Corbin 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.
IndexCorbinKentuckyNational
Cost of living index8588100
IndexCorbinKentuckyNational
Goods & Services index10095100
Groceries index9196100
Health care index8995100
Housing index5770100
Transportation index9497100
Utilities index9892100
Here we can see a simple outline of the cost of living in Corbin, KY. As you can see, with the average cost of living in Corbin, KY being 85, that puts it 3% lower than the average of Kentucky and 15% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Corbin, KY, the price of goods and services are 5% higher than the average of Kentucky as well as equal to the nation's average.

Did you know?

  • The cost of living in Corbin is 3% lower than the Kentucky average.
  • The cost of living in Corbin is 15% lower than the national average.
  • The cost of housing in Corbin is 43% 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.

Find Real Estate Listings In Corbin

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Corbin

Compare Corbin, KY Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Use the salary calculator to compare your current income in Corbin, KY to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Corbin, KY, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Corbin, KY salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$45,833$3,819$1,069$1,375
Renters$20,878$1,740$487$626
One can approximate the cost of living and the housing affordability in Corbin, KY by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Corbin, KY have a median income of $45,833. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,069 per month to avoid calamity and poverty. The renters in the city have an income of about $20,878, which would make their monthly maximum allowable rental costs $487.

Kentucky Sales Tax

StateGeneral Sales TaxWith Max Surtax
Kentucky6%6%

Kentucky Income Tax

StateIncome Tax (Low)Income Tax (High)
Kentucky2%6%
When you are determining the total cost of living in Corbin, KY you will want to make sure you consider both the Kentucky sales tax and the Kentucky income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Kentucky is 6%, with the highest surtax being 6%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Kentucky have a range from 2% to 6%.

Goods & Services

ItemCorbinNational avg.Difference
Haircut $11.00$14.5924.6%
Beauty Salon $32.33$34.686.8%
Toothpaste $2.18$2.4711.9%
Shampoo $0.98$1.024.1%
Movie $10.50$9.876.4%
Bowling $3.85$4.3912.3%

Groceries

ItemCorbinNational avg.Difference
Ground Beef $4.67$4.484.3%
Fried Chicken $1.15$1.4621.5%
Milk $2.46$2.364.4%
Potatoes $3.31$3.068.1%
Pizza $11.49$9.2424.3%
Beer $8.58$8.630.6%

Health Care

ItemCorbinNational avg.Difference
Optometrist $101.67$99.781.9%
Doctor $89.33$105.0315.0%
Dentist $85.33$88.703.8%
Ibuprofen $7.97$9.4115.3%
Lipitor $246.50$298.5017.4%

Housing

ItemCorbinNational avg.Difference
Home Price $96,000.00$175,700.0045.4%
Avg. Mortgage Payment $818.14$1,081.0324.3%
Apartment Rent $581.00$920.0036.8%

Transportation

ItemCorbinNational avg.Difference
Gasoline $2.04$2.092.6%
Tire Balancing $39.00$45.2913.9%

Utilities

ItemCorbinNational avg.Difference
All Electricity$153.53$170.8010.1%
Phone $30.65$28.268.5%
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.
North Corbin, KY1,81980-20%
Rockholds, KY84875-25%
Artemus, KY61083-17%
Williamsburg, KY5,26078-22%
London, KY8,06287-13%
Corbin, KY7,05185-15%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Oak Island, NC7,05111212%
Seward, NE7,05091-9%
Cortland, OH7,05084-16%
Clover Creek, WA7,05211515%
Archbald, PA7,05398-2%
Corbin, KY7,05185-15%
Source: The Corbin, KY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.