diff --git a/.changes/unreleased/Fixes-20230506-180900.yaml b/.changes/unreleased/Fixes-20230506-180900.yaml
new file mode 100644
index 00000000000..b7159138625
--- /dev/null
+++ b/.changes/unreleased/Fixes-20230506-180900.yaml
@@ -0,0 +1,6 @@
+kind: Fixes
+body: Fix warning messages for deprecated dbt_project.yml configs
+time: 2023-05-06T18:09:00.361961+02:00
+custom:
+  Author: jtcohen6
+  Issue: "7424"
diff --git a/core/dbt/config/project.py b/core/dbt/config/project.py
index 76a3980e26a..e3463d1fc57 100644
--- a/core/dbt/config/project.py
+++ b/core/dbt/config/project.py
@@ -315,10 +315,10 @@ def check_config_path(
             # this field is no longer supported, but many projects may specify it with the default value
             # if so, let's only raise this deprecation warning if they set a custom value
             if not default_value or project_dict[deprecated_path] != default_value:
-                deprecations.warn(
-                    f"project-config-{deprecated_path}",
-                    deprecated_path=deprecated_path,
-                )
+                kwargs = {"deprecated_path": deprecated_path}
+                if expected_path:
+                    kwargs.update({"exp_path": expected_path})
+                deprecations.warn(f"project-config-{deprecated_path}", **kwargs)
 
     def create_project(self, rendered: RenderComponents) -> "Project":
         unrendered = RenderComponents(
diff --git a/core/dbt/events/types.py b/core/dbt/events/types.py
index b6211ddfbc6..af5cba8f2fc 100644
--- a/core/dbt/events/types.py
+++ b/core/dbt/events/types.py
@@ -280,7 +280,7 @@ def code(self):
 
     def message(self):
         description = (
-            f"The `{self.deprecated_path}` config has been renamed to `{self.exp_path}`."
+            f"The `{self.deprecated_path}` config has been renamed to `{self.exp_path}`. "
             "Please update your `dbt_project.yml` configuration to reflect this change."
         )
         return line_wrap_message(warning_tag(f"Deprecated functionality\n\n{description}"))
@@ -292,7 +292,7 @@ def code(self):
 
     def message(self):
         description = (
-            f"The `{self.deprecated_path}` config has been renamed to `{self.exp_path}`."
+            f"The `{self.deprecated_path}` config has been renamed to `{self.exp_path}`. "
             "Please update your `dbt_project.yml` configuration to reflect this change."
         )
         return line_wrap_message(warning_tag(f"Deprecated functionality\n\n{description}"))