An Overview of Cost of Living in Shively, KY
Are you thinking about relocating, but curious about the potential cost of living in Shively? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Shively stands at 89, making it 11% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Is Shively Affordable?
Is Shively 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 Shively, for instance, where the median home price falls 40.8% lower than the national average, and monthly rent rates are 20.3% lower than usual. Additionally, median income levels contribute to the equation, with Shively flaunting a median household income of $41,455, 25.1% lower than the national norm.
What Factors can Influence the Cost of Living in Shively?
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 Shively, the groceries index is 1.3% higher than the national average.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Shively, the transportation index is 8% lower than the national average.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Shively, the housing index is 34.7% lower than the national average.
Where is the Data From?
The cost of living in Shively, 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.
Here are the best places to live in Kentucky
Most Dangerous Cities In The US
Check out the 10 safest cities in Kentucky
These are the 10 cheapest cities in Kentucky