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.

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]

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How Useful is Kentucky Cost of Living

One aspect to consider is housing. Kentucky boasts a diverse range of housing options, from historic downtown apartments to sprawling rural homes. While some areas may have a relatively low cost of living when it comes to housing, others may find themselves struggling to afford rent or mortgages in more upscale neighborhoods. This variation in housing costs can make it difficult to determine just how useful the cost of living in Kentucky really is for individuals and families looking to make the state their home.

In addition to housing, the cost of groceries, transportation, healthcare, and other everyday expenses can also impact the overall cost of living in Kentucky. While some may find that groceries and other essentials are relatively affordable compared to other states, others may see their budgets stretched thin by rising costs in these areas. Likewise, transportation costs can vary depending on where you live in the state, with some areas having limited public transportation options and higher gas prices making it more expensive to get around.

Healthcare costs are another important factor to consider when examining the usefulness of the cost of living in Kentucky. While the state is home to many excellent healthcare providers and facilities, the cost of medical care can still be a significant financial burden for some residents. Whether you have insurance or not, healthcare costs can quickly add up, impacting your overall quality of life and financial stability.

Overall, while the cost of living in Kentucky may be lower than in some other states, it is important to consider the full range of expenses that can impact your budget and quality of life. While some may find that Kentucky offers a relatively affordable lifestyle, others may struggle to make ends meet due to rising costs in housing, groceries, transportation, healthcare, and other areas. As with any state, it is important to carefully consider your financial situation and priorities when deciding whether the cost of living in Kentucky is truly useful for you and your family.

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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