Somerset 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.
IndexSomersetKentuckyNational
Cost of living index8488100
IndexSomersetKentuckyNational
Goods & Services index10195100
Groceries index9696100
Health care index9495100
Housing index5770100
Transportation index9597100
Utilities index8092100
A general summary of the cost of living index in Somerset, KY is shown above. Compared to the state average of Kentucky the cost of living index in Somerset, KY is 84, which is 4% lower than the average in Kentucky and compared to the national average it is 16% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Somerset, KY goods and services come in at 6% higher than the average in Kentucky and are 1% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Somerset is 4% lower than the Kentucky average.
  • The cost of living in Somerset is 16% lower than the national average.
  • The cost of housing in Somerset 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.

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Compare Somerset, 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
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Groceries index
Health care index
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Transportation index
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Using the salary calculator lets you compare the salary you earn in Somerset, KY to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Somerset, KY, you have to earn a higher income in order to still have the same standard of living. To operate the Somerset, KY salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$41,237$3,436$962$1,237
Renters$13,908$1,159$324$417
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Somerset, KY as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Somerset, KY homeowners, is $41,237. This would allow for a maximum of $962 per month to be spent on housing costs. For renters, the median monthly income is $13,908 which would result in a maximum of $324 to be spent on rental costs.

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 Somerset, 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

ItemSomersetNational avg.Difference
Haircut $15.20$14.594.2%
Beauty Salon $43.80$34.6826.3%
Toothpaste $2.09$2.4715.5%
Shampoo $0.87$1.0214.9%
Movie $8.10$9.8717.9%
Bowling $4.15$4.395.5%

Groceries

ItemSomersetNational avg.Difference
Ground Beef $5.13$4.4814.6%
Fried Chicken $1.60$1.469.3%
Milk $2.44$2.363.5%
Potatoes $2.52$3.0617.7%
Pizza $9.10$9.241.5%
Beer $8.11$8.636.1%

Health Care

ItemSomersetNational avg.Difference
Optometrist $77.80$99.7822.0%
Doctor $93.67$105.0310.8%
Dentist $81.75$88.707.8%
Ibuprofen $8.13$9.4113.6%
Lipitor $319.69$298.507.1%

Housing

ItemSomersetNational avg.Difference
Home Price $100,600.00$175,700.0042.7%
Avg. Mortgage Payment $725.81$1,081.0332.9%
Apartment Rent $507.00$920.0044.9%

Transportation

ItemSomersetNational avg.Difference
Gasoline $2.06$2.091.4%
Tire Balancing $37.95$45.2916.2%

Utilities

ItemSomersetNational avg.Difference
All Electricity$142.30$170.8016.7%
Phone $21.09$28.2625.4%
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.
Eubank, KY32780-20%
Ferguson, KY1,03684-16%
Science Hill, KY71585-15%
Burnside, KY87387-13%
Somerset, KY11,31184-16%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Endwell, NY11,31595-5%
Lakewood Park, FL11,30492-8%
Archdale, NC11,32288-12%
Tarboro, NC11,32389-11%
Clayton, CA11,32817272%
Somerset, KY11,31184-16%
Source: The Somerset, KY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.