Berea Real Estate
Berea, KY, is located in Kentucky and is probably most associated with its local educational institution as well as art festivals before anything else. The town gained its start unofficially in 1850 when the area was previously just known as the Glade. Made up of a number of farms positioned near each other, similar to a community in the famous book, An American Boy’s Diary, Berea began to develop into a landowner community early on. In 1890 the town was finally incorporated.
The town of Berea is bisected by the Interstate 75 running North to South as well as state route 25. The next closest towns are Bighill and Cartersville on Route 21, east and west, respectively, and the closest large urban center is also Lexington to the north on 75. While there are numerous roads and state routes crisscrossing the area, the main conduit of commuter traffic for many is the Interstate.
Today Berea is made up of approximately 14,900 residents with 3,385 families. 5,119 households make up the area with a third, including families with children. A second third of homes are non-family residents, and the remainder is a mix of seniors, single adults, and renters. The median age for the community is younger than many other parts of the state at 33 years of age. The median household income the area is approximately $41,500, and most families measured approximately $45,500 in annual median earnings.
Real Estate Values
Berea’s real estate valuation is fairly low, given how popular the location is and its tourism as well as the education economy. The median property value is measured at approximately $134,000, with a 2 percent growth annually. The percentage of owner-occupied properties is roughly 54 percent. This is slightly lower than the national and state averages but far higher than many smaller communities in Kentucky.
Berea’s local economy is quite involved. Long being propped up by the local college, today, Berea has multiple industries contributing to its economic base. The college and related educational institutions still make up the largest employer base, but manufacturing, health, real estate, and transportation also add considerable jobs to the 7,000-person employment base locally.
Berea, KY residents are served by Saint Joseph Berea hospital located in town, and Berea College itself is well-known for its nursing program, creating a higher than normal number of medically-trained personnel in the area. The next closest medical facilities are in Richmond at Baptist Health and Rockcastle Regional Hospital in Mount Vernon. An additional three other hospitals are within 25 miles in Irvine and Stanford.
In terms of education, as mentioned earlier, Berea is home to the famous Berea College private liberal arts school. In addition to this institution, the local town has three elementary schools, two middle schools, and two high schools. Berea is also within 10 miles of Eastern Kentucky University, which is in Richmond, and the town is within 30 miles of three private colleges located in Asbury, Danville, and Wilmore.
If you’re considering Berea as a new home, a potential retirement location, or a work relocation and moving to the area, give the experts at Capstone Realty Consultants a call early on. They can help guide you to what Berea has to offer and the realty opportunities that best match your needs and wants. Having worked in the area for decades, Capstone Realty staff are well-versed on Berea’s nuances and neighborhoods, as well as amenities for different careers and lifestyles.