A+
6%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
18%
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 Nicholasville Kentucky National
Cost of living9490100
Goods & Services101101100
Groceries101101100
Health care8484100
Housing8270100
Transportation9292100
Utilities104104100

An Overview of Cost of Living in Nicholasville, KY

Getting a feel for the cost of living in Nicholasville 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 Nicholasville is 94, which is 6% 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 Nicholasville 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. Nicholasville 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 Nicholasville Affordable?

Wondering if Nicholasville 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 Nicholasville, for example, the median home price is 19.1% lower than what folks pay nationally, and monthly rent is 15.6% lower than the usual rates. Plus, income levels matter too, with Nicholasville boasting a median household income of $54,575, which is 1.4% lower than the national average.

What Factors can Influence the Cost of Living in Nicholasville?

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Nicholasville, the housing index is 18% lower than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Nicholasville, healthcare costs are 16.3% lower than the national average.

Where is the Data From?

The Nicholasville 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.

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Cost Of Living Quick Facts

  • The cost of living in Nicholasville is 4% higher than the Kentucky average
  • The cost of living in Nicholasville is 6% lower than the national average
  • Nicholasville housing is 18% 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 Nicholasville

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Compare Nicholasville, 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$73,564$6,130$1,716$2,207
      Renters$38,674$3,223$902$1,160
      The affordability of the housing market in Nicholasville, 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 Nicholasville homeowners, the median income is $73,564. This indicates that a monthly maximum of $1,716 should be spent by homeowners on all housing related costs. Renters have a median income of $38,674. This indicates that renters would have a maximum of $902 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 Nicholasville 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 Nicholasville 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 Nicholasville 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 Nicholasville National avg. Difference
      Home Price $149,500.00$184,700.0019.1%
      Avg. Mortgage Payment $1,809.12$2,346.6922.9%
      Apartment Rent $801.00$949.0015.6%

      Transportation

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

      Utilities

      Item Nicholasville 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.
      Burgin, KY8598911.1%
      High Bridge, KY180919.1%
      Wilmore, KY6,339963.9%
      Versailles, KY9,251973.4%
      Lexington-Fayette, KY322,2001011.2%
      Nicholasville, KY30,549945.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Eldersburg, MD30,55012929.0%
      Gurnee, IL30,51911515.2%
      Fleming Island, FL30,58211211.8%
      Opelika, AL30,589936.8%
      Alma, QC30,501n/a 
      Nicholasville, KY30,549945.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.