Shively cost of living index

The above illustration supplies generalized information for the Shively, KY cost of living index. Compared to other cities in Kentucky and cities across the country, the cost of living index in Shively, KY is 85, which is 4% lower than the Kentucky average and 15% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Shively, KY are 1% lower than the average for Kentucky and equal to the rest of the country.

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Salary Calculator

Use the salary calculator to compare your current income in Shively, KY to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Shively, KY, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Shively, KY salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

One can approximate the cost of living and the housing affordability in Shively, KY by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Shively, KY have a median income of $52,250. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,219 per month to avoid calamity and poverty. The renters in the city have an income of about $22,231, which would make their monthly maximum allowable rental costs $519.

Kentucky Sales Tax

Kentucky Income Tax

One thing to keep in mind when considering the cost of living in Shively, KY is the Kentucky sales tax and Kentucky income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Kentucky sales tax rate is 6% and the maximum surtax that can be charged is 6%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Kentucky income tax rates range from 2% to 6%.

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