Cost of Living in Elizabethtown, KY

An Overview of Cost of Living in Elizabethtown, KY

Are you thinking about relocating, but curious about the potential cost of living in Elizabethtown? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Elizabethtown stands at 97, making it 3% 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.

The cost of living in Elizabethtown closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Elizabethtown can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is Elizabethtown Affordable?

Wondering if Elizabethtown is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Elizabethtown, for example, the median home price is 5% lower than what folks pay nationally, and monthly rent is 19.4% lower than the usual rates. Plus, income levels matter too, with Elizabethtown boasting a median household income of $47,270, which is 14.6% lower than the national average.

What Factors can Influence the Cost of Living in Elizabethtown?

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Elizabethtown, the groceries index is 1.3% higher than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Elizabethtown, healthcare costs are 16.3% lower than the national average.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Elizabethtown, the baseline sales tax rate begins at 6%, and income tax rates start at 5%.

Where is the Data From?

The Elizabethtown cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.