A+
15%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
41%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Ashland Kentucky National
Cost of living8590100
Goods & Services95101100
Groceries100101100
Health care10184100
Housing5970100
Transportation9492100
Utilities98104100

An Overview of Cost of Living in Ashland, KY

Knowing the cost of living in Ashland 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 Ashland stands at 85, marking it 15% lower than the national average.

It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Ashland stands out by reporting housing costs that are 40.5% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.

Is Ashland Affordable?

Is Ashland an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Ashland is 44.8% lower than the national average, while the average monthly rent prices are 30.6% lower than average. The affordability of any location can also be influenced by median income levels. Ashland has a median household income of $42,639, which is 22.9% lower than the national average.

What Factors can Influence the Cost of Living in Ashland?

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Ashland, healthcare costs are 1.1% higher than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Where is the Data From?

The cost of living in Ashland, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Ashland is 6% lower than the Kentucky average
  • The cost of living in Ashland is 15% lower than the national average
  • Ashland housing is 41% lower than the national average
  • Kentucky general sales tax is 18% higher than the national average
  • Kentucky state income tax is 73% higher than the national average

Most Affordable Places to Live in and Around Ashland

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Compare Ashland, KY Cost of Living

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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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$53,559$4,463$1,250$1,607
      Renters$24,045$2,004$561$721
      A good way to judge both the affordability of the housing and the cost of living in Ashland is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Ashland has a median income of about $53,559 for people who own homes. Based on that number, a maximum of $1,250 should be spent on expenses related to housing. Renters have a slightly different median income, which is $24,045. Based on this average, renters should spend no more than $561 on all rental costs if they want to maintain a non-impoverished standard of living.

      Kentucky Sales Tax

      State General Sales Tax With Max Surtax
      Kentucky 6% 6%

      Kentucky Income Tax

      State Income Tax (Low) Income Tax (High)
      Kentucky 4.5% 4.5%

      Goods & Services

      Item Ashland National avg. Difference
      Haircut $18.78$24.2622.6%
      Beauty Salon $46.22$45.561.4%
      Toothpaste $3.56$3.703.8%
      Shampoo $1.18$1.288.1%
      Movie $12.41$12.132.3%
      Bowling $13.67$18.0024.1%

      Groceries

      Item Ashland National avg. Difference
      Ground Beef $5.57$5.844.5%
      Fried Chicken $1.35$1.5714.0%
      Milk $4.83$4.673.4%
      Potatoes $5.16$4.934.6%
      Pizza $11.31$12.096.4%
      Beer $10.19$10.412.1%

      Health Care

      Item Ashland National avg. Difference
      Optometrist $172.33$125.6837.1%
      Doctor $158.83$135.7817.0%
      Dentist $107.83$113.294.8%
      Ibuprofen $10.49$10.651.5%
      Lipitor $355.05$468.6024.2%

      Housing

      Item Ashland National avg. Difference
      Home Price $101,900.00$184,700.0044.8%
      Avg. Mortgage Payment $1,346.93$2,346.6942.6%
      Apartment Rent $659.00$949.0030.6%

      Transportation

      Item Ashland National avg. Difference
      Gasoline $3.36$3.463.0%
      Tire Balancing $52.00$59.9213.2%

      Utilities

      Item Ashland National avg. Difference
      All Electricity $189.47$193.992.3%
      Phone $186.09$192.253.2%
      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 Population Cost of Living Index National Avg.
      Catlettsburg, KY1,8348020.3%
      Kenova, WV3,0118019.6%
      Lavalette, WV1,2568119.2%
      Wurtland, KY1,4528217.9%
      Chesapeake, OH1,1838416.4%
      Ashland, KY20,4498514.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Suwanee, GA20,44412020.4%
      Lockport, NY20,4208415.7%
      Grayslake, IL20,48211111.1%
      South Frontenac, ON20,491n/a 
      Northfield, MN20,3991032.7%
      Ashland, KY20,4498514.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.