthews include Bellewood, Richlawn, and Norbourne Estates, which offer a mix of apartments and single-family homes for rent. Renters in these areas enjoy easy access to shopping, dining, and entertainment options along Shelbyville Road and Frankfort Avenue.

When budgeting for rent in St Matthews, it’s important to factor in additional expenses such as utilities, renters insurance, and parking fees, which can add several hundred dollars to your monthly average expenses. Many apartment complexes in the area also require a security deposit and application fee, which can range from $200 to $500.

Owning a Home in St Matthews: Prices, Taxes, and HOA Fees

For those considering buying a home in St Matthews, it’s crucial to understand the true cost of homeownership beyond the mortgage payment. The median home price in St Matthews is around $350,000, with prices varying depending on the neighborhood, home size, and condition. In addition to the mortgage, homeowners must budget for property taxes, homeowners insurance, maintenance costs, and potentially HOA fees.

St Matthews has a property tax rate of 0.1812%, which means that for a home valued at $350,000, the annual property tax would be approximately $6,342. This is slightly higher than the national average but in line with other desirable suburbs in the Louisville area.

Many neighborhoods in St Matthews, such as Bellewood and Norbourne Estates, have active homeowners associations (HOAs) that charge monthly or annual fees. These fees typically range from $200 to $500 per year and cover the maintenance of common areas, such as parks, pools, and landscaping. While HOA fees can add to the overall cost of homeownership, they also help maintain property values and provide amenities that enhance residents’ quality of life.

Apartment vs House in St Matthews: Side-by-Side Costs

Utility & Upkeep Differences

When comparing the cost of living in an apartment versus a house in St Matthews, it’s important to consider the differences in utility and maintenance expenses. In general, apartments tend to have lower utility costs due to their smaller size and shared walls, which provide better insulation. The average monthly utility bill for a 2-bedroom apartment in St Matthews is around $150, which includes electricity, water, and sewer.

Houses, on the other hand, typically have higher utility costs due to their larger size and increased energy consumption. The average monthly utility bill for a 3-bedroom house in St Matthews is approximately $250. Additionally, homeowners are responsible for all maintenance and repair costs, such as HVAC system upkeep, roof repairs, and lawn care, which can add hundreds of dollars to the monthly budget.

5-Year Rent vs Buy Outlook

When deciding whether to rent or buy in St Matthews, it’s essential to consider the long-term financial implications. Using the average costs from the previous sections, we can project the total housing expenses over a 5-year period.

For a 2-bedroom apartment with a monthly rent of $1,300 and utilities of $150, the total 5-year cost would be approximately $87,000. This assumes a 3% annual rent increase and no renters insurance.

For a 3-bedroom house with a purchase price of $350,000, a 20% down payment, and a 30-year mortgage at 3.5% interest, the total 5-year cost would be around $127,000. This includes the mortgage payments, property taxes, insurance, HOA fees, utilities, and an estimated 1% of the home’s value annually for maintenance and repairs.

While buying a home in St Matthews may appear more expensive in the short term, it’s important to consider the potential for building equity and the tax benefits of homeownership. Additionally, owning a home provides more stability and control over your living space, which may be worth the extra cost for some buyers.

FAQs About Housing Costs in St Matthews

• How much are HOA fees in St Matthews?
  HOA fees in St Matthews typically range from $200 to $500 per year, depending on the neighborhood and amenities provided.
• What is the property tax rate in St Matthews?
  The property tax rate in St Matthews is 0.1812%, which equates to $1,812 per $100,000 of assessed home value.
• Is renting cheaper than buying long-term in St Matthews?
  While renting may be cheaper in the short term, buying a home in St Matthews can be more cost-effective in the long run due to the potential for building equity and tax benefits.
• Do houses have higher utility costs than apartments?
  Yes, houses in St Matthews typically have higher utility costs than apartments due to their larger size and increased energy consumption.
• What’s the monthly cost difference between apartments and houses in St Matthews?
  On average, the monthly cost difference between renting a 2-bedroom apartment and owning a 3-bedroom house in St Matthews is approximately $1,600, with houses being more expensive.

Making Smart Housing Choices in St Matthews

When evaluating housing costs in St Matthews, it’s essential to consider your personal financial situation, long-term goals, and lifestyle preferences. While renting may offer more flexibility and lower upfront costs, buying a home can provide a sense of stability and the potential for building wealth over time.

To make an informed decision, be sure to factor in all the hidden costs of homeownership, such as property taxes, insurance, maintenance, and HOA fees, in addition to your mortgage payment. It’s also wise to consult with a local real estate professional who can provide insights into St Matthews’ specific housing market trends and help you find the best option for your needs and budget.

Regardless of whether you choose to rent or buy, St Matthews offers a welcoming community, excellent amenities, and a convenient location that makes it an attractive place to call home. By understanding the true cost of housing in the area, you can make a smart financial decision that aligns with your goals and enhances your quality of life in this thriving Louisville suburb.

For more information on the cost of living in St Matthews, check out our guides on average monthly expenses and overall cost of living in 2025. If you’re planning a move to the area, be sure to also read our article on choosing between moving pods and trucks to make your relocation as smooth as possible.