An Overview of Cost of Living in Paducah, KY
Knowing the cost of living in Paducah allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Paducah stands at 90, marking it 10% lower than the national average.
The cost of living in Paducah aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Paducah residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
What Do Locals Say About the Cost of Living in Paducah?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 6 locals to understand their opinions on the cost of living in Paducah. The results indicated that 50% found it reasonably priced with decreasing prices of goods and services, while 50% viewed it as quite expensive, with increasing prices.
Is Paducah Affordable?
Is Paducah affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Paducah, the median home price is 36.1% lower than the national average and monthly rent prices are 26.8% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Paducah boasting a median household income of $39,061, 29.4% lower than the national average.
What Factors can Influence the Cost of Living in Paducah?
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Paducah comes in at 20.5% higher than the national average.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Paducah, the groceries index is 5.4% lower than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Paducah, the general sales tax rate starts at 6%, and income tax rates begin at 5%.
Where is the Data From?
The Paducah cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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