Independence, KY Cost Of Living
Cost Of Living In Independence, KY Summary
Cost of living in Independence research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Independence is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Kentucky, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Independence is 99, with 100 being the average.
The cost of living index in Independence is 1.0x lower than the national average.
Independence ranks as the #61 cheapest in Kentucky out of 84.
Independence ranks as the #2,497 cheapest out of 6,489 in the US.
The median home value in Independence is $315,938.
The median income in Independence is $98,653.
Table Of Contents
Independence's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Independence, KY?
According to the most recent data on the cost of living, Independence has an overall cost of living index of 99, which is 1.0x lower than the national index of 100.
Compared to Kentucky, Independence has a cost of living index that's 1.1x higher than Kentucky's index of 92.
The standard of living in Independence ranks as #61 most affordable out of the 84 places we measured in Kentucky. By definition, that implies Independence ranks as the #23 most expensive place in the Bluegrass State.
For more reading on life in Independence, check out:
In Kentucky
In America
Independence Cost Of Living Vs. Kentucky
Six factors go into calculating the cost of living index in Independence. Here is how it fairs on each of the criteria:
The Services index in Independence is 102.
The Groceries index in Independence is 103.
The Health index in Independence is 104.
The Housing index in Independence is 99.
The Transportation index in Independence is 101.
The Utilities index in Independence is 101.
| Living Expense | Independence | Kentucky | National Average | |
|---|---|---|---|---|
| Overall | 99 | 92 | 100 | |
| Services | 102 | 101 | 100 | |
| Groceries | 103 | 99 | 100 | |
| Health | 104 | 85 | 100 | |
| Housing | 99 | 71 | 100 | |
| Transportation | 101 | 94 | 100 | |
| Utilities | 101 | 105 | 100 | |
Independence, KY Housing Cost Breakdown
Housing swings affordability the most between places in Kentucky, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Independence is $315,938.
The Median Rent in Independence is $1,204.
The Median Income in Independence is $98,653.
The Home Value To Income in Independence is 3.2x.
The Rent To Monthly Income in Independence is 0.15x.
| Statistic | Independence | Kentucky | United States |
|---|---|---|---|
| Median Home Value | $315,938 | $226,606 | $303,400 |
| Median Rent | $1,204 | $933 | $1,348 |
| Median Income | $98,653 | $62,417 | $78,538 |
| Home Value To Income | 3.2x | 3.6x | 3.9x |
| Rent To Monthly Income | 0.15x | 0.18x | 0.21x |
Median Home Value
Median Rent
Median Income
Independence, KY Costs By Category
Detailed Independence Services Costs Vs. Kentucky
| Item | Independence | Kentucky |
|---|---|---|
| Shampoo | $1.27 | $1.28 |
| Movie | $14.35 | $12.13 |
| Bowling | $17.56 | $18 |
| Haircut | $25.13 | $24.26 |
| Beauty Salon | $37.93 | $45.56 |
Detailed Independence Groceries Costs Vs. Kentucky
| Item | Independence | Kentucky |
|---|---|---|
| Ground Beef | $5.91 | $5.84 |
| Fried Chicken | $1.72 | $1.57 |
| Milk | $4.8 | $4.67 |
| Potatoes | $5.05 | $4.93 |
| Pizza | $11.92 | $12.09 |
| Beer | $10.63 | $10.41 |
| Toothpaste | $3.6 | $3.7 |
Detailed Independence Health Costs Vs. Kentucky
| Item | Independence | Kentucky |
|---|---|---|
| Optometrist | $105.42 | $125.68 |
| Doctor | $159.4 | $135.78 |
| Dentist | $106.67 | $113.29 |
Detailed Independence Transportation Costs Vs. Kentucky
| Item | Independence | Kentucky |
|---|---|---|
| Gasoline | $3.27 | $3.46 |
| Tire Balancing | $73.09 | $59.92 |
Detailed Independence Utilities Costs Vs. Kentucky
| Item | Independence | Kentucky |
|---|---|---|
| All Electricity | $197.1 | $193.99 |
| Phone | $186.48 | $192.25 |
Independence SnackAbility
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Cost Of Living In Cities Around Independence
The cost of living varies in the cities and towns around Independence. Here's a quick look at the cost of living in the most populous nearby places:
Covington, KY has a cost of living index of 93, 0.9x Independence.
Florence, KY has a cost of living index of 98, 1.0x Independence.
Bridgetown, OH has a cost of living index of 96, 1.0x Independence.
| City | Population | Cost Of Living | Vs. Independence |
|---|---|---|---|
| Covington, KY | 40,902 | 93 | 0.9x |
| Florence, KY | 32,334 | 98 | 1.0x |
| Bridgetown, OH | 13,830 | 96 | 1.0x |
| Monfort Heights, OH | 12,203 | 97 | 1.0x |
| Mack, OH | 11,444 | 109 | 1.1x |
| Forestville, OH | 11,213 | 107 | 1.1x |
| Madeira, OH | 9,454 | 118 | 1.2x |
| Elsmere, KY | 9,151 | 96 | 1.0x |
| Wyoming, OH | 8,712 | 121 | 1.2x |
| Fort Mitchell, KY | 8,676 | 111 | 1.1x |
