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

One of the key factors that makes the cost of living in Kentucky so important is that it directly affects people’s budgets. With the cost of housing, utilities, groceries, and other essentials all adding up, it can be challenging for individuals and families to make ends meet. Being able to afford a comfortable and secure lifestyle is essential for overall well-being, and the cost of living plays a big role in determining whether or not that is possible.

Another aspect of the Kentucky cost of living that is worth considering is how it impacts the economy. If the cost of living is too high, it can deter businesses from opening or expanding in the state, which could limit job opportunities for residents. On the flip side, if the cost of living is relatively low, it could attract more businesses and encourage economic growth. Finding the right balance is crucial for maintaining a healthy economy that benefits both residents and businesses.

The cost of living also has implications for healthcare, education, and other essential services. Higher costs may mean that people have to cut back on medical expenses or forego necessary treatments. It could also limit access to quality education for individuals who cannot afford higher tuition fees. These types of challenges can have long-term consequences for individuals and families, as well as the overall well-being of the state.

In addition to these practical considerations, the cost of living in Kentucky also reflects the values and priorities of the state as a whole. A high cost of living may indicate that the state values wealth and prosperity above all else, while a lower cost of living could suggest a more balanced approach that prioritizes affordability and quality of life for all residents. Understanding these underlying values can help residents make informed decisions about how they want their state to be run and what kind of future they want to create for themselves and future generations.

Overall, the Kentucky cost of living is a topic that deserves more attention and discussion. It has far-reaching implications for individuals, families, businesses, and the state as a whole. By understanding the factors that influence the cost of living and working together to create a more affordable and prosperous future, residents can create a state that is truly worth living in.

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