Louisville, Kentucky, founded in 1778, has grown to be the largest city in Kentucky and is a terrific city situated right along the south bank of the Ohio River. Just less than a two-hour drive north to Indianapolis and less than three hours south to Nashville, Louisville is a fantastic place to call home. The city is home to the University of Louisville, historic Churchill Downs and many great parks to get out and explore.
Finding an affordable place to rent in Louisville is relatively easy in the city, which has a cost of living that is 5 percent lower than the national average and housing costs that are 19 percent lower, according to PayScale. I’m Mike, the ApartmentHomeLiving.com Louisville Local Expert and I’d love to share with you 10 of my favorite affordable neighborhoods for renting in Louisville. Let’s jump right in!
Downtown Louisville
Downtown Louisville is situated along the southern bank of the Ohio River and contains many historical buildings and attractions. The downtown neighborhood generally is bordered by I-65 to the east, I-64 and the Ohio River to the north, US 31W to the west and West Broadway to the south.
The residential area features Revivalist and Chicago School style architecture that harkens back to the mid-1800s. Main Street runs through the middle of Downtown Louisville and has some of the largest collections of facades made from cast iron.
Whiskey Row to the east offers bourbon and whiskey lovers the chance to tour and sample the latest batches. Museum Row to the northwest hosts the Louisville Slugger Museum and Factory, the Muhammed Ali Center honoring the city’s greatest son and art, history and science museums. You also can take a ride on the historic Trolley de ‘Ville.
Old Louisville
Old Louisville has the most restored Victorian homes in the United States and occupies 40 city blocks. The neighborhood is the country’s third-largest historic preservation district and originally was built as Louisville’s first suburban community and now has some of the city’s best inns, bed and breakfasts and restaurants. The tree-lined streets of Old Louisville have large oak and magnolia trees that are perfect for a midday stroll.
Old Louisville is located just south of Downtown and only a 7-minute drive to the airport. It also is very close to Churchill Downs and the University of Louisville, both of which are less than a 10-minute drive away.
Smoketown
Louisville’s Smoketown neighborhood is a mile southeast of downtown and a block east of the I-65 freeway. It’s about a 5-minute drive to the airport and the University of Louisville and situated very close to Louisville’s many of the great downtown attractions.
Smoketown is a generally square residential area bordered by West Broadway to the north, South Floyd Street to the west, East Kentucky Street to the south and the south fork of Beargrass Creek and adjacent CSX railroad tracks to the east. The historically black neighborhood well-integrated and has many great local restaurants, including Shirley Mae’s Café, which is noted for terrific soul food.
The neighborhood primarily was settled following the Civil War by tobacco cutters living in small, one-story shotgun-style homes, which gave rise to the neighborhood’s name of “Smoketown.” It is a well-integrated neighborhood with many affordable rentals in close proximity to many popular Louisville destinations.
Shelby Park
Shelby Park is directly south of and adjacent to Smoketown with I-65 to the west, the angled CSX railroad tracks to the east and south, and East Kentucky Street separating the neighborhood from Smoketown. Downtown is just 2 miles away, and the airport is only a short drive down the I-65 freeway.
The 17-acre Shelby Park is situated in the center. Older homes and newer apartments give the Shelby Park neighborhood a very historic and cozy feel that makes them very affordable.
The neighborhood has local diners and drinking establishments, like the popular Toasty’s Tavern, that serve great food and are fun places in which to spend time. Shelby Park is close to the Art Sanctuary and features many great murals.
Butchertown
Situated along the Ohio River, Butchertown got its start as Louisville’s meatpacking district during the 1800s. One large meatpacking business remains as the neighborhood has evolved over time and now is home to restaurants, boutique shops, a modern soccer stadium and the only brandy distillery in Louisville.
The Butchertown neighborhood is a working-class area with many affordable homes and apartment rentals. The neighborhood is bordered by I-65 to the west, East Main Street to the south and Beargrass Creek to the east.
The neighborhood includes the Waterfront Botanical Gardens, Thruston Park and Waterside at RiverPark Place to the northeast along the Ohio River. It also has the largest LGBTQ bar in Louisville and is a very inclusive locale for a variety of people.
Phoenix Hill
The Phoenix Hill neighborhood has been a part of Louisville since 1827 and once was the heart of the city’s industrial district. Much of its old industrial architecture has been replaced by a mix of shotgun-style homes, affordable apartments and churches.
The historic neighborhood has a diverse mix of residents who enjoy its thriving entertainment and arts districts. A mix of old and new churches supports a variety of religious worship services and helps add to the neighborhood’s ambiance.
The Phoenix Hill neighborhood is located only a couple minutes from downtown Louisville with easy access to I-65 along its northwest corner. The neighborhood is bordered by Broadway, Preston Street, Baxter Avenue and Jefferson Street. The University of Louisville Hospital is located within the neighborhood’s boundaries with the university and airport about five minutes away.
Algonquin
The Algonquin neighborhood is a boot-shaped and mostly residential community bordered by Cypress Street to the west, CSX railroad tracks to the east, Bernheim Lane and Algonquin Parkway to the south, and Hill Street to the north. The University of Louisville is directly east of the neighborhood, and Churchill Downs is situated just a couple of minutes to the south.
The Algonquin neighborhood offers a mix of bungalows, traditional single-family homes and a variety of apartment communities that ensure plenty of good affordable housing. Easy access to I-65 to the east and US 31W and US 60 to the west enable residents to drive to the airport, downtown and other destinations.
The Parkhill Community Center on S. 13th Street supports youth and community activities, and the Speed Art Museum is situated just east of the neighborhood. Algonquin is a very walkable neighborhood with plenty of history and local attractions.
Park Hill
Louisville’s Park Hill neighborhood is located directly north of the Algonquin neighborhood. It is bordered by West Hill Street to the south, West Oak Street to the north, 26th and South Cyprus streets to the west, and CSX train tracks to the east.
The Park Hill neighborhood once was the heart of Louisville’s industrial center. It offers a mix of bungalows, duplexes, townhomes and apartments, which ensures affordable housing is available.
The Park Hill Community Center serves the Park Hill neighborhood as well as the adjoining Algonquin neighborhood. The neighborhood is compact, walkable and centrally located with downtown and the airport each about a 10-minute drive away.
Merriwether
Merriwether is situated 2 miles southeast of downtown and east of the University of Louisville. The neighborhood features mostly shotgun-style homes and modern apartment buildings to ensure quality housing is available at affordable prices.
Merriwether has a triangular shape with South Shelby Street to the east and South Preston Street to the west nearly meeting at the neighborhood’s southern terminus. The streets angle outward and cross the CSX train tracks that create the neighborhood’s northern boundary.
The mostly residential neighborhood encompasses Preston Park, which is located near its center and supports a variety of outdoor activities. The neighborhood is very close to I-65 and only a short drive to downtown or the airport.
Bradley
Bradley is a compact and triangular neighborhood located 2 miles southeast of downtown. It’s bordered by the CSX train tracks to the southwest, I-65 to the west, Highway 61 to the east and US 60 to the north.
The neighborhood contains many craftsman-style brick homes, which gives it a historical vibe. It’s located just east of the University of Louisville and is about a 5-minute drive to the airport when using the interstate.
The Speed Art Museum, Kentucky Kingdom amusement park and Hurricane Bay Waterpark are very close and offer fun and recreation. The Bradley neighborhood also has many great restaurants, such as the Cottage Inn that offers great southern comfort foods, including country fried steak and fried chicken.
