Nicholasville, KY Cost Of Living

Nicholasville 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.
Index	Nicholasville	Kentucky	National
Cost of living index	91	89	100
Index	Nicholasville	Kentucky	National
Goods & Services index	102	100	100
Groceries index	91	90	100
Health care index	99	93	100
Housing index	78	70	100
Transportation index	95	99	100
Utilities index	89	96	100

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.

Did you know?

The cost of living in Nicholasville is 3% higher than the Kentucky average.
The cost of living in Nicholasville is 9% lower than the national average.
The cost of housing in Nicholasville is 22% lower than the national average.
Kentucky general sales tax is 18% higher than the national average.
Kentucky state income tax is 10% lower than the national average.

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Salary Calculator

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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

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

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 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

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

Kentucky Income Tax

State	Income Tax (Low)	Income Tax (High)
Kentucky	2%	6%

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

Item	Nicholasville	National avg.	Difference
Haircut	$16.67	$16.09	3.6%
Beauty Salon	$43.67	$37.33	17.0%
Toothpaste	$2.46	$2.45	0.6%
Shampoo	$0.81	$1.00	18.7%
Movie	$10.07	$10.28	2.0%
Bowling	$4.85	$4.93	1.7%

Groceries

Item	Nicholasville	National avg.	Difference
Ground Beef	$3.46	$3.80	9.0%
Fried Chicken	$1.18	$1.40	15.5%
Milk	$1.73	$2.01	13.8%
Potatoes	$2.74	$3.01	9.0%
Pizza	$9.24	$9.89	6.5%
Beer	$8.26	$8.90	7.2%

Health Care

Item	Nicholasville	National avg.	Difference
Optometrist	$79.93	$102.16	21.8%
Doctor	$122.34	$108.36	12.9%
Dentist	$81.04	$92.53	12.4%
Ibuprofen	$8.13	$9.28	12.3%
Lipitor	$459.87	$425.82	8.0%

Housing

Item	Nicholasville	National avg.	Difference
Home Price	$137,700.00	$184,700.00	25.4%
Avg. Mortgage Payment	$1,135.45	$1,202.44	5.6%
Apartment Rent	$807.00	$949.00	15.0%

Transportation

Item	Nicholasville	National avg.	Difference
Gasoline	$2.23	$2.24	0.6%
Tire Balancing	$39.36	$46.29	15.0%

Utilities

Item	Nicholasville	National avg.	Difference
All Electricity	$133.99	$165.96	19.3%
Phone	$28.66	$28.68	0.1%

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	86	-14%
High Bridge, KY	264	86	-14%
Versailles, KY	9,091	90	-10%
Wilmore, KY	6,181	92	-8%
Lexington-Fayette, KY	311,529	95	-5%
Nicholasville, KY	29,249	91	-9%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Fleming Island, FL	29,247	108	8%
Lake Magdalene, FL	29,233	101	1%
Oak Ridge, TN	29,285	84	-16%
Williamsport, PA	29,180	88	-12%
Herriman, UT	29,176	114	14%
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 2017.

Nicholasville, KY Cost of Living