In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
A general overview of the cost of living index for Wilmore, KY is displayed above. In Wilmore, KY, the overall cost of living index is 92, which is 3% higher than the Kentucky average and 8% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Wilmore, KY, the city's goods and services are 2% higher than the Kentucky average and 2% higher than the U.S. average.
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Did you know?
The cost of living in Wilmore is 3% higher than the Kentucky average.
The cost of living in Wilmore is 8% lower than the national average.
The cost of housing in Wilmore is 20% lower than the national average.
Kentucky general sales tax is 18% higher than the national average.
Kentucky state income tax is 10% lower than the national average.
Compare Wilmore, KY Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
Using the salary calculator lets you compare the salary you earn in Wilmore, KY to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Wilmore, KY, you have to earn a higher income in order to still have the same standard of living. To operate the Wilmore, KY salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Wilmore, KY, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Wilmore, KY has a median income of about $75,669 for people who own homes. Based on that number, a person should spend a maximum of $1,765 on expenses related to housing. Renters have a slightly different median income, which is $23,811. Based on this average, renters should spend no more than $556 on all of their rental costs if they want to maintain a non-impoverished standard of living.
Kentucky Sales Tax
General Sales Tax
With Max Surtax
Kentucky Income Tax
Income Tax (Low)
Income Tax (High)
One thing to keep in mind when considering the cost of living in Wilmore, 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
Avg. Mortgage Payment
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.