| Index | Somerset | Kentucky | National |
| Cost of living | 86 | 88 | 100 |
| Groceries | 96 | 98 | 100 |
| Health care | 97 | 97 | 100 |
| Housing | 64 | 70 | 100 |
| Transportation | 98 | 96 | 100 |
| Utilities | 96 | 95 | 100 |
| Lifestyle & Entertainment | 93 | 95 | 100 |
| Household Items | 95 | 97 | 100 |
| Education & Childcare | 93 | 94 | 100 |
Are you thinking about relocating, but curious about the potential cost of living in Somerset? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Somerset stands at 86, making it 14% 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.
When it comes to knowing a city, its residents are the experts. We conducted a survey with 6 locals to understand their opinions on the cost of living in Somerset. The results indicated that 17% found it reasonably priced with decreasing prices of goods and services, while 83% viewed it as quite expensive, with increasing prices.
Is Somerset an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Somerset, the median home price is 38.4% lower than what most folks pay across the country, and monthly rent prices are 31.3% lower than the usual rates. Income levels in Somerset come in at $41,892, which is 48.5% lower than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Somerset, the prevailing sales tax rate starts at 6%, and income tax rates kick off at 4.5%.
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 Somerset, the groceries index is 3.6% 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 Somerset, the housing index is 36.3% lower than the national average.
The Somerset cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $95,043 | $7,920 | $2,218 | $2,852 |
| Renters | $32,931 | $2,744 | $768 | $988 |
| State | General Sales Tax | With Max Surtax |
| Kentucky | 6% | 6% |
| State | Income Tax (Low) | Income Tax (High) |
| Kentucky | 4.5% | 4.5% |
| City | Population | Cost of Living Index | National Avg. |
| Eubank, KY | 374 | 83 | 17.5% |
| Ferguson, KY | 899 | 85 | 15.4% |
| Science Hill, KY | 830 | 86 | 14.0% |
| Burnside, KY | 1,015 | 86 | 13.5% |
| Somerset, KY | 11,896 | 86 | 13.8% |
| City | Population | Cost of Living Index | National Avg. |
| Meaford, ON | 11,896 | n/a | |
| Cocoa Beach, FL | 11,904 | 123 | 22.7% |
| Smithfield, UT | 11,904 | 109 | 8.8% |
| Lyndon, KY | 11,905 | 102 | 2.4% |
| Wallington, NJ | 11,885 | 135 | 35.3% |
| Somerset, KY | 11,896 | 86 | 13.8% |
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