Cost Of Living in Kentucky 2024
Average monthly spending for singles, couples, students, and families in Kentucky
Whether you're living in Kentucky or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.
Average Monthly Expenditure
Currency: USD
Monthly Expenditure ▶ Single
Currency: USD
Monthly Expenditure ▶ Couple
Currency: USD
Monthly Expenditure ▶ Family
Currency: USD
Monthly Expenditure ▶ Student
Currency: USD
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Kentucky is 3,800 USD. Expenses can range from 540 USD at the minimum level to 25,000 USD at the highest end.
Couples
The average monthly spending of couples in Kentucky is 6,300 USD. Expenditure can range from 2,100 USD to 34,000 USD per month.
Families
The average cost of living for families in Kentucky is 8,400 USD per month. Families spend anywhere from 2,900 USD to 54,000 USD.
Students
The average monthly expenditure for students in Kentucky is 2,700 USD. Students spend from 420 USD to 18,000 USD per month.
Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.
Prices and cost of goods and services in Kentucky
Dining, food, and beverages costs
Fast food combo meal
Restaurant meal for one
Fine dining meal for one
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
Pack of beef
Medium bag of rice
Bag of tomatos
Bag of apples
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
Average car 1-day rental
Average car price
| 15,000 USD | 30,000 USD | 39,000 USD |
Bus ticket one way
Car Service
Utility cost (monthly)
Utility Bill - Individual
Utility Bill - Couple
Utility Bill - Family
| 150 USD | 420 USD | 2,700 USD |
Internet and cable
Mobile phone charges
Leisure and activities costs
Movie ticket
One month gym membership
Cloths and accessories costs
Pair of jeans or pants
Woman dress
Woman shoes
Men's shoes
Men suit
Regular t-shirt
Housing costs / monthly rent
Studio apartment
| 500 USD | 750 USD | 2,000 USD |
1-bedroom apartment
| 750 USD | 1,200 USD | 3,000 USD |
2-bedroom apartment
| 1,000 USD | 1,500 USD | 4,000 USD |
Housing costs / Buying
Studio apartment
| 100,000 USD | 150,000 USD | 300,000 USD |
1-bedroom apartment
| 120,000 USD | 200,000 USD | 750,000 USD |
2-bedroom apartment
| 200,000 USD | 600,000 USD | 1.2M USD |
Furniture Costs
King Size Bed
Double Bed
Single Bed
Living Room
| 660 USD | 840 USD | 3,000 USD |
Dining Table
Sofa or Couch
| 390 USD | 540 USD | 1,200 USD |
Electronics and House Appliance Costs
TV Set
| 390 USD | 590 USD | 1,200 USD |
Fridge or Freezer
Washing Machine
| 450 USD | 660 USD | 1,200 USD |
Stove or Cooker
Mobile Phone
Laptop or Computer
| 540 USD | 660 USD | 1,200 USD |
Expenditure to Income Ratio in Kentucky
One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.
Spending to Income Ratio
80%
71% to 90%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 6% |
| 50% - 60% | 11% |
| 60% - 70% | 18% |
| 70% - 80% | 26% |
| 80% - 90% | 16% |
| 90% - 100% | 9% |
| 100% - 110% | 5% |
| 110% - 120% | 3% |
| 120% - 130% | 2% |
| 130% - 140% | 2% |
| > 140% | 1% |
Interpretation and Analysis
The average spending-to-salary ratio in Kentucky is 80%
This means that on average, people spend around 80% of their income for living.
According to the distribution table, 18% of the population spend approximately 60% to 70% of their income every month.
How can spending be more than income?
A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.
Individual
72%
Spending-Income-Ratio
64%
81%
Couple
76%
Spending-Income-Ratio
67%
85%
Family
84%
Spending-Income-Ratio
74%
94%
How do people spend their money in Kentucky?
We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.
The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.
Housing Expenditure27%
27% of total expenses on average (16% to 35%)
| LOW | 130 USD |
| AVERAGE | 1,600 USD |
| HIGH | 16,000 USD |
| Per Month |
People living in Kentucky typically spend from 16% to 35% of their total monthly expenditure on housing with 27% being the average. The average spend on housing is 1,600 USD with expenditure ranging from 130 USD to 16,000 USD. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.
Utilities, Electricity, Water, Internet, Mobile6%
6% of total expenses on average (3% to 10%)
| LOW | 21 USD |
| AVERAGE | 270 USD |
| HIGH | 2,700 USD |
| Per Month |
Utility expenditure like electricity, water, and gas in Kentucky ranges from 3% to 10% of total expenses with 6% being the average. The average monthly cost of utilities is 270 USD with 21 USD and 2,700 USD being the upper and lower limits.
Transport, Fuel, Commute8%
8% of total expenses on average (4% to 12%)
| LOW | 42 USD |
| AVERAGE | 540 USD |
| HIGH | 5,400 USD |
| Per Month |
Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 42 USD to 5,400 USD on commuting with 540 USD being the norm for most people in one month. This means that money spent on transport constitutes about 8% of total spending on average but can go as low as 4% or as high as 12%.
Food and Groceries Cost27%
27% of total expenses on average (19% to 33%)
| LOW | 100 USD |
| AVERAGE | 1,400 USD |
| HIGH | 14,000 USD |
| Per Month |
The average outlay on groceries in a month in Kentucky is 1,400 USD. The cost of groceries can range between 100 USD to 14,000 USD. People spend on average about 27% on food and groceries with upper and lower bounds of 19% and 33% respectively.
Healthcare and Medical Services9%
9% of total expenses on average (4% to 12%)
| LOW | 29 USD |
| AVERAGE | 380 USD |
| HIGH | 3,800 USD |
| Per Month |
People in Kentucky allocate 4% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 9%. The range of medical expenses range from 29 USD to 3,800 USD with 380 USD being the norm.
Leisure and Shopping6%
6% of total expenses on average (3% to 10%)
| LOW | 17 USD |
| AVERAGE | 220 USD |
| HIGH | 2,200 USD |
| Per Month |
This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 17 USD to 2,200 USD with 220 USD being the average. Speaking of percentages, that equates to 3% to 10% of total expenses with an average of 6% for most residents.
Education and Schooling6%
6% of total expenses on average (4% to 12%)
| LOW | 25 USD |
| AVERAGE | 330 USD |
| HIGH | 3,300 USD |
| Per Month |
Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 330 USD per month with 25 USD being the minimum spent amount and 3,300 USD being the maximum.
Other Expenses12%
12% of total expenses on average (7% to 19%)
| LOW | 54 USD |
| AVERAGE | 710 USD |
| HIGH | 7,100 USD |
| Per Month |
How much money can you save in Kentucky every month?
We asked thousands of people what percentage of their income can they save in a month. Below are the answers.
What percentage of people in Kentucky manage to save money from their income every month?
Almost 71% of the surveyed people in Kentucky said that they can save some money at the end of each month while 29% said that aren't saving anything.
Percentage of people saving money by population group in Kentucky
| Group | Savers | Non Savers |
|---|
| Singles | 75% | 25% |
| Couples | 70% | 30% |
| Families | 65% | 35% |
Savings-to-Income Ratio
The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.
Saving to Income Ratio
Average Monthly Saved Amount
| 180 USD | 2,300 USD | 23,000 USD |
For most people, 14% to 34% of their monthly income is what they can allocate to their savings, with 24% being the average. The amount of money that people can save is approximately 2,300 USD on average with savings ranging from 180 USD to 23,000 USD.
75% of surveyed singles reported some of their income going to savings while 70% of couples said the same. 65% of families confirmed their ability to save money.
How much money do people actually save in Kentucky?
The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.
Singles
Saving to Income Ratio
Average Monthly Saved Amount
| 180 USD | 1,600 USD | 11,000 USD |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 29% |
| 10% - 20% | 23% |
| 20% - 30% | 16% |
| 30% - 40% | 16% |
| 40% - 50% | 12% |
| > 50% | 4% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 17% to 36% of their monthly income to savings, with 28% being the average for most singles. The average amount of money that singles are able to save is 1,600 USD with 180 USD and 11,000 USD being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
| 890 USD | 2,700 USD | 14,000 USD |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 33% |
| 10% - 20% | 25% |
| 20% - 30% | 19% |
| 30% - 40% | 11% |
| 40% - 50% | 9% |
| > 50% | 3% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 15% to 35% of their monthly income, with 26% being the average for most couples. The average amount of money that couples can save is 2,700 USD with 890 USD and 14,000 USD being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
| 1,200 USD | 3,600 USD | 23,000 USD |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 36% |
| 10% - 20% | 28% |
| 20% - 30% | 20% |
| 30% - 40% | 8% |
| 40% - 50% | 6% |
| > 50% | 2% |
Interpretation and Analysis
Families in Kentucky can save anywhere between 13% to 32% of their monthly income, with 22% being the average for most families. The average amount of money that families can put aside is 3,600 USD with 1,200 USD and 23,000 USD being the minimum and maximum respectively.
Saving Challenges in Kentucky
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Kentucky. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 6% |
| High Expenses | 9% |
| Debt and Loans | 18% |
| Lack of Budgeting Skills | 10% |
| Impulsive Spending | 9% |
| Financial Emergencies | 6% |
| Living the moment | 7% |
| Will do it later | 17% |
| Inflation | 11% |
| Social Pressure | 3% |
| Market Instability | 3% |
Around 6% of the people said that their salary is too low to accommodate a portion for savings while 9% said that the high cost of living leaves little room for savings. 18% of the residents said that they are burdened with debt and find it challenging to save money. 10% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 9% blamed impulsive spending as the reason for saving inability. Around 6% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 7% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 17% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 11% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 3% blamed market instability and price fluctuations.
Typical saving choices for people in Kentucky
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 11% |
| Gold | 10% |
| Savings Accounts | 17% |
| Retirement Accounts | 11% |
| Cash Savings | 16% |
| Real Estate | 10% |
| Investment | 6% |
| Stocks | 6% |
| Bonds | 6% |
| Mutual Funds | 3% |
| Certificates of Deposit | 3% |
A typical and healthy budgeting structure
The 50/30/20 rule
Spending among different people can vary significantly based on factors such as their income, lifestyle,
location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule,
which suggests allocating your income into three main categories in the following percentages.
50% for needs and financial obligations
This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.
30% for wants and discretionary spending
This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.
20% for savings and emergency fund
This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.
About financial planning, money management, and household budgeting
The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.
Affordable living in Kentucky
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Kentucky?
Around 82% of surveyed residents think that living in Kentucky is affordable with proper budgeting while 18% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Kentucky
People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:
Plenty of low-cost options63%
Few low-cost options37%
Based on the survey, 63% of the people living in Kentucky have no problem finding low-cost alternatives to support a frugal lifestyle while 37% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.
Emergency Funds
An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents of Kentucky whether they have an emergency fund and the answers were as follows.
Yes80%
No20%
Based on the survey, 20% of the people living in Kentucky said that they don't have an emergency fund while 80% said that they do.
Financial Literacy in United States
Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.
Financial Leteracy77%
We asked residents of United States whether they acquired any adequate personal financial training in their lives. Approximately 23% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 77% said that they know about the general principles of personal finance from sources other than their own experience.
Difficulty in Budgeting and Financial Planning
We wanted to understand whether residents of United States have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 19% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 81% said that they have everything under control.
Struggles with finance19%
Easily manages finances81%
Financial goals of people in Kentucky
In an attempt to understand the economic situation in Kentucky, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.
| Financial Goal | % People |
|---|
| Emergency Fund | 7% |
| Debt Reduction | 33% |
| Retirement Savings | 8% |
| Education Funding | 8% |
| Homeownership | 17% |
| Investing | 9% |
| Travel or Lifestyle | 11% |
| Healthcare Expenses | 9% |
| Financial Independence | 8% |
Around 7% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 33% said their number one priority is to pay off high-interest debt or loans and improve credit. 8% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 8% reported that their priority is saving for the tuition fees and education costs of their children while 17% choose to buy a home or pay off existing mortgage before other things. 9% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 11% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 9% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Retirement, pension plans, and life after work in Kentucky
What does the retirement lifestyle look like in Kentucky and how much retirement savings are required?
Retirement age
The retirement age for most employees in United States is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.
Retirement planning and savings
There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.
The typical saved amount of money you should have at every age as multiples of monthly salary:| Age | Amount |
|---|
| 25 | 5x monthly salary at age 25 |
| 30 | 10x monthly salary at age 30 |
| 35 | 15x monthly salary at age 35 |
| 40 | 25x monthly salary at age 40 |
| 45 | 32x monthly salary at age 45 |
| 50 | 48x monthly salary at age 50 |
| 55 | 56x monthly salary at age 55 |
| 60 | 64x monthly salary at age 60 |
| 65 | 78x monthly salary at age 65 |
The typical average saved amount of money you should have at every age in Kentucky:| Age | Amount |
|---|
| 25 | 16,000 USD |
| 30 | 31,000 USD |
| 35 | 54,000 USD |
| 40 | 78,000 USD |
| 45 | 120,000 USD |
| 50 | 160,000 USD |
| 55 | 190,000 USD |
| 60 | 240,000 USD |
| 65 | 290,000 USD |
Retirement Income Distribution
We asked residents of Kentucky about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 13% |
| Savings | 22% |
| Investments | 13% |
| Social Security | 8% |
| Annuities | 8% |
| Part-time Job | 10% |
| Real Estate | 17% |
| Dividends and Interest | 8% |
Retirement Monthly Expenses in Kentucky | 300 USD | 2,700 USD | 18,000 USD |
Debt, loans, and mortgages in Kentucky
Percentage of people who are in debt
According to the survey, 24% of the people in Kentucky have some kind of debt, loan, mortgage, or credit card payments while 76% reported that they don't have financial obligations to banks.
Debt-to-income ratio in Kentucky
Debt to income ratio
25%
15% to 35%
( monthly debt payment / monthly income ) x 100
Interpretation
The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 25% of the people's monthly income in Kentucky goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 3% |
| 50% - 60% | 12% |
| 40% - 50% | 11% |
| 30% - 40% | 13% |
| 20% - 30% | 15% |
| 10% - 20% | 18% |
| 0% - 10% | 28% |
According to our data, 3% of the debtors in Kentucky pay 60%+ of their income as debt settlement while 12% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 11% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 13% dedicated 30% to 40% of income for same. Things are looking brighter for 15% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Kentucky
| Debt | % People |
|---|
| Real Estate Mortgage | 13% |
| Auto Loan | 22% |
| Student Loan | 3% |
| Credit Card | 25% |
| Personal Loan | 37% |
13% of debtors in Kentucky confirm that real estate mortgages constitutes the main part of their outstanding debt while 25% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 22% of people and personal loans rose at 37%. Lastly, student loans are the main source of debt for 3% of debtors in Kentucky.
About credit score and debt managementManaging debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.
Good debt vs. Bad debt
Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.
Loan Affordability Index in Kentucky
Besides measuring the loan-to-income ratio, we asked residents of Kentucky how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.
Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.
| Frequency | % People |
|---|
| Never | 55% |
| Once a year | 22% |
| Twice a year | 11% |
| Three times a year | 8% |
| Four times a year | 4% |
Housing costs, accommodation, and housing affordability in Kentucky
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Kentucky
Monthly Rent Prices
Studio apartment monthly rent cost
| 500 USD | 750 USD | 2,000 USD |
1-bedroom apartment monthly rent cost
| 750 USD | 1,200 USD | 3,000 USD |
2-bedroom apartment monthly rent cost
| 1,000 USD | 1,500 USD | 4,000 USD |
3-bedroom apartment monthly rent cost
| 1,200 USD | 2,000 USD | 5,400 USD |
Furnished apartment monthly rent cost
| 2,400 USD | 6,000 USD | 12,000 USD |
Townhouse monthly rent cost
| 2,000 USD | 3,000 USD | 8,500 USD |
House monthly rent cost
| 2,400 USD | 6,000 USD | 12,000 USD |
Villa monthly rent cost
| 3,000 USD | 7,500 USD | 12,000 USD |
The monthly rental cost of a studio apartment in Kentucky ranges between 500 USD and 2,000 USD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 750 USD to 3,000 USD. Two-bedroom rentals rate ranges between 1,000 USD and 4,000 USD per month. The monthly rental for a three-bedroom apartment ranges from 1,200 USD to 5,400 USD. The average rent of a townhouse in Kentucky is around 3,000 USD while house rental costs can be as high as 6,000 USD per month. Finally, if you want to rent a villa, expect to pay anywhere from 3,000 USD to 12,000 USD per month.
Apartment and house prices in Kentucky
Cost of buying a property
Studio apartment price
| 100,000 USD | 150,000 USD | 300,000 USD |
1-bedroom apartment price
| 120,000 USD | 200,000 USD | 750,000 USD |
2-bedroom apartment price
| 200,000 USD | 600,000 USD | 1.2M USD |
3-bedroom apartment price
| 660,000 USD | 1,000,000 USD | 3M USD |
Townhouse price
| 850,000 USD | 2M USD | 7.5M USD |
House price
| 1,000,000 USD | 6M USD | 8.5M USD |
Villa price
| 1.2M USD | 6.6M USD | 10M USD |
The average price of a studio apartment in Kentucky can range from 100,000 USD to 300,000 USD depending on location. One bedroom cost can be anywhere from 120,000 USD to 750,000 USD. A villa can cost you 6.6M USD on average with prices ranging from 1.2M USD to 10M USD.
If you're leasing or purchasing, housing costs in Kentucky will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.
House / apartment prices to income ratio
Property price to income ratio
( average property price / average monthly income ) x 100
| 49 | x145 monthly income | 227 |
Property prices in Kentucky can be x145 to x227 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x145 multiples of the average monthly salary in Kentucky.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Kentucky is around 35%. This means that people pay 35% of their income for rent. Those figures can range from 25% to 45% depending on the salary, location, and type of property.
The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.
Housing affordability index
The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.
Housing Affordability Index
32% Property Taxes
Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.
Home Maintenance Costs
Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.
| 8.4 USD | 110 USD | 1,100 USD |
Urban vs. rural living costs
Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.
Monthly costs and expenses of energy and basic utilities in Kentucky
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Kentucky
Utility Bill Cost / Electricity + Water + Gas / Individual
Utility Bill Cost / Electricity + Water + Gas / Couple
Utility Bill Cost / Electricity + Water + Gas / Family
| 150 USD | 420 USD | 2,700 USD |
Internet and cable cost
Mobile phone bill and charges
Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.
The average monthly expenditure for individuals on electricty, water, and gas in Kentucky ranges between 32 USD and 1,500 USD with average being 230 USD, meanwhile the expenditure of couples is slightly higher at 280 USD with 84 USD and 1,800 USD being the upper and lower limits respectively. As expected, the energy and water consumption of families is the highest among the three groups with an average of 420 USD. The cost of internet and WiFi is unchanged among the three groups and ranges from 30 USD to 79 USD with 59 USD being the average internet bill. Finally, the average monthly mobile charges is around 39 USD but can range between 24 USD and 120 USD depending on consumption. Mobile charges include both calling minutes as well as data packages.
Energy / Utility expense to income ratio
( monthly utility expenses / monthly income ) x 100
The average utility-to-income ratio in Kentucky is around 4%. This means that people pay 4% of their income for energy, water, internet, and mobile charges. Those figures can range from 1% to 8% depending on salary and location.
Food Prices, Dining Expenses, and Grocery Costs in Kentucky
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Kentucky
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Kentucky is approximatly 12 USD with meal cost ranging from 5.9 USD to 20 USD. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 20 USD and 59 USD with 30 USD being the average price of a plate for one person at a regular restaurant in Kentucky.
Fine dining meal for one price
The price range of a meal at fine-dining restaurant is 40 USD to 240 USD with the average cost being 59 USD for one person. This is what you would expect to pay a top-tier diner in Kentucky.
Beverage prices, cappuccino, latte etc..
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Kentucky is around 7.9 USD. Price ranges between 4.9 USD and 12 USD depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
The average price of a large bottle of milk in Kentucky is 4.7 USD. The maximum what you would pay for milk is 5.9 USD and the minimum being 3.9 USD depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 3.9 USD on average with 3 USD and 5.9 USD being the lower and upper limits respectively.
Fresh whole chicken price
The price range of a fresh whole chicken in Kentucky is between 6.7 USD and 12 USD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 8.7 USD.
Pack of beef price
The price of a regular pack of beef or meat is around 12 USD. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Kentucky costs around 4.3 USD on average with prices rangeing between 3.2 USD and 6.2 USD depending on the brand and quality.
Bag of tomatos price
A bag of tomatoes costs anywhere from 1.2 USD to 3 USD. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
A bag of apples costs 2.8 USD on average. A bag of apples denotes 1Kg or 1lb depending on location.
Grocery and food expenditure to income ratio
( monthly grocery expenses / monthly income ) x 100
The average grocery-to-income ratio in Kentucky is around 24%. This means that people spend 24% of their income on grocery and basic household items. The expenditure can range from 16% to 30% depending on salary and location.
Expenditure on food and grocery for every population group
A single person living alone spends approximately 600 USD per month on grocery and food with expenditure fluctuating between 86 USD and 4,000 USD depending on location and the type of person. The average cost of food and groceries for a couple is around 880 USD per month. That number can be get as low as 290 USD or a high as 4,700 USD. Families' spending on grocery ranges from 530 USD to 9,800 USD with the location, income, and size of the family being the most determinite factors.
SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Kentucky
Housing cost for a single person33%
33% of total expenses on average (21% to 45%)
| LOW | 190 USD |
| AVERAGE | 1,400 USD |
| HIGH | 9,000 USD |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile7%
7% of total expenses on average (3% to 12%)
| LOW | 32 USD |
| AVERAGE | 230 USD |
| HIGH | 1,500 USD |
| Per Month |
Transport and Fuel Cost6%
6% of total expenses on average (4% to 12%)
| LOW | 43 USD |
| AVERAGE | 300 USD |
| HIGH | 2,000 USD |
| Per Month |
Food and Groceries Cost18%
18% of total expenses on average (12% to 23%)
| LOW | 86 USD |
| AVERAGE | 600 USD |
| HIGH | 4,000 USD |
| Per Month |
Healthcare Cost11%
11% of total expenses on average (5% to 15%)
| LOW | 48 USD |
| AVERAGE | 340 USD |
| HIGH | 2,300 USD |
| Per Month |
Leisure and Shopping Expenditure4%
4% of total expenses on average (3% to 7%)
| LOW | 27 USD |
| AVERAGE | 190 USD |
| HIGH | 1,300 USD |
| Per Month |
Education Cost2%
2% of total expenses on average (1% to 4%)
| LOW | 11 USD |
| AVERAGE | 75 USD |
| HIGH | 500 USD |
| Per Month |
Other Expenses20%
20% of total expenses on average (12% to 24%)
| LOW | 97 USD |
| AVERAGE | 680 USD |
| HIGH | 4,500 USD |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Kentucky
Housing cost for a couple30%
30% of total expenses on average (23% to 40%)
| LOW | 710 USD |
| AVERAGE | 2,100 USD |
| HIGH | 11,000 USD |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile6%
6% of total expenses on average (4% to 10%)
| LOW | 84 USD |
| AVERAGE | 280 USD |
| HIGH | 1,800 USD |
| Per Month |
Transport and Fuel Cost10%
10% of total expenses on average (4% to 15%)
| LOW | 250 USD |
| AVERAGE | 750 USD |
| HIGH | 4,000 USD |
| Per Month |
Food and Groceries Cost16%
16% of total expenses on average (11% to 21%)
| LOW | 290 USD |
| AVERAGE | 880 USD |
| HIGH | 4,700 USD |
| Per Month |
Healthcare Cost13%
13% of total expenses on average (7% to 17%)
| LOW | 230 USD |
| AVERAGE | 690 USD |
| HIGH | 3,700 USD |
| Per Month |
Leisure and Shopping Cost5%
5% of total expenses on average (2% to 8%)
| LOW | 130 USD |
| AVERAGE | 380 USD |
| HIGH | 2,000 USD |
| Per Month |
Education Cost2%
2% of total expenses on average (1% to 4%)
| LOW | 42 USD |
| AVERAGE | 130 USD |
| HIGH | 670 USD |
| Per Month |
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | 360 USD |
| AVERAGE | 1,100 USD |
| HIGH | 5,700 USD |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Kentucky
Housing cost for a family29%
29% of total expenses on average (24% to 39%)
| LOW | 940 USD |
| AVERAGE | 2,700 USD |
| HIGH | 17,000 USD |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile4%
4% of total expenses on average (2% to 7%)
| LOW | 150 USD |
| AVERAGE | 420 USD |
| HIGH | 2,700 USD |
| Per Month |
Transport and Fuel Expenses6%
6% of total expenses on average (4% to 8%)
| LOW | 290 USD |
| AVERAGE | 840 USD |
| HIGH | 5,400 USD |
| Per Month |
Food and Groceries Cost20%
20% of total expenses on average (13% to 26%)
| LOW | 530 USD |
| AVERAGE | 1,500 USD |
| HIGH | 9,800 USD |
| Per Month |
Healthcare Expenses10%
10% of total expenses on average (6% to 15%)
| LOW | 260 USD |
| AVERAGE | 840 USD |
| HIGH | 4,400 USD |
| Per Month |
Leisure and Shopping Cost4%
4% of total expenses on average (2% to 8%)
| LOW | 150 USD |
| AVERAGE | 420 USD |
| HIGH | 2,700 USD |
| Per Month |
Education Cost14%
14% of total expenses on average (7% to 22%)
| LOW | 410 USD |
| AVERAGE | 1,200 USD |
| HIGH | 7,600 USD |
| Per Month |
Other Expenses14%
14% of total expenses on average (7% to 19%)
| LOW | 230 USD |
| AVERAGE | 670 USD |
| HIGH | 4,400 USD |
| Per Month |
StudentCost of living and expenses break down for students living in Kentucky
Housing costs for Student21%
21% of total expenses on average (16% to 27%)
| LOW | 100 USD |
| AVERAGE | 650 USD |
| HIGH | 4,300 USD |
| Per Month |
Utilities, Electricity, Water, Internet, and Mobile Expenses5%
5% of total expenses on average (3% to 9%)
| LOW | 17 USD |
| AVERAGE | 110 USD |
| HIGH | 720 USD |
| Per Month |
Transport and Fuel Cost5%
5% of total expenses on average (5% to 11%)
| LOW | 29 USD |
| AVERAGE | 190 USD |
| HIGH | 1,300 USD |
| Per Month |
Food and Groceries Expenditure22%
22% of total expenses on average (16% to 26%)
| LOW | 84 USD |
| AVERAGE | 540 USD |
| HIGH | 3,600 USD |
| Per Month |
Healthcare Cost8%
8% of total expenses on average (5% to 11%)
| LOW | 25 USD |
| AVERAGE | 160 USD |
| HIGH | 1,100 USD |
| Per Month |
Leisure and Shopping Cost4%
4% of total expenses on average (2% to 8%)
| LOW | 21 USD |
| AVERAGE | 130 USD |
| HIGH | 900 USD |
| Per Month |
Education Cost19%
19% of total expenses on average (12% to 24%)
| LOW | 80 USD |
| AVERAGE | 510 USD |
| HIGH | 3,400 USD |
| Per Month |
Other Expenses17%
17% of total expenses on average (11% to 23%)
| LOW | 63 USD |
| AVERAGE | 400 USD |
| HIGH | 2,700 USD |
| Per Month |
