Kentucky Cost Of Living Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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

kentucky

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.

Please read the page carefully and don’t miss any words.

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]

Also Read

How Useful is Kentucky Cost of Living

Kentucky offers many benefits to its residents, including affordable housing, lower taxes, and lower overall expenses. These factors combine to make Kentucky an attractive option for individuals and families looking to stretch their dollars further. The lower cost of living in Kentucky is particularly appealing to retirees on fixed incomes or young professionals just starting their careers.

One of the significant expenses that can eat up a large portion of a household budget is housing. In Kentucky, housing costs are generally below the national average, making homeownership more attainable for many. Renting in Kentucky is also relatively affordable compared to other parts of the country. This means that residents can enjoy comfortable housing without breaking the bank.

In addition to housing costs, taxes in Kentucky are another area where residents may find some savings. Kentucky has a relatively low tax burden compared to other states, particularly in terms of income taxes. For those looking to keep more of their hard-earned money, Kentucky’s tax policies may be a significant draw.

When considering the overall cost of living, it is essential to take into account other expenses such as groceries, healthcare, and transportation. Fortunately, Kentucky also fares well in these categories. Groceries in the state are often priced below the national average, allowing families to save money on their food bills. Healthcare costs in Kentucky are also relatively low, which can provide peace of mind for residents who may be concerned about medical expenses.

Transportation costs are another crucial aspect of the cost of living, particularly for those who need to commute to work or travel frequently. In Kentucky, transportation expenses are generally manageable. Gas prices are often lower than in other parts of the country, and residents may find that insurance rates are more affordable as well.

Overall, the cost of living in Kentucky is an attractive feature for many individuals and families. The state offers a range of benefits that can help residents save money and enjoy a higher standard of living. However, it is essential to consider other factors beyond just the cost of living when deciding where to live, such as job opportunities, quality of schools, and access to healthcare.

For those who value affordability and are looking to make the most of their budget, Kentucky’s cost of living may be a significant advantage. Whether you are retiring, starting a family, or simply looking for a change of scenery, Kentucky’s lower cost of living can be a compelling reason to consider making the Bluegrass State your home.

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/

Leave a Comment