If you live in the Cincinnati Metropolitan area, then chances are you are familiar with Boone County Kentucky and all the growth it has enjoyed. If you have never lived here then there is a high probability you are not familiar with one of the best places to live, work and play. Boone County was deemed as the fastest growing county in the State of Kentucky, which has 120 counties, per study released in 2014 which measured the growth based on growth indications in population, job, salaries and projected growths in the same areas.
Before I get into what makes Boone County a desirable place to live and work let me give you an overview. The county occupies 256 square miles of space, which just over 10 square miles of it is water covered. It sits in Northern Kentucky and part of the county border Ohio and Indiana, which is separated by the Ohio river from these areas. The county seat is Burlington Kentucky; however, the largest city in the county is Florence, which also happens to be the 8th largest city in the state of Kentucky.
Because of its location to major highways, playing host to the Greater Cincinnati Northern Kentucky Airport and low tax rates Boone county has a host of key employers which contributes to the county’s economic success. Companies such as DHL express, Amazon, Groupon, Mubea, Mazak and L’Oréal all have headquarters or major distribution centers here. The combination of the low taxes and these key employers is why the county population is swelling. The 2000 census reported Boone County of having a population of 85,991 people. In 2010 that population jumped to 118,811 and when last reported in 2014 124,442 people and the population keeps growing. To put it in perspective that is a 30 percent increase from 2000 to 2014, and as I just said previously the population keeps growing.
With all the population growth, the housing stock in Boone County has been keeping pace right up with it. In 2010 the median home value in Boone County was reported at $156,645 and last reported in 2014 at $175,300, an increase in values of almost 12 percent for the area. The attractive appreciation, job growth and other factors that have contributed to this population growth has had an impact on the school system in the area as well. Boone County enjoys highly rated schools and the district employs 3,615 employees to service all the students at the various high schools, middle schools and elementary school campuses.
Investors too have taken notice to the area and have put their money to work. The median rent for apartment dwellings was reported at $729 per month, compared to the overall state average of $525. This does not consider all the new recent construction projects of recent years such as the Grand Florence, built by the Schottenstein group out of Columbus Ohio, who has rents ranging from $800 - $1500 per month in their various floor plans on their 236-unit property. Other properties in the area have changed hands and have undergone extensive renovations in the last couple years to push up their rental values to well above the $729 per month that was reported back in 2014. What does this mean? This means that the rents, populations, job growth and values are continuing to steadily rise as have they have been for several years, even during the recession and housing bubble bust. This means that Boone County is one of the areas that should be on your radar if you are considering to purchase a new home and relocate, look for a new facility for your business or simply invest your capital into some real estate and let it appreciate and grow.