Cost of Living in St. Matthews, KY

An Overview of Cost of Living in St. Matthews, KY

Understanding the cost of living in St. Matthews can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The St. Matthews cost of living index is 109, which is 9% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

The cost of living in St. Matthews is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Housing costs make up a big chunk of the cost of living in St. Matthews, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 31.5% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is St. Matthews Affordable?

Wondering if St. Matthews 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 St. Matthews, for example, the median home price is 38.7% higher than what folks pay nationally, and monthly rent is 14.9% higher than the usual rates. Plus, income levels matter too, with St. Matthews boasting a median household income of $67,105, which is 21.3% higher than the national average.

What Factors can Influence the Cost of Living in St. Matthews?

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In St. Matthews, healthcare costs are 16.3% lower than the national average.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In St. Matthews, the standard sales tax rate starts at 6%, and the income tax rates commence at 5%.

Where is the Data From?

The St. Matthews 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.