Stanford 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.
IndexStanfordKentuckyNational
Cost of living index8588100
IndexStanfordKentuckyNational
Goods & Services index10195100
Groceries index9696100
Health care index9495100
Housing index5970100
Transportation index9597100
Utilities index8092100
The above illustration supplies generalized information for the Stanford, KY cost of living index. Compared to other cities in Kentucky and cities across the country, the cost of living index in Stanford, KY is 85, which is 3% lower than the Kentucky average and 15% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Stanford, KY are 6% higher than the average for Kentucky and 1% higher than the rest of the country.

Did you know?

  • The cost of living in Stanford is 3% lower than the Kentucky average.
  • The cost of living in Stanford is 15% lower than the national average.
  • The cost of housing in Stanford is 41% 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

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
Using the salary calculator lets you compare the salary you earn in Stanford, 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 Stanford, KY, you have to earn a higher income in order to still have the same standard of living. To operate the Stanford, 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$38,676$3,223$902$1,160
Renters$13,668$1,139$319$410
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Stanford, 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 Stanford, KY homeowners, is $38,676. This would allow for a maximum of $902 per month to be spent on housing costs. For renters, the median monthly income is $13,668 which would result in a maximum of $319 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%
When considering the overall cost of living expenses in Stanford, KY, it's important to take into account the sales tax for Kentucky, as well as the rate for income tax in Kentucky. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Kentucky is 6%, and the sales tax in the state of Kentucky is 6%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Kentucky starts from 2% and goes up to 6%.

Goods & Services

ItemStanfordNational 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

ItemStanfordNational 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

ItemStanfordNational 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

ItemStanfordNational avg.Difference
Home Price $107,400.00$175,700.0038.9%
Avg. Mortgage Payment $725.81$1,081.0332.9%
Apartment Rent $506.00$920.0045.0%

Transportation

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

Utilities

ItemStanfordNational 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.
Crab Orchard, KY97379-21%
Brodhead, KY1,34180-20%
Hustonville, KY47681-19%
Junction City, KY2,57582-18%
Lancaster, KY3,77983-17%
Stanford, KY3,68685-15%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
O'Neill, NE3,68685-15%
Lawnton, PA3,68599-1%
Rochester, WI3,6871099%
Dillonvale, OH3,68595-5%
Dell Rapids, SD3,68793-7%
Stanford, KY3,68685-15%
Source: The Stanford, KY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.