An Overview of Cost of Living in Bowling Green, KY
Knowing the cost of living in Bowling Green 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 Bowling Green stands at 94, marking it 6% lower than the national average.
In Bowling Green, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Bowling Green will resemble that of an average city, contributing to a manageable cost of living.
What Do Locals Say About the Cost of Living in Bowling Green?
Locals have the inside scoop on their city. So, we polled 5 residents in Bowling Green to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 100% find it reasonable with decreasing prices, but 0% think it's quite pricey, with prices that continue to rise.
Is Bowling Green Affordable?
Wondering if Bowling Green is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Bowling Green, for example, the median home price is 9% lower than what folks pay nationally, and monthly rent is 14.1% lower than the usual rates. Plus, income levels matter too, with Bowling Green boasting a median household income of $42,044, which is 24% lower than the national average.
What Factors can Influence the Cost of Living in Bowling Green?
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 Bowling Green, healthcare costs are 9.2% lower than the national average.
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Bowling Green, the housing index stands at 10.6% lower than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Bowling Green, the transportation index stands at 8.2% lower than the national average.
Where is the Data From?
The cost of living data in Bowling Green displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
Here are the best places to live in Kentucky
10 best cities to buy a new house in Kentucky
Check out the 10 safest cities in Kentucky
Top 10 best public schools in Bowling Green