Kentucky Cost Of Living Statistics


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Kentucky Cost Of Living Statistics 2023: Facts about Cost Of Living in Kentucky reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on Kentucky Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Kentucky LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Kentucky Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Kentucky Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 7 Kentucky Cost Of Living Statistics on this page 🙂

Kentucky Cost Of Living “Be” Statistics

  • Kentucky, which ranks no. 49 in the U.S., trails below other states in terms of life expectancy, median household income for seniors, and the participation rate of those 55 and over in the workforce (34.4%).[1]
  • The 2.7% cost of living adjustment that became effective in December 2004 is included in the average and total monthly benefits.[2]
  • According to MIT’s living wage calculator, the typical single, childless worker must make $13.4 per hour or $28,038 per year to be considered to be making a living wage.[3]
  • Kentucky house values increased by 13.9% between 2020 and 2021, which is less than the 19.2% national average rise in home prices during the same time.[3]

Kentucky Cost Of Living “Other” Statistics

  • Kentucky has the 27th highest high school graduation rate (85.7%) and the 25th lowest public school spending ($11,761 per student) in America.[4]
  • Kentucky ranks 25th in terms of its effective tax rate, which places the state in the center of the nation when it comes to tax loads, according to the Tax Foundation’s most recent report on state and local tax burdens.[3]
  • An estimated 154.5 million people nationwide worked in jobs covered by the Social Security (Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI)) program in 2003, the most recent year for which state statistics are available.[2]

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How Useful is Kentucky Cost of Living

For many residents, the affordability of living in Kentucky is a major draw. With affordable housing options, lower grocery prices, and generally lower costs for everyday necessities, many people find that their dollars can go further in the Bluegrass State. This can be particularly appealing for families, young professionals, and retirees looking to make their money go further and enjoy a decent standard of living without breaking the bank.

However, the lower cost of living in Kentucky does come with some trade-offs. While housing may be more affordable, that doesn’t always mean that residents are getting the best quality homes or neighborhoods. Affordable housing can sometimes mean sacrificing on safety, access to amenities, or proximity to desirable locations. Some areas of the state may also lack access to quality schools, healthcare facilities, and other services that are considered essential for a good quality of life.

In addition, the lower cost of living in Kentucky can sometimes be a result of lower wages and limited job opportunities in certain industries. While the lower cost of living can help offset this to some extent, it can still be a struggle for residents to make ends meet or find satisfactory employment in some parts of the state. This can lead to financial instability, limited economic mobility, and a lower overall quality of life for many residents.

Furthermore, the lower cost of living may also be reflective of lower overall investment in infrastructure, public services, and other important community resources. While some residents may appreciate the lower tax burden that comes with a lower cost of living, it can also mean that there are fewer resources available for essential services like public transportation, healthcare, education, and social services. This can further exacerbate the inequalities and disparities that already exist within the state, particularly for marginalized communities and low-income residents.

In conclusion, while the lower cost of living in Kentucky can be a benefit for many residents, it also comes with its own set of challenges and drawbacks. It is important for policymakers, community leaders, and residents to consider the impact of the cost of living on quality of life, economic opportunities, and overall well-being. Balancing affordability with quality and access to essential services is key to ensuring that all residents can thrive and prosper in the Bluegrass State.

Reference


  1. seniorliving – https://www.seniorliving.org/kentucky/
  2. ssa – https://www.ssa.gov/policy/docs/factsheets/state_stats/2004/ky.html
  3. sofi – https://www.sofi.com/cost-of-living-in-kentucky/
  4. greatguysmovers – https://www.greatguysmovers.com/moving-to/kentucky/

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