Best Affordable Neighborhoods in Lexington, KY
Some of the cheapest neighborhoods in Lexington are Terrace View, Hamilton Park, and Cardinal Valley. These neighborhoods offer some of the lowest rent prices in Lexington, making them ideal for renters on a budget. As of February 3, 2026, the average rent in Lexington is $1,078, which is 1.8% higher than last year. However, it's important to remember that rental prices can vary significantly based on factors such as location, amenities, and floor plans.
Terrace View
Average Rent
$789/Month
TransitScore® Rating
31/100
Units Available
12 Rentals
If you’re looking for a great, affordable neighborhood in Lexington, Terrace View might be the perfect place! It has an average rent price of $789, while the city’s average stands at $1,078. Terrace View is near Shoppers Village Center, Kentucky Horse Park, and Simpson Center.
Hamilton Park
Average Rent
$789/Month
TransitScore® Rating
32/100
Units Available
12 Rentals
Hamilton Park is a top choice for budget-conscious renters for a variety of reasons. The average rent in Hamilton Park is $789 while the city average is $1,078. Residents enjoy convenient access to National College, Lexington, Tattersall's Shoppes, and Gardenside Shopping Center. The neighborhood is considered car-dependent with a WalkScore® of 48.
Cardinal Valley
Average Rent
$869/Month
Year-Over-Year Rent Change
3.3%
TransitScore® Rating
31/100
Units Available
13 Rentals
Cardinal Valley offers a community-oriented atmosphere and easy access to shopping and dining along Versailles Road. The area has a variety of homes in ranch and colonial architecture with manicured front lawns.
West Lexington
Average Rent
$907/Month
Year-Over-Year Rent Change
0.4%
TransitScore® Rating
28/100
Units Available
37 Rentals
West Lexington is located just inside Kentucky Route 4, giving residents easy access to the rest of the city while providing a slow pace of life surrounded by greenery. Ranch-style and colonial homes are a hallmark of this neighborhood.
Shriners
Average Rent
$931/Month
Year-Over-Year Rent Change
3.7%
TransitScore® Rating
30/100
Units Available
14 Rentals
Named after the Shriners Children's Hospital, Shriners is a charming residential neighborhood offering renters a diverse selection of housing options. Although the hospital relocated to the UK HealthCare campus in 2017, Clay's Spring Park in front of the former hospital location remains a meeting point for community events.
East Lexington
Average Rent
$945/Month
Year-Over-Year Rent Change
0.8%
TransitScore® Rating
32/100
Units Available
23 Rentals
East Lexington is a growing neighborhood offering a variety of housing options and easy travel throughout Lexington. Its location along Kentucky Route 4 makes it ideal for commuters.
Emerson Woods
Average Rent
$945/Month
TransitScore® Rating
24/100
Units Available
26 Rentals
When you’re looking for a great Lexington neighborhood on a budget, check out Emerson Woods. The average rent is $945, compared to the city average of $1,078. Emerson Woods is convenient to Eastern Kentucky University, Boone Station State Historic Site, and Tates Creek Centre. The community is car-dependent with a WalkScore® of 42.
Garden Springs
Average Rent
$949/Month
Year-Over-Year Rent Change
0.2%
TransitScore® Rating
31/100
Units Available
29 Rentals
Garden Springs is an affordable neighborhood in Lexington with an average rent price of $949. Compare this to the city average of $1,078. In the past year, rent prices have decreased by 0.2%. Garden Springs provides easy access to Blue Grass, Kentucky Horse Park, and State Botanical Garden of Kentucky. It’s a somewhat walkable neighborhood with a WalkScore® of 59.
Lakeview Woodspoint
Average Rent
$956/Month
TransitScore® Rating
32/100
Units Available
11 Rentals
If you’re looking for a great, affordable neighborhood in Lexington, Lakeview Woodspoint might be the perfect place! It has an average rent price of $956, while the city’s average stands at $1,078. Lakeview Woodspoint is near State Botanical Garden of Kentucky, Eastern Kentucky University, and Transylvania University.
Alsab Farm
Average Rent
$956/Month
TransitScore® Rating
30/100
Units Available
11 Rentals
Alsab Farm is a top choice for budget-conscious renters for a variety of reasons. The average rent in Alsab Farm is $956 while the city average is $1,078. Residents enjoy convenient access to National College, Lexington, Richmond Woods Centre, and French Quarter Square. The neighborhood is considered somewhat walkable with a WalkScore® of 65.
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Methodology
Transit Score measures access to public transit. Scores range from 0 (minimal transit) to 100 (rider’s paradise). Learn more about the Transit Score methodology. Rental data is sourced from CoStar Group’s Market Trend reports. As a leading authority in commercial real estate information, analytics, and news, CoStar performs in-depth research to build and sustain an extensive database of commercial real estate insights.
We've combined this data with public records to provide the most current rental information available.