1st Advantage MortgageMedian rent in Magoffin County is $730 a month against a median household income of $33,080, about 26% of income (ACS 2020-24). Borrow only what the expense needs, pick the shortest affordable term, and walk away from any lender asking a Magoffin County applicant for an upfront fee.
On this page
- A quick profile of Magoffin County
- Renting and owning in Magoffin County
- What stands out in Magoffin County
- Work, industries and travel time in Magoffin County
- Earnings across Magoffin County households
- Magoffin County and the counties next door
- The communities that make up Magoffin County
- Age, degrees and coverage in Magoffin County
- Debt-to-income at Magoffin County's medians
- Borrowing situations common in Magoffin County
- Licensing and complaints for Magoffin County
- A Magoffin County borrower's checklist
- Beyond Magoffin County
- Frequently asked questions
A quick profile of Magoffin County
Roughly 11,348 residents live in Magoffin County, Kentucky, 93rd by population among the state's 120 counties and county equivalents. It covers 308 square miles of land, or about 37 people per square mile. Metro status: none; Magoffin County sits outside the 2023 OMB metro areas. Salyersville (1,708 people) heads the county's list of 1 Census place.
Renting and owning in Magoffin County
Magoffin County rent at the median: $730 a month, utilities in ($967 in Kentucky). Rent takes 30% or more of income for 57% of renter households here. Magoffin County homes are worth $89,000 at the median, a 2.7-to-1 ratio to income. 75% of Magoffin County households own their home and 25% rent. The median year built is 1986. Against the median U.S. county, Magoffin County rent is 17% below.
| Home costs | Magoffin County | Kentucky | Compared with Kentucky |
|---|---|---|---|
| Median gross rent | $730/mo | $967/mo | 25% lower |
| Median home value | $89,000 | $205,600 | 57% lower |
| Owners | 75% | 68% | +7.1 pts |
| Rent-burdened renters | 57% | 45% | +11.6 pts |
| Burdened owners | 28% | 23% | +5.4 pts |
| Vacant units | 14% | 10% | +3.4 pts |
Owners with equity have a second option. Weigh a secured line against an unsecured loan by risk as well as cost before you choose (how they compare). With rent burdens at 57%, keep any Magoffin County loan to the smallest amount that solves the problem.
What stands out in Magoffin County
The 4 Magoffin County numbers that rank furthest from typical in Kentucky, and what each means for a borrower:
- Magoffin County ranks the highest of 120 Kentucky counties for the share of mobile homes: 46.7%, against 10.7% statewide. Manufactured homes often do not qualify for home equity loans, so unsecured loans fill the gap.
- Magoffin County ranks 2nd highest of 120 Kentucky counties for the poverty rate: 38.2%, against 16.1% statewide. Free help, such as utility and rent assistance, should come before any loan.
- Magoffin County ranks 2nd lowest of 120 Kentucky counties for the share of workers who work from home: 2.5%, against 10.2% statewide. Most workers travel to a job here, so commuting costs are part of the budget.
- Magoffin County ranks 5th lowest of 120 Kentucky counties for median household income: $33,080, against $63,726 statewide. Where incomes run low, free assistance and credit-union small-dollar loans deserve a look first.
Work, industries and travel time in Magoffin County
Top Magoffin County industry by residents employed: education and health care, 33%; second, retail trade, 11%. Compared with Kentucky, the county leans toward education and health care (33% against 24%). Unemployment in Magoffin County, ACS five-year: 9.0%; Kentucky: 4.9%. Long commutes are common here: 26% of workers spend 45 minutes or longer getting to work. 8.4% of households have no vehicle.
| Industry | Share of Magoffin County workers | vs Kentucky |
|---|---|---|
| Education and health care | 32.9% | +8.6 pts |
| Retail trade | 10.5% | -1.0 pts |
| Public administration | 10.1% | +5.7 pts |
| Construction | 10.0% | +3.7 pts |
| Manufacturing | 7.3% | -7.0 pts |
| Transportation, warehousing and utilities | 6.9% | -0.1 pts |
Seasonal work is common in many Magoffin County industries; if that is you, show a full year of income rather than one strong month.
Earnings across Magoffin County households
The median household income in Magoffin County is $33,080; statewide it is $63,726, so Magoffin County runs 48% below Kentucky as a whole.
| Yearly household income | Magoffin County | Gap to Kentucky |
|---|---|---|
| Under $35,000 | 51.8% | +23.9 pts |
| $35,000 to $99,999 | 36.8% | -5.2 pts |
| $100,000 to $199,999 | 9.5% | -13.4 pts |
| $200,000 or more | 1.9% | -5.3 pts |
52% under $35,000 and 11% at $100,000 or more: that is the Magoffin County income split. Magoffin County counts about 4,331 residents below the poverty line, 38.2% of the population. A household earning below the $33,080 median should test any payment carefully; one earning above it should still pick the shortest term it can manage.
Magoffin County and the counties next door
Distances run center to center, from Johnson County at 17 miles out to Knott County at 25. 5 of the six report a higher median household income than Magoffin County; Morgan County is highest at $47,913 and Wolfe County lowest at $30,417.
| Adjacent area | How far | HH income (median) | Rent (median) | Owner share |
|---|---|---|---|---|
| Magoffin County | - | $33,080 | $730/mo | 75% |
| Johnson County, KY | 17 mi | $44,904 | $708/mo | 68% |
| Breathitt County, KY | 18 mi | $34,808 | $548/mo | 77% |
| Morgan County, KY | 19 mi | $47,913 | $663/mo | 79% |
| Floyd County, KY | 21 mi | $41,279 | $672/mo | 72% |
| Wolfe County, KY | 23 mi | $30,417 | $501/mo | 74% |
| Knott County, KY | 25 mi | $41,761 | $756/mo | 73% |
The communities that make up Magoffin County
Just one Census place, Salyersville, lies mainly within Magoffin County; it holds about 1,708 people. From Salyersville to the smallest crossroads, Magoffin County residents share this guide.
| Town or CDP | Type | People | Median household income | Median gross rent | Miles from center |
|---|---|---|---|---|---|
| Salyersville | city | 1,708 | $20,580 | $693 | 3 mi |
Age, degrees and coverage in Magoffin County
13% of Magoffin County adults 25 and older hold a bachelor's degree or more. 3.1% of residents have no health coverage.
| Indicator | Magoffin County | +/- Kentucky | +/- U.S. county |
|---|---|---|---|
| Poverty rate | 38.2% | +22.1 pts | +25.0 pts |
| No high school diploma | 27.6% | +16.4 pts | n/a |
| Bachelor's or higher | 12.8% | -14.7 pts | -9.3 pts |
| Work from home | 2.5% | -7.7 pts | -6.2 pts |
| Unemployment (ACS) | 9.0% | +4.2 pts | +4.6 pts |
| Median age | 42.6 | +3.5 yrs | +1.1 yrs |
| No health insurance | 3.1% | -2.9 pts | -4.7 pts |
| No vehicle | 8.4% | +1.6 pts | +2.9 pts |
| Trip time | Share |
|---|---|
| Under 15 min | 29.1% |
| 15 to 29 min | 28.6% |
| 30 to 44 min | 16.4% |
| 45 to 59 min | 15.7% |
| 60+ min | 10.3% |
Debt-to-income at Magoffin County's medians
The debt-to-income ratio is the main affordability test lenders use. Applied to Magoffin County's medians:
- $2,757 a month: gross income for a household at the Magoffin County median
- 26% goes to median rent ($730)
- With a 43% ceiling, about $455 remains for car, card, student and any new loan payments
These are gross figures; take-home pay in Magoffin County will be lower after taxes and deductions.
Borrowing situations common in Magoffin County
Where the Magoffin County numbers stand out, and why it matters for a loan:
- Keeping the car running. At 26% with long commutes, repairs are a frequent Magoffin County emergency; first decide if the car is worth fixing.
- 47% mobile homes. Many are not titled as real estate, so home-equity options may not apply; an unsecured loan is the usual route.
- Assistance before credit. With a 38% poverty rate, check no-cost options before any Magoffin County loan.
- Tight rental budgets. With 57% of Magoffin County renters cost-burdened, test a new payment against a lean month.
Licensing and complaints for Magoffin County
No county office licenses personal lenders. For Magoffin County, check the Kentucky Department of Financial Institutions. Nationally, Magoffin County residents can file with the CFPB. More on Kentucky: Kentucky personal loans.
A Magoffin County borrower's checklist
Before you apply, wherever you live in Magoffin County:
- Price the Magoffin County expense first and borrow that amount, no more.
- Compare the total repaid on every offer, not just the payment.
- Confirm the lender is licensed in Kentucky.
- Read the final agreement; it must match the offer.
Beyond Magoffin County
No city in Magoffin County has its own guide yet; the state page is next up.
Frequently asked questions
What is the median household income in Magoffin County?
$33,080 a year in the 2020 to 2024 Census survey, versus $63,726 for Kentucky. It ranks 116th of 120 in the state.
What do renters pay in Magoffin County?
$730 a month at the median, about 26% of median household income.
I own my home in Magoffin County. Personal loan or HELOC?
A HELOC uses the house as collateral; a personal loan usually does not. With 75% of homes owner-occupied here, many readers can compare both in writing.
Is Salyersville covered?
Yes. Salyersville is one of 1 Census place in Magoffin County, and this guide covers all of them.
Is the fit check different in Magoffin County?
No. It is identical everywhere, and it never looks at your neighborhood.