Nicholasville, Kentucky Cost Of Living

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Overall 9%

Goods & Services 1%

Housing 22%

Date & Last Updated: This data reflects 2021 and was released from C2ER in January, 2022; 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	Nicholasville	Kentucky	National
Cost of living	91	91	100
Goods & Services	99	103	100
Groceries	90	92	100
Health care	76	81	100
Housing	78	70	100
Transportation	95	103	100
Utilities	106	105	100

Key findings

The cost of living in Nicholasville is equal to the Kentucky average
The cost of living in Nicholasville is 9% lower than the national average
Nicholasville housing is 22% lower than the national average
Kentucky general sales tax is 18% higher than the national average
Kentucky state income tax is 103% higher than the national average

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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

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$62,353	$5,196	$1,455	$1,871
Renters	$27,048	$2,254	$631	$812

The affordability of the housing market in Nicholasville, KY as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Nicholasville 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 would have a maximum of $631 for their rent related monthly costs.

Kentucky Sales Tax

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

Kentucky Income Tax

State	Income Tax (Low)	Income Tax (High)
Kentucky	5%	5%

Goods & Services

Item	Nicholasville	National avg.	Difference
Haircut	$19.92	$20.27	1.8%
Beauty Salon	$38.65	$40.39	4.3%
Toothpaste	$1.95	$2.36	17.2%
Shampoo	$0.92	$1.08	14.5%
Movie	$12.05	$10.99	9.7%
Bowling	$12.67	$15.49	18.2%

Groceries

Item	Nicholasville	National avg.	Difference
Ground Beef	$4.00	$4.30	6.8%
Fried Chicken	$1.04	$1.40	25.4%
Milk	$1.67	$2.20	24.3%
Potatoes	$2.78	$3.22	13.5%
Pizza	$10.08	$10.74	6.1%
Beer	$9.08	$9.60	5.4%

Health Care

Item	Nicholasville	National avg.	Difference
Optometrist	$70.58	$109.73	35.7%
Doctor	$82.97	$118.34	29.9%
Dentist	$79.87	$100.94	20.9%
Ibuprofen	$8.95	$9.93	9.9%
Lipitor	$355.79	$469.53	24.2%

Housing

Item	Nicholasville	National avg.	Difference
Home Price	$137,700.00	$184,700.00	25.4%
Avg. Mortgage Payment	$1,003.97	$1,229.62	18.4%
Apartment Rent	$807.00	$949.00	15.0%

Transportation

Item	Nicholasville	National avg.	Difference
Gasoline	$2.54	$2.71	6.3%
Tire Balancing	$49.97	$51.86	3.6%

Utilities

Item	Nicholasville	National avg.	Difference
All Electricity	$184.06	$170.84	7.7%
Phone	$195.91	$187.18	4.7%

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, State	Population	Cost of Living Index	National Avg.
Burgin, KY	1,266	85	-15%
High Bridge, KY	264	86	-14%
Versailles, KY	9,091	90	-10%
Wilmore, KY	6,181	91	-9%
Lexington-Fayette, KY	311,529	94	-6%
Nicholasville, KY	29,249	91	-9%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Fleming Island, FL	29,247	107	7%
Lake Magdalene, FL	29,233	98	-2%
Oak Ridge, TN	29,285	85	-15%
Williamsport, PA	29,180	90	-10%
Herriman, UT	29,176	117	17%
Nicholasville, KY	29,249	91	-9%

Source: The Nicholasville, KY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2021.