Versailles, Kentucky Cost Of Living

Buy Rent

B-

10%

Overall NAT. AVG.

1%

Goods & Services NAT. AVG.

25%

Housing NAT. AVG.

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Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; 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	Versailles	Kentucky	National
Cost of living	90	91	100
Goods & Services	99	103	100
Groceries	90	92	100
Health care	76	81	100
Housing	75	70	100
Transportation	95	103	100
Utilities	106	105	100

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Key findings

The cost of living in Versailles is 1% lower than the Kentucky average
The cost of living in Versailles is 10% lower than the national average
Versailles housing is 25% lower than the national average
Kentucky general sales tax is 18% higher than the national average
Kentucky state income tax is 103% higher than the national average

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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

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$58,125	$4,844	$1,356	$1,744
Renters	$29,847	$2,487	$696	$895

The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Versailles, KY, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Versailles, homeowners have a median income of $58,125. Using that number, a maximum of $1,356 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $29,847, which means there is a maximum of $696 to be spent on the costs of renting a home or apartment.

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	Versailles	National avg.	Difference
Haircut	$19.92	$20.27	1.8%
Beauty Salon	$38.65	$40.39	4.3%
Toothpaste	$1.95	$2.36	17.2%
Shampoo	$0.92	$1.08	14.5%
Movie	$12.05	$10.99	9.7%
Bowling	$12.67	$15.49	18.2%

Groceries

Item	Versailles	National avg.	Difference
Ground Beef	$4.00	$4.30	6.8%
Fried Chicken	$1.04	$1.40	25.4%
Milk	$1.67	$2.20	24.3%
Potatoes	$2.78	$3.22	13.5%
Pizza	$10.08	$10.74	6.1%
Beer	$9.08	$9.60	5.4%

Health Care

Item	Versailles	National avg.	Difference
Optometrist	$70.58	$109.73	35.7%
Doctor	$82.97	$118.34	29.9%
Dentist	$79.87	$100.94	20.9%
Ibuprofen	$8.95	$9.93	9.9%
Lipitor	$355.79	$469.53	24.2%

Housing

Item	Versailles	National avg.	Difference
Home Price	$139,900.00	$184,700.00	24.3%
Avg. Mortgage Payment	$1,003.97	$1,229.62	18.4%
Apartment Rent	$680.00	$949.00	28.3%

Transportation

Item	Versailles	National avg.	Difference
Gasoline	$2.54	$2.71	6.3%
Tire Balancing	$49.97	$51.86	3.6%

Utilities

Item	Versailles	National avg.	Difference
All Electricity	$184.06	$170.84	7.7%
Phone	$195.91	$187.18	4.7%

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.
Salvisa, KY	481	83	17.3%
High Bridge, KY	264	86	14.3%
Lawrenceburg, KY	11,081	88	11.8%
Frankfort, KY	27,598	89	11.5%
Nicholasville, KY	29,249	91	9.1%
Versailles, KY	9,091	90	10.1%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Tsinstikeptum 9, BC	9,090	n/a
Triangle, VA	9,092	131	31.0%
New Baltimore, VA	9,097	141	41.2%
Independence, KS	9,084	77	22.9%
Saline, MI	9,082	104	3.7%
Versailles, KY	9,091	90	10.1%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; this is the most current data available.