What Is The Cost Of Living In Kentucky?

What Is The Cost Of Living In Kentucky?

August 19, 2022 Off By Altaf

Do you know the cost of living in Kentucky? If not, then go through this article, it will give you the average cost of living in Kentucky per year. Kentucky is officially known as the Commonwealth of Kentucky, and it is a state located in the Southeastern region of the United States. It is popular because of its unique blended culture, which includes horse racing, bourbon, moonshine, coal, historic state parks, and most especially Kentucky Fried Chicken. So, without further delay let’s begin and know the cost of living in Kentucky

What Is The Cost Of Living In Kentucky?

The cost of living in Kentucky is unpredictable because it varies from region to region and also year by year. But the table given below will help you to know the average cost of living in Kentucky per month. In this table, the monthly cost of living in Kentucky is compared with a US average of 100. A cost of living index above 100 means Kentucky is more expensive. 

Cost Of Living ForKentucky USA
Housing63.3 100
Grocery94.2100
Transportation89.1100
Utilities92.9100
Health93.9100
Miscellaneous94.3100
Median Home Cost$165,900$291,700
OverAll83.6100

Home Rent

Can you find the house on rent without searching for it? Nearly impossible. To find an affordable house you need to search both online and offline for a long time. But, the table given below will ease your task of searching for an affordable house to rent. It will give you the rent of 1 and 2-bedroom houses in the different cities of Kentucky including the cost of living in Louisville Kentucky.  

CityApprox 1 Bedroom RentApprox 2 Bedroom Rent
Louisville$950 $1800 
Frankfort $750 $1400
Bowling Green $675$1200 
Lexington $550 $1125 

Food Cost 

A report claimed that a single adult spends an average of $2,932 on food annually, and a family of 4 members sends $8,467 on average. To understand it in detail take a look at the table given below. It will give you the approximate cost of dinner for 2 people in different cities in Kentucky.  

CityApprox Dinner For 2
Louisville$50 
Frankfort $44 
Bowling Green $60 
Lexington $50 

Travel Cost 

To perform daily tasks you need to travel here and there. So, in Kentucky, you need $2 minimum per one-way trip. Here you can use public transportation or your own vehicle to travel. The average price of a 7-day trip to Kentucky is $1,1124 for a solo traveler. 

Other Expenses 

Other expenses include health care, utility & internet bills, and many more. Let’s know the other expenses in detail. 

Health Care

The cost of living in Louisville, Kentucky is less because of the low charges of health care. It is possible due to Kentucky has implemented the Affordable Care Act’s Medicaid expansion. In Kentucky adults with household income, up to 138% of the federal poverty level are eligible for Medicaid. 

Utility Bills

When you see the cost of living in Kentucky vs New York then you find that Kentucky is much cheaper than New York, because of its low utility bills. The average utility cost in Kentucky is 92.9 when compared to a US average of 100.  

Internet Bills 

You are dependent on the Internet to perform daily online tasks. So, in Kentucky the internet charges are affordable. If you buy Spectrum with 200 Mbps then it costs you $49.99 per month and Xfinity of 1000 Mbps will cost you &34.99 per month.  

Fitness 

To maintain the fitness you need money or you can maintain it on your own. When you join any fitness club or the gym you need to pay. So, in Kentucky, the membership of fitness clubs is low starting at $10 per month for one person. 

Entertainment 

When it comes to entertainment, no one thinks about money. So in Kentucky, you will find lots of entertainment options at affordable prices. You can visit Champs entertainment complex, main event Louisville, etc.  

Taxes 

Kentucky has a 5% individual income tax rate. Also, jurisdictions that collect local income taxes. It has a 5% corporate income tax rate and also a 6% state sales tax rate. And it does not levy any local sales taxes.  

FAQ

How Much Does It Cost To Live Comfortably In Kentucky?

The typical renter in Kentucky spends $741 a month on housing, $282 less than the $1,023 national median monthly rent. Monthly rent for a one-bedroom in the state is $587, while the typical rent for a unit with five or more bedrooms is $1,058.

Is Living In Kentucky Cheap?

Across the board, Kentucky’s living costs are lower than the U.S. average. In several areas of the Bluegrass state, like certain parts of Louisville for instance, you can find areas where there are fairly priced groceries and utilities.

Is It Cheaper To Live In KY Or TN?

Living expenses in Kentucky are lower than the national average. The most significant contributor to these low living costs is housing, which has 63 points compared to the national average of 100points. These figures also mean it’s the more cost-effective option between it and Tennessee.

What Is The Cheapest State To Live In?

Mississippi. Mississippi is the cheapest state to live in in the United States. Overall, costs in the state are 17% lower than the national average. Housing costs in Mississippi are the lowest in the nation.

Get to know more such amazing facts by visiting here.

Conclusion 

While going through this article, now you know what is the cost of living in Kentucky. Also, you know that the state of Kentucky is a good place to live if you are looking for affordable home prices, a low cost of living, delicious bourbon, top-tier national and state parks, and southern friendliness. If you are earning enough money then you can move to Kentucky. So, this is all about the cost of living in Kentucky.