A
3%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
8%
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 Mount Washington Kentucky National
Cost of living9790100
Goods & Services101101100
Groceries101101100
Health care8484100
Housing9270100
Transportation9292100
Utilities104104100

An Overview of Cost of Living in Mount Washington, KY

Knowing the cost of living in Mount Washington allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Mount Washington stands at 97, marking it 3% lower than the national average.

The cost of living in Mount Washington 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 Mount Washington 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 Mount Washington Affordable?

Is Mount Washington 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 Mount Washington, for instance, where the median home price falls 1.7% lower than the national average, and monthly rent rates are 21.2% lower than usual. Additionally, median income levels contribute to the equation, with Mount Washington flaunting a median household income of $74,817, 35.2% higher than the national norm.

What Factors can Influence the Cost of Living in Mount Washington?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Mount Washington, healthcare costs are 16.3% lower than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Mount Washington starts at 6% and the income tax rates start at 5%.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Mount Washington, the transportation index is 8% lower than the national average.

Where is the Data From?

The Mount Washington cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Mount Washington is 8% higher than the Kentucky average
  • The cost of living in Mount Washington is 3% lower than the national average
  • Mount Washington housing is 8% 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 Mount Washington

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Compare Mount Washington, 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$82,358$6,863$1,922$2,471
      Renters$31,917$2,660$745$958
      The affordability of the housing market in Mount Washington, KY as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Mount Washington homeowners, the median income is $82,358. This indicates that a monthly maximum of $1,922 should be spent by homeowners on all housing related costs. Renters have a median income of $31,917. This indicates that renters would have a maximum of $745 for their rent related monthly costs.

      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 Mount Washington 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 Mount Washington 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 Mount Washington 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 Mount Washington National avg. Difference
      Home Price $181,500.00$184,700.001.7%
      Avg. Mortgage Payment $1,809.12$2,346.6922.9%
      Apartment Rent $748.00$949.0021.2%

      Transportation

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

      Utilities

      Item Mount Washington 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.
      South Park View, KY4990.6%
      Fairfield, KY1858019.6%
      Lebanon Junction, KY2,2768911.1%
      Watterson Park, KY9698911.0%
      West Buechel, KY2,0468910.8%
      Mount Washington, KY14,699972.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Carthage, MO14,6998316.8%
      Lynden, WA14,70013433.8%
      Franklin Park, PA14,70113030.2%
      Hewitt, TX14,7051000.1%
      Hereford, TX14,6928217.7%
      Mount Washington, KY14,699972.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.