A+
1%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
3%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; 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 Georgetown Kentucky National
Cost of living9990100
Goods & Services101101100
Groceries101101100
Health care8484100
Housing9770100
Transportation9292100
Utilities104104100

An Overview of Cost of Living in Georgetown, KY

Getting a feel for the cost of living in Georgetown is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Georgetown is 99, which is 1% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

The cost of living in Georgetown 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 Georgetown 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 Georgetown Affordable?

Is Georgetown 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 Georgetown, for instance, where the median home price falls 4.5% lower than the national average, and monthly rent rates are 0.9% lower than usual. Additionally, median income levels contribute to the equation, with Georgetown flaunting a median household income of $66,972, 21.1% higher than the national norm.

What Factors can Influence the Cost of Living in Georgetown?

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 Georgetown, the housing index is 3.5% lower than the national average.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Georgetown, the transportation index is 8% lower than the national average.

Where is the Data From?

The cost of living in Georgetown, 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.

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Cost Of Living Quick Facts

  • The cost of living in Georgetown is 9% higher than the Kentucky average
  • The cost of living in Georgetown is 1% lower than the national average
  • Georgetown housing is 3% lower than the national average
  • Kentucky general sales tax is 18% higher than the national average
  • Kentucky state income tax is 73% higher than the national average

Most Affordable Places to Live in and Around Georgetown

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Compare Georgetown, KY Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$83,954$6,996$1,959$2,519
      Renters$46,707$3,892$1,090$1,401
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Georgetown, 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 Georgetown, homeowners have a median income of $83,954. Using that number, a maximum of $1,959 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $46,707, which means there is a maximum of $1,090 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 4.5% 4.5%

      Goods & Services

      Item Georgetown National avg. Difference
      Haircut $26.50$24.269.2%
      Beauty Salon $53.07$45.5616.5%
      Toothpaste $3.50$3.705.6%
      Shampoo $1.21$1.285.3%
      Movie $13.05$12.137.6%
      Bowling $21.91$18.0021.7%

      Groceries

      Item Georgetown National avg. Difference
      Ground Beef $6.07$5.844.0%
      Fried Chicken $1.40$1.5711.0%
      Milk $4.72$4.671.0%
      Potatoes $5.19$4.935.1%
      Pizza $10.35$12.0914.4%
      Beer $9.84$10.415.5%

      Health Care

      Item Georgetown National avg. Difference
      Optometrist $87.52$125.6830.4%
      Doctor $106.15$135.7821.8%
      Dentist $102.55$113.299.5%
      Ibuprofen $10.64$10.650.1%
      Lipitor $364.92$468.6022.1%

      Housing

      Item Georgetown National avg. Difference
      Home Price $176,300.00$184,700.004.5%
      Avg. Mortgage Payment $1,809.12$2,346.6922.9%
      Apartment Rent $940.00$949.000.9%

      Transportation

      Item Georgetown National avg. Difference
      Gasoline $3.11$3.4610.2%
      Tire Balancing $58.38$59.922.6%

      Utilities

      Item Georgetown National avg. Difference
      All Electricity $207.41$193.996.9%
      Phone $192.46$192.250.1%
      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.
      Cynthiana, KY6,2708911.2%
      Paris, KY9,776918.8%
      Sadieville, KY361927.8%
      Stamping Ground, KY992927.7%
      Versailles, KY9,251973.4%
      Georgetown, KY34,362991.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      University CDP (Orange County), FL34,379927.5%
      University City, MO34,3361065.8%
      Norristown, PA34,3921011.2%
      Socorro, TX34,3298415.7%
      Montgomery Village, MD34,41312525.2%
      Georgetown, KY34,362991.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.