Nicholasville cost of living index

An overview of the general cost of living index for Nicholasville, KY is displayed above for your reference. Residents in Nicholasville, KY enjoy a cost of living index of 91. This index is 3% higher than the Kentucky average, and 9% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Nicholasville, KY, the average cost of goods and services is 2% higher than it is in Kentucky, and it is 2% higher than the national average.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in Nicholasville, 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 Nicholasville, KY, you have to earn a higher income in order to still have the same standard of living. To operate the Nicholasville, 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

The affordability of the housing market in Nicholasville, KY as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Nicholasville, KY homeowners, the median income is $62,353. This indicates that a monthly maximum of $1,455 should be spent by homeowners on all housing related costs. Renters have a median income of $27,048. This indicates that renters should have a maximum of $631 used for their rent related monthly costs.

Kentucky Sales Tax

Kentucky Income Tax

When assessing the complete cost of living in Nicholasville, KY, the Kentucky income tax and the Kentucky sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Kentucky maximum surtax is 6%, and the Kentucky sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 2% to 6% in Kentucky.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Nicholasville, KY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.