What You’ll Really Pay for Housing in Danville in 2025

The Housing Market in Danville Today

Danville, Kentucky is a charming small city known for its historic downtown, scenic beauty, and strong sense of community. Located just south of Lexington, Danville offers a more affordable housing market compared to the larger cities in the region while still providing easy access to amenities. In 2025, Danville’s housing market remains stable, with moderate price appreciation and steady demand driven by the city’s growing healthcare and education sectors.

One unique aspect of Danville’s housing landscape is the prevalence of well-maintained historic homes, particularly in the downtown area. These character-rich properties, along with newer developments on the outskirts of town, provide a diverse range of housing options for residents. Danville’s commitment to preserving its architectural heritage while embracing growth has helped maintain a balanced market that appeals to both long-time residents and newcomers alike.

Compared to nearby cities like Lexington and Richmond, Danville offers a more affordable cost of living, particularly when it comes to housing expenses. This has made it an attractive option for families, retirees, and professionals seeking a high quality of life without the premium price tag of larger urban centers. However, it’s important for residents to understand the unique factors that influence housing costs in Danville, such as property taxes and HOA fees, which can catch some newcomers by surprise.

Renting in Danville: Typical Costs and Trends

For those considering renting in Danville, it’s helpful to have a clear picture of what to expect in terms of monthly costs. As of 2025, the typical rent for a 1-bedroom apartment in Danville ranges from $700 to $900, while a 2-bedroom unit generally falls between $900 and $1,200. These prices can vary depending on factors like location, amenities, and the age of the property.

Danville’s rental market caters to a diverse mix of residents, including young professionals working in the healthcare and education fields, families drawn to the city’s strong school system, and retirees seeking a relaxed lifestyle. Neighborhoods like Old Wilderness and Waveland tend to have higher rental prices due to their proximity to downtown and historic charm, while areas further from the city center, such as Streamland and Caldwell, offer more affordable options.

One factor that can influence rental costs in Danville is transportation access. Properties located near major employers like Ephraim McDowell Regional Medical Center or Centre College often command higher rents due to their convenient commute options. Similarly, apartments with easy access to Highway 127 or 150 may come with a slight premium for those who regularly travel to Lexington or other nearby cities for work or leisure.

Owning a Home in Danville: Prices, Taxes, and HOA Fees

For those considering buying a home in Danville, it’s crucial to look beyond the listing price and understand the full scope of ownership costs. As of 2025, the median home price in Danville hovers around $180,000, making it more affordable than many other cities in the region. However, property taxes and potential HOA fees can add significantly to the monthly expense of homeownership.

Danville’s property tax rate stands at 1.1%, which is slightly higher than the national average. For a home valued at $180,000, this translates to an annual property tax bill of roughly $1,980. It’s important for potential buyers to factor this ongoing expense into their budgeting when evaluating the long-term costs of owning a home in Danville.

Another aspect of homeownership that can catch some Danville residents off guard is the prevalence of HOA communities, particularly in newer developments. While not all neighborhoods have HOAs, those that do often charge monthly fees ranging from $100 to $300. These fees typically cover services like common area maintenance, trash removal, and access to amenities like community pools or fitness centers. However, it’s important to carefully review the specific services and costs associated with any HOA before purchasing a home, as these fees can add up over time.

Apartment vs House in Danville: Side-by-Side Costs

Utility & Upkeep Differences

When comparing the costs of renting an apartment versus owning a house in Danville, it’s important to consider the differences in utility expenses and maintenance responsibilities. In general, houses tend to have higher utility costs than apartments due to their larger size and the fact that renters are not typically responsible for exterior upkeep or landscaping.

Danville’s climate, with its warm summers and mild winters, can also impact utility expenses. Homeowners may find themselves running the air conditioning more frequently during the hot months, leading to higher electricity bills. Houses with older, less efficient HVAC systems or inadequate insulation can further drive up these costs compared to newer, more energy-efficient apartment complexes.

In terms of maintenance, homeowners in Danville must budget for ongoing expenses like roof repairs, HVAC servicing, and exterior painting, which can add hundreds or even thousands of dollars to the annual cost of ownership. Renters, on the other hand, are generally not responsible for these larger upkeep items, as they are typically covered by the landlord or property management company.

5-Year Rent vs Buy Outlook

When evaluating the long-term costs of renting versus buying in Danville, it’s helpful to consider a five-year outlook. Using the sample monthly costs outlined above, a renter in a 2-bedroom apartment would spend approximately $71,100 on housing over a five-year period. In contrast, a homeowner in a 3-bedroom house would spend around $98,700 during the same timeframe, assuming no major changes in mortgage payments, property taxes, or HOA fees.

However, it’s important to note that these projections don’t account for potential appreciation in home values, which can help offset the higher upfront costs of ownership. In Danville, home prices have historically appreciated at a moderate rate of around 2-3% per year, which can add to a homeowner’s long-term wealth. Additionally, the stability of monthly mortgage payments (as opposed to potential rent increases) and the tax benefits of homeownership can further tip the scales in favor of buying for those who plan to stay in Danville for the long haul.

FAQs About Housing Costs in Danville

• How much are HOA fees in Danville?
  HOA fees in Danville typically range from $100 to $300 per month, depending on the specific community and amenities offered.
• What is the property tax rate in Danville?
  As of 2025, Danville’s property tax rate is 1.1% of a home’s assessed value.
• Is renting cheaper than buying long-term in Danville?
  While renting may be cheaper in the short term, buying a home in Danville can be more cost-effective in the long run due to the potential for appreciation and the stability of monthly mortgage payments.
• Do houses have higher utility costs than apartments?
  Yes, houses in Danville tend to have higher utility costs than apartments due to their larger size and the responsibility of the homeowner to maintain the entire property.
• What’s the monthly cost difference between apartments and houses in Danville?
  Based on average prices in 2025, the monthly cost difference between renting a 2-bedroom apartment and owning a 3-bedroom house in Danville is around $460, with houses being more expensive.

Making Smart Housing Choices in Danville

Navigating the housing market in Danville requires a clear understanding of the unique factors that influence both renting and buying costs. From property taxes and HOA fees to utility expenses and maintenance responsibilities, there are numerous elements to consider beyond the basic rent or mortgage payment.

For those weighing their options, it’s essential to evaluate both the short-term and long-term financial implications of each path. While renting may offer greater flexibility and lower upfront costs, buying a home in Danville can provide a sense of stability and the potential for building long-term wealth through appreciation. Of course, the decision ultimately depends on each individual’s or family’s specific needs, preferences, and financial situation.

By understanding the nuances of Danville’s cost of living and taking a comprehensive approach to budgeting that accounts for all housing-related expenses, residents can make informed decisions that align with their lifestyle goals and financial aspirations. Whether you’re a young professional seeking a convenient apartment near work or a growing family in search of a spacious home to call your own, Danville offers a range of housing options to suit diverse needs and budgets. The key is to arm yourself with knowledge, crunch the numbers, and make a choice that sets you up for long-term success and satisfaction in this charming Kentucky city.