A+
4%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
16%
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 Newport Kentucky National
Cost of living9690100
Goods & Services102101100
Groceries102101100
Health care10384100
Housing8470100
Transportation10292100
Utilities100104100

An Overview of Cost of Living in Newport, KY

Getting a feel for the cost of living in Newport 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 Newport is 96, which is 4% 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 Newport aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Newport residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

Is Newport Affordable?

Wondering if Newport 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 Newport, for example, the median home price is 12.3% lower than what folks pay nationally, and monthly rent is 23.9% lower than the usual rates. Plus, income levels matter too, with Newport boasting a median household income of $39,335, which is 28.9% lower than the national average.

What Factors can Influence the Cost of Living in Newport?

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 Newport, the transportation index is 2.4% higher than the national average.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Newport, the utilities index registers at 0% equal to 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 Newport, healthcare costs are 2.7% higher than the national average.

Where is the Data From?

The Newport 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 Newport is 7% higher than the Kentucky average
  • The cost of living in Newport is 4% lower than the national average
  • Newport housing is 16% 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 Newport

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Compare Newport, 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$80,909$6,742$1,888$2,428
      Renters$24,007$2,001$560$720
      The affordability of the housing market in Newport, 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 Newport homeowners, the median income is $80,909. This indicates that a monthly maximum of $1,888 should be spent by homeowners on all housing related costs. Renters have a median income of $24,007. This indicates that renters would have a maximum of $560 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 Newport National avg. Difference
      Haircut $25.13$24.263.6%
      Beauty Salon $37.93$45.5616.7%
      Toothpaste $3.60$3.702.7%
      Shampoo $1.27$1.280.6%
      Movie $14.35$12.1318.3%
      Bowling $17.56$18.002.5%

      Groceries

      Item Newport National avg. Difference
      Ground Beef $5.91$5.841.2%
      Fried Chicken $1.72$1.579.1%
      Milk $4.80$4.672.7%
      Potatoes $5.05$4.932.3%
      Pizza $11.92$12.091.4%
      Beer $10.63$10.412.1%

      Health Care

      Item Newport National avg. Difference
      Optometrist $105.42$125.6816.1%
      Doctor $159.40$135.7817.4%
      Dentist $106.67$113.295.8%
      Ibuprofen $10.68$10.650.3%
      Lipitor $497.02$468.606.1%

      Housing

      Item Newport National avg. Difference
      Home Price $162,000.00$184,700.0012.3%
      Avg. Mortgage Payment $1,993.26$2,346.6915.1%
      Apartment Rent $722.00$949.0023.9%

      Transportation

      Item Newport National avg. Difference
      Gasoline $3.27$3.465.6%
      Tire Balancing $73.09$59.9222.0%

      Utilities

      Item Newport National avg. Difference
      All Electricity $197.10$193.991.6%
      Phone $186.48$192.253.0%
      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.
      Plainville, OH1531021.7%
      Hooven, OH3268119.1%
      Dillonvale village, OH6458316.6%
      Elmwood Place, OH2,0718416.4%
      New Haven, OH3328515.0%
      Newport, KY15,045963.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Hayden, ID15,04911615.9%
      West Park, FL15,0521087.9%
      Stone Ridge, VA15,03415655.7%
      Williamsburg, VA15,03411919.4%
      Belvedere Park, GA15,0281000.1%
      Newport, KY15,045963.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.