Benton cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexBentonKentuckyNational
Cost of living index8688100
IndexBentonKentuckyNational
Goods & Services index9295100
Groceries index9396100
Health care index9295100
Housing index6570100
Transportation index9297100
Utilities index11492100
An overview of the general cost of living index for Benton, KY is displayed above for your reference. Residents in Benton, KY enjoy a cost of living index of 86. This index is 2% lower than the Kentucky average, and 14% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Benton, KY, the average cost of goods and services is 4% lower than it is in Kentucky, and it is 8% lower than the national average.

Did you know?

  • The cost of living in Benton is 2% lower than the Kentucky average.
  • The cost of living in Benton is 14% lower than the national average.
  • The cost of housing in Benton is 35% lower than the national average.
  • Kentucky general sales tax is 18% higher than the national average.
  • Kentucky state income tax is 10% lower than the national average.

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Salary Calculator

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Groceries index
Health care index
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Transportation index
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The salary calculator allows you to compare how much your current salary in Benton, KY would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Benton, KY, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Benton, KY salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$41,907$3,492$978$1,257
Renters$26,142$2,179$610$784
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Benton, KY, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Benton, KY has a median income of about $41,907 for people who own homes. Based on that number, a person should spend a maximum of $978 on expenses related to housing. Renters have a slightly different median income, which is $26,142. Based on this average, renters should spend no more than $610 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Kentucky Sales Tax

StateGeneral Sales TaxWith Max Surtax
Kentucky6%6%

Kentucky Income Tax

StateIncome Tax (Low)Income Tax (High)
Kentucky2%6%
When assessing the complete cost of living in Benton, KY, the Kentucky income tax and the Kentucky sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Kentucky maximum surtax is 6%, and the Kentucky sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 2% to 6% in Kentucky.

Goods & Services

ItemBentonNational avg.Difference
Haircut $15.17$14.594.0%
Beauty Salon $34.60$34.680.2%
Toothpaste $1.76$2.4728.8%
Shampoo $0.75$1.0226.6%
Movie $9.84$9.870.3%
Bowling $2.92$4.3933.5%

Groceries

ItemBentonNational avg.Difference
Ground Beef $3.73$4.4816.7%
Fried Chicken $1.33$1.469.2%
Milk $2.01$2.3614.7%
Potatoes $3.18$3.063.9%
Pizza $8.16$9.2411.7%
Beer $8.14$8.635.7%

Health Care

ItemBentonNational avg.Difference
Optometrist $107.00$99.787.2%
Doctor $93.00$105.0311.5%
Dentist $75.67$88.7014.7%
Ibuprofen $8.78$9.416.7%
Lipitor $301.70$298.501.1%

Housing

ItemBentonNational avg.Difference
Home Price $105,500.00$175,700.0040.0%
Avg. Mortgage Payment $937.81$1,081.0313.2%
Apartment Rent $701.00$920.0023.8%

Transportation

ItemBentonNational avg.Difference
Gasoline $1.91$2.098.7%
Tire Balancing $43.12$45.294.8%

Utilities

ItemBentonNational avg.Difference
All Electricity$182.62$170.806.9%
Phone $35.01$28.2623.9%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Farmington, KY15079-21%
Gilbertsville, KY21276-24%
Dexter, KY37484-16%
Farley, KY4,44380-20%
Ledbetter, KY1,75782-18%
Benton, KY4,38086-14%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Citrus Park, AZ4,37912525%
Forestdale, MA4,38113434%
Highland CDP, IN4,3791099%
Viroqua, WI4,37893-7%
French Island, WI4,38499-1%
Benton, KY4,38086-14%
Source: The Benton, KY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.