Flatwoods 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.
IndexFlatwoodsKentuckyNational
Cost of living index8489100
IndexFlatwoodsKentuckyNational
Goods & Services index100100100
Groceries index9991100
Health care index8790100
Housing index5770100
Transportation index9399100
Utilities index8898100
A general overview of the cost of living index for Flatwoods, KY is displayed above. In Flatwoods, KY, the overall cost of living index is 84, which is 6% lower than the Kentucky average and 16% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Flatwoods, KY, the city's goods and services are 1% lower than the Kentucky average and equal to the U.S. average.
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Did you know?

  • The cost of living in Flatwoods is 6% lower than the Kentucky average.
  • The cost of living in Flatwoods is 16% lower than the national average.
  • The cost of housing in Flatwoods is 43% lower than the national average.
  • Kentucky general sales tax is 18% higher than the national average.
  • Kentucky state income tax is 125% higher than the national average.

Compare Flatwoods, KY Cost of living To Other Cities

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      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index
      The salary calculator allows you to compare how much your current salary in Flatwoods, KY would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Flatwoods, KY, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Flatwoods, KY salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

      Median Income & Debt-To-Income Ratio

      Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$51,671$4,306$1,206$1,550
      Renters$35,709$2,976$833$1,071
      One can approximate the cost of living and the housing affordability in Flatwoods, KY by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Flatwoods, KY have a median income of $51,671. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,206 per month to avoid calamity and poverty. The renters in the city have an income of about $35,709, which would make their monthly maximum allowable rental costs $833.

      Kentucky Sales Tax

      StateGeneral Sales TaxWith Max Surtax
      Kentucky6%6%

      Kentucky Income Tax

      StateIncome Tax (Low)Income Tax (High)
      Kentucky5%5%
      The Kentucky sales tax and Kentucky income tax rates should definitely be considered when determining the overall cost of living in Flatwoods, 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 5% to 5%.

      Goods & Services

      ItemFlatwoodsNational avg.Difference
      Haircut $15.86$17.499.3%
      Beauty Salon $35.00$38.178.3%
      Toothpaste $1.68$2.3227.6%
      Shampoo $0.87$1.0114.0%
      Movie $10.56$10.721.5%
      Bowling $16.60$13.8619.8%

      Groceries

      ItemFlatwoodsNational avg.Difference
      Ground Beef $3.72$3.904.6%
      Fried Chicken $1.29$1.407.6%
      Milk $1.42$1.9627.6%
      Potatoes $2.93$3.187.9%
      Pizza $9.99$10.393.9%
      Beer $8.99$9.232.6%

      Health Care

      ItemFlatwoodsNational avg.Difference
      Optometrist $61.30$106.3442.4%
      Doctor $103.23$115.2510.4%
      Dentist $83.26$98.3815.4%
      Ibuprofen $8.47$9.268.5%
      Lipitor $455.76$466.472.3%

      Housing

      ItemFlatwoodsNational avg.Difference
      Home Price $90,100.00$184,700.0051.2%
      Avg. Mortgage Payment $915.03$1,273.3228.1%
      Apartment Rent $711.00$949.0025.1%

      Transportation

      ItemFlatwoodsNational avg.Difference
      Gasoline $2.62$2.591.0%
      Tire Balancing $40.20$48.9017.8%

      Utilities

      ItemFlatwoodsNational avg.Difference
      All Electricity$133.78$167.6020.2%
      Phone $177.00$163.428.3%
      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.
      South Shore, KY1,03579-21%
      Kenova, WV3,11280-20%
      Catlettsburg, KY1,86681-19%
      Portsmouth, OH20,39384-16%
      Wurtland, KY1,15981-19%
      Flatwoods, KY7,35884-16%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Oak Island, NC7,3591099%
      Rathdrum, ID7,35797-3%
      Forest City, NC7,35685-15%
      Dunellen, NJ7,35512121%
      Lake of the Woods, VA7,36211212%
      Flatwoods, KY7,35884-16%
      Source: The Flatwoods, KY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.