| Index | Florence | Kentucky | National |
| Cost of living | 94 | 88 | 100 |
| Groceries | 95 | 98 | 100 |
| Health care | 97 | 97 | 100 |
| Housing | 92 | 70 | 100 |
| Transportation | 94 | 96 | 100 |
| Utilities | 97 | 95 | 100 |
| Lifestyle & Entertainment | 97 | 95 | 100 |
| Household Items | 97 | 97 | 100 |
| Education & Childcare | 90 | 94 | 100 |
Knowing the cost of living in Florence 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 Florence stands at 94, marking it 6% lower than the national average.
Everyday expenditures like food, housing, lifestyle expenses, transportation and health care in Florence are priced in a manner consistent with other areas. This means that residents of Florence can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Wondering if Florence 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 Florence, for example, the median home price is 13% lower than what folks pay nationally, and monthly rent is 2.9% higher than the usual rates. Plus, income levels matter too, with Florence boasting a median household income of $89,319, which is 9.8% higher than the national average.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Florence, is 8.2% lower than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Florence, the prevailing sales tax rate starts at 6%, and income tax rates kick off at 4.5%.
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Florence, healthcare costs are 3.2% lower than the national average.
The cost of living data for Florence shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $108,353 | $9,029 | $2,528 | $3,251 |
| Renters | $68,565 | $5,714 | $1,600 | $2,057 |
| State | General Sales Tax | With Max Surtax |
| Kentucky | 6% | 6% |
| State | Income Tax (Low) | Income Tax (High) |
| Kentucky | 4.5% | 4.5% |
| City | Population | Cost of Living Index | National Avg. |
| Shawnee, OH | 1,081 | 95 | 4.8% |
| Petersburg, KY | 375 | 95 | 4.8% |
| Florence, IN | 47 | 95 | 4.8% |
| Elizabethtown, OH | 295 | 75 | 24.9% |
| Hooven, OH | 336 | 77 | 22.7% |
| Florence, KY | 33,960 | 94 | 5.9% |
| City | Population | Cost of Living Index | National Avg. |
| Pikesville, MD | 33,960 | 128 | 28.0% |
| Fruit Cove, FL | 33,956 | 129 | 29.1% |
| Northbrook, IL | 33,971 | 152 | 51.6% |
| Springfield, VA | 33,971 | 145 | 44.9% |
| Fair Lawn, NJ | 33,940 | 144 | 44.3% |
| Florence, KY | 33,960 | 94 | 5.9% |
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