A+
8%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
27%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; 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 Owensboro Kentucky National
Cost of living9290100
Goods & Services100101100
Groceries95101100
Health care8884100
Housing7370100
Transportation9192100
Utilities121104100

An Overview of Cost of Living in Owensboro, KY

The cost of living in Owensboro affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Owensboro is 92, which is 8% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Everyday expenditures like food, housing, goods and services, transportation and health care in Owensboro are priced in a manner consistent with other areas. This means that residents of Owensboro can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

What Do Locals Say About the Cost of Living in Owensboro?

The most insightful perspective on a city comes from its residents. We recently surveyed 5 locals to gauge their perception of the cost of living in Owensboro. The feedback revealed that 20% of respondents found the cost of living to be reasonable, with prices on the decline, while 80% regarded it as notably expensive with prices that continue to rise.

Is Owensboro Affordable?

Is Owensboro affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Owensboro, for instance, where the median home price falls 32% lower than the national average, and monthly rent rates are 14.4% lower than usual. Additionally, median income levels contribute to the equation, with Owensboro flaunting a median household income of $46,193, 16.5% lower than the national norm.

What Factors can Influence the Cost of Living in Owensboro?

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Owensboro, the groceries index is 5.4% lower than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Owensboro, healthcare costs are 12.1% lower than the national average.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Owensboro, the utilities index is 20.5% higher than the national average.

Where is the Data From?

The cost of living in Owensboro, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Owensboro is 2% higher than the Kentucky average
  • The cost of living in Owensboro is 8% lower than the national average
  • Owensboro housing is 27% lower than the national average
  • Kentucky general sales tax is 18% higher than the national average
  • Kentucky state income tax is 122% higher than the national average

Most Affordable Places to Live in and Around Owensboro

See all the best places to live around Owensboro

Compare Owensboro, KY Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$59,175$4,931$1,381$1,775
      Renters$32,893$2,741$767$987
      To approximate the cost of living and the housing affordability in Owensboro, KY, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Owensboro have a median income of $59,175. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,381 per month to avoid calamity and poverty. The renters in the city have an income of about $32,893, which would make their monthly maximum allowable rental costs $767.

      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 Owensboro National avg. Difference
      Haircut $25.34$24.264.4%
      Beauty Salon $44.12$45.563.2%
      Toothpaste $3.70$3.700.0%
      Shampoo $1.23$1.283.9%
      Movie $13.11$12.138.1%
      Bowling $16.17$18.0010.2%

      Groceries

      Item Owensboro National avg. Difference
      Ground Beef $5.74$5.841.8%
      Fried Chicken $1.37$1.5713.2%
      Milk $4.50$4.673.7%
      Potatoes $5.13$4.933.9%
      Pizza $11.24$12.097.0%
      Beer $9.75$10.416.4%

      Health Care

      Item Owensboro National avg. Difference
      Optometrist $94.06$125.6825.2%
      Doctor $105.07$135.7822.6%
      Dentist $103.51$113.298.6%
      Ibuprofen $10.26$10.653.7%
      Lipitor $470.38$468.600.4%

      Housing

      Item Owensboro National avg. Difference
      Home Price $125,600.00$184,700.0032.0%
      Avg. Mortgage Payment $1,772.15$2,346.6924.5%
      Apartment Rent $812.00$949.0014.4%

      Transportation

      Item Owensboro National avg. Difference
      Gasoline $3.25$3.466.1%
      Tire Balancing $50.23$59.9216.2%

      Utilities

      Item Owensboro National avg. Difference
      All Electricity $259.32$193.9933.7%
      Phone $189.86$192.251.2%
      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 Population Cost of Living Index National Avg.
      Beech Grove, KY2708020.0%
      Maceo, KY4148217.8%
      Lewisport, KY1,8248514.5%
      Hatfield, IN7728614.2%
      Calhoun, KY7268713.2%
      Owensboro, KY59,796927.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Cupertino, CA59,799325225.2%
      Woodland, CA59,75913332.9%
      West Allis, WI59,861964.4%
      Pontiac, MI59,7148613.5%
      Taylorsville, UT59,92611312.8%
      Owensboro, KY59,796927.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.