Kentucky Cost Of Living Statistics


Steve Goldstein
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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

One of the main factors contributing to Kentucky’s relatively low cost of living is its affordable housing market. Compared to other states, the cost of purchasing a home in Kentucky is generally lower, which can be appealing for those looking to enter the housing market without breaking the bank. Additionally, rental prices in Kentucky are often more affordable than in other states, making it easier for renters to find a place that fits their budget.

Another contributing factor to Kentucky’s low cost of living is its relatively low cost of healthcare. While healthcare costs can be a significant burden for many residents across the country, Kentucky’s healthcare costs are often lower than the national average. This can be a relief for residents who are struggling to afford healthcare services and medications.

Additionally, Kentucky’s overall cost of living is often kept in check by its affordable grocery prices. The cost of food in Kentucky is often lower than in other states, meaning residents can stretch their grocery budget further and afford essential food items without overspending.

Despite these benefits, there are still challenges associated with Kentucky’s cost of living. The state’s stagnant wages and lack of economic opportunities in certain areas can make it difficult for residents to make ends meet. Additionally, while housing prices may be lower in Kentucky, they can still be unaffordable for many residents, particularly in urban areas where housing costs are on the rise.

Another challenge that residents face is the cost of education. While Kentucky does have some affordable public education options, the cost of college tuition and fees can still be a significant financial burden for many families. This can make it difficult for students to pursue higher education and ultimately limit their earning potential in the future.

Overall, Kentucky’s cost of living is a double-edged sword. While the state does offer some benefits in terms of affordable housing, healthcare, and grocery prices, there are still challenges that residents must navigate, particularly in terms of stagnant wages and high education costs. It is important for policymakers to continue working towards solutions that address these challenges and ensure that all residents have access to affordable living options.

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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