Florence 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.
IndexFlorenceKentuckyNational
Cost of living index9387100
IndexFlorenceKentuckyNational
Goods & Services index10097100
Groceries index9289100
Health care index9789100
Housing index8270100
Transportation index10097100
Utilities index9394100
Here we can see a simple outline of the cost of living in Florence, KY. As you can see, with the average cost of living in Florence, KY being 93, that puts it 6% higher than the average of Kentucky and 7% 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 Florence, KY, the price of goods and services are 3% higher than the average of Kentucky as well as equal to the nation's average.

Did you know?

  • The cost of living in Florence is 6% higher than the Kentucky average.
  • The cost of living in Florence is 7% lower than the national average.
  • The cost of housing in Florence is 18% 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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Health care index
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Use the salary calculator to compare your current salary in Florence, KY to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Florence, KY, then you would need to earn more income in order to maintain the same standard of living. To use the Florence, KY salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$64,624$5,385$1,508$1,939
Renters$40,597$3,383$947$1,218
If you want to find a good determining factor for the cost of living and the general affordability of housing in Florence, KY, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Florence, KY, the median monthly income is $64,624 for those who own their own homes. Under the standard rule, that income level would allow for $1,508 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $40,597, per the median income in the area. That would allow for renters to spend up to $947 on monthly rental expenses.

Kentucky Sales Tax

StateGeneral Sales TaxWith Max Surtax
Kentucky6%6%

Kentucky Income Tax

StateIncome Tax (Low)Income Tax (High)
Kentucky2%6%
The Kentucky sales tax and Kentucky income tax rates should definitely be considered when determining the overall cost of living in Florence, KY. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Kentucky sales tax is 6% and the maximum surtax is 6%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Kentucky income tax rates range from 2% to 6%.

Goods & Services

ItemFlorenceNational avg.Difference
Haircut $13.84$15.5611.1%
Beauty Salon $31.76$36.1112.0%
Toothpaste $2.36$2.474.4%
Shampoo $0.79$0.9618.5%
Movie $10.51$10.133.8%
Bowling $4.58$4.743.4%

Groceries

ItemFlorenceNational avg.Difference
Ground Beef $3.61$3.989.5%
Fried Chicken $1.41$1.410.2%
Milk $1.46$2.0629.1%
Potatoes $2.68$2.9810.0%
Pizza $8.49$9.4710.4%
Beer $8.18$8.796.9%

Health Care

ItemFlorenceNational avg.Difference
Optometrist $90.37$101.0410.6%
Doctor $103.24$107.443.9%
Dentist $87.72$90.423.0%
Ibuprofen $8.33$9.2810.2%
Lipitor $433.67$426.501.7%

Housing

ItemFlorenceNational avg.Difference
Home Price $136,500.00$175,700.0022.3%
Avg. Mortgage Payment $805.19$1,133.2328.9%
Apartment Rent $855.00$920.007.1%

Transportation

ItemFlorenceNational avg.Difference
Gasoline $2.04$1.992.6%
Tire Balancing $43.48$45.765.0%

Utilities

ItemFlorenceNational avg.Difference
All Electricity$163.52$163.810.2%
Phone $23.66$28.3916.7%
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.
Elizabethtown, OH30276-24%
Florence, IN12979-21%
Elmwood Place, OH1,88781-19%
Butler, KY51382-18%
Fairview city, KY16683-17%
Florence, KY31,03893-7%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Waxahachie, TX31,04598-2%
Cookeville, TN31,00493-7%
Garfield, NJ30,99612929%
Alabaster, AL30,97894-6%
Gillette, WY31,11099-1%
Florence, KY31,03893-7%
Source: The Florence, KY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.