Most Affordable Neighborhoods in Louisville, KY

Some of the cheapest neighborhoods in Louisville are South Louisville, Smoketown, and Fern Creek. These neighborhoods offer some of the lowest rent prices in Louisville, making them ideal for renters on a budget. As of April 22, 2025, the average rent in Louisville is $1,105, which is 0% 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.

South Louisville

Average Rent

$955/Month

Year-Over-Year Rent Change

1.5%

TransitScore® Rating

24/100

Units Available

48 Rentals

South Louisville offers a mix of residential and commercial areas with proximity to major attractions like Churchill Downs, the home of the famous Kentucky Derby. The area offers a variety of housing options to suit different lifestyles, from historic homes to modern developments.

Smoketown

Average Rent

$978/Month

Year-Over-Year Rent Change

3.5%

TransitScore® Rating

54/100

Units Available

40 Rentals

If you’re looking for a great, affordable neighborhood in Louisville, Smoketown might be the perfect place! It has an average rent price of $978, while the city’s average stands at $1,105. In the last year, prices have decreased by 3.5%. Smoketown is near Jefferson Comm. & Tech., JTC, Louisville Waterfront Park, and Jefferson Comm. & Tech., DC.

Fern Creek

Average Rent

$1,009/Month

Year-Over-Year Rent Change

0.4%

TransitScore® Rating

24/100

Units Available

71 Rentals

Fern Creek offers a suburban feel with a range of housing options, from apartments to single-family homes. Here, residents love the proximity to local parks and outdoor spaces, as well as convenient shopping and dining options along Bardstown Road. This neighborhood also provides easy access to major roads, simplifying commutes for those traveling to other parts of Louisville.

Highview

Average Rent

$1,091/Month

Year-Over-Year Rent Change

1.7%

TransitScore® Rating

28/100

Units Available

33 Rentals

Highview is an appealing neighborhood offering a mix of single-family homes and apartments. This area is recognized for its proximity to nearby schools and parks, including Highview Park and McNeely Park. The neighborhood’s location also offers easy access to major highways, shopping centers, and dining options.

Old Louisville

Average Rent

$1,104/Month

Year-Over-Year Rent Change

1.1%

TransitScore® Rating

52/100

Units Available

44 Rentals

Old Louisville is known for its historic Victorian homes and tree-lined streets, creating a charming residential setting for renters. Here, you'll enjoy living close to downtown Louisville and nearby Central Park, a popular spot for outdoor events. The area’s architectural beauty and rich history make it a standout neighborhood.

South Side

Average Rent

$1,258/Month

Year-Over-Year Rent Change

1.7%

TransitScore® Rating

16/100

Units Available

71 Rentals

South Side is a quiet residential neighborhood with easy access to shopping centers and local schools. Renters will enjoy the suburban atmosphere and proximity to Iroquois Park, offering plenty of opportunities for outdoor activities. This area is perfect for those seeking a peaceful retreat with access to urban conveniences.

Hurstbourne Acres

Average Rent

$1,297/Month

Year-Over-Year Rent Change

0.5%

TransitScore® Rating

2/100

Units Available

45 Rentals

Hurstbourne Acres is a suburban neighborhood with plenty of shopping and dining options on Hurstbourne Parkway. Along with its peaceful residential streets, renters will appreciate Hurstbourne Acres' easy access to major highways. The area also offers nearby parks, providing green spaces for outdoor relaxation.

Lyndon

Average Rent

$1,321/Month

Year-Over-Year Rent Change

0.6%

TransitScore® Rating

1/100

Units Available

46 Rentals

There's something for everyone in Lyndon. This popular suburban neighborhood has a mix of residential, retail, and green spaces that renters will love. Lyndon has nearby shopping and dining options, along with access to Robsion Park for outdoor activities. The area also offers easy access to major roads, making it a convenient location for commuters.

Downtown Louisville

Average Rent

$1,345/Month

Year-Over-Year Rent Change

0.4%

TransitScore® Rating

51/100

Units Available

487 Rentals

Downtown Louisville is a top choice for budget-conscious renters for a variety of reasons. The average rent in Downtown Louisville is $1,345 while the city average is $1,105. This is a -0.4% difference from last year. Residents enjoy convenient access to Louisville Zoo, Jefferson Comm. & Tech., DC, and Central Station. The neighborhood is considered walkable with a WalkScore® of 77.

Phoenix Hill

Average Rent

$1,369/Month

Year-Over-Year Rent Change

0.4%

TransitScore® Rating

57/100

Units Available

159 Rentals

Phoenix Hill is a historic neighborhood offering proximity to downtown Louisville and popular areas like Nulu, known for its restaurants and boutiques. Renters can enjoy a blend of historic charm and modern amenities in this walkable neighborhood. Some of the area's most walkable parts include its nearby parks and green spaces like Rubel Park.

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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.