For many people, Kentucky is an ideal place to move due to its many positive qualities. Fondly known as the Bluegrass state, Kentucky has a unique beauty, with the option to choose to live in the countryside or the city.
In addition to its countryside beauty, Kentucky is an excellent place to invest in. Depending on the area you prefer to settle in, the cost of living varies, making it necessary to check out various cost variances.
Below we look into several aspects which will give you an insight into the cost of living in Kentucky:
Real estate prices
If you plan to move to Kentucky, expect the average home value to be an estimate of $144,800. The cheapest city to live in, regarding real estate prices, is Louisville, where home prices fall up to $116,600. Georgetown differs a little, with home prices shooting to as high as $177,700.
The costs for a home in Kentucky vary, depending on the location and the extras coming with the home. The most common reason for higher prices is buying a home with a farm.
Property taxes in Kentucky
Among all the other states, Kentucky has the lowest property taxes, with most homeowners paying as low as $1,000 in taxes per year. Ownership transfer tax fees are paid by the seller, making it even easier for you to buy a home in the state. The transfer fee is usually $.50 per $500 value.
Are you worried about paying high property taxes? Kentucky is the place for your family to relocate and settle. The low tax charges make the slightly higher home prices look more attractive.
Homeowner insurance costs in Kentucky
Like the home prices, Kentucky’s insurance costs vary from one county to the other. The size of your home and farm hugely affect the amount of insurance you are likely to pay. On average, Kentucky homes attract an annual insurance fee of $1,355. This amount is derived from a $200,000 worth of a home, attracting $100,000 in liability value.
The insurance fee in Kentucky is slightly above the national $1,228. This makes it necessary to discuss the best place to buy a home with your realtor, either in the cities or in the countryside. The variance in insurance fees can be as high as mortgage repayment premiums.
Kentucky cost of living index
When getting the living index cost in Kentucky, the USA average, which is 100, is used to determine how Kentucky relates to its standard mark. If Kentucky’s average is below 100, it means the state is a reasonably cheap place.
Below are the comparison aspects.
- Overall, Kentucky’s average is 83.6 while the United States average is 100
- The grocery cost index in Kentucky is 94.2 while the US average is 100
- The health cost index in Kentucky is 93.9, while the USA is 100
- The median home cost in Kentucky is $146,400 while the USA is $231,000
Are you looking to move into a beautiful state that’s relatively affordable to settle in and live? Kentucky is the place for you! This is because there is no forecast for a near-future sharp rise in Kentucky’s cost of living.