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Everyone wants a home that mixes affordability with comfort and Kentucky does this very well. Families love the Bluegrass State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Kentucky that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Kentucky for 2021.
So where is the most expensive place to live in Kentucky? That would be Pikeville.
the 2015-2019 American Community Survey for the 78 places in Kentucky with more than 5,000 people.
What's the most expensive place to live in Kentucky? Well, HomeSnacks crunched the numbers and discovered that Pikeville is the most expensive place to live in Kentucky.
So hopefully Princeton (the cheapest place to live in Kentucky) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Kentucky and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Kentucky For 2021
The median income in Pikeville comes in at $32,281 and the median home value is $182,500 for 2021.
The median income in Murray comes in at $30,576 and the median home value is $157,500 for 2021.
The median income in Morehead comes in at $29,838 and the median home value is $171,500 for 2021.
The median income in Versailles comes in at $41,151 and the median home value is $171,300 for 2021.
The median income in Richmond comes in at $36,302 and the median home value is $152,600 for 2021.
The median income in Bowling Green comes in at $42,216 and the median home value is $161,000 for 2021.
The median income in Elizabethtown comes in at $46,754 and the median home value is $180,000 for 2021.
The median income in St. Matthews comes in at $62,152 and the median home value is $235,000 for 2021.
The median income in Newport comes in at $37,435 and the median home value is $144,000 for 2021.
The median income in Lyndon comes in at $57,472 and the median home value is $191,300 for 2021.
How We Determined The Most Expensive Places To Live In The Bluegrass State For 2021
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2015-2019 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Kentucky to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 78 places in Kentucky that have more than 5,000 people.
The place with the highest cost of living in Kentucky according to the data is Pikeville. You can download the data here.
Taking A Chunk Out Of Your Paycheck In Kentucky For 2021
Well there you have it, the places in Kentucky that have the highest cost of living, with Pikeville ranking as the most expensive city in the Bluegrass State.
Here's a look at the most affordable cities in Kentucky according to the data:
For more Kentucky reading, check out:
- Best Places To Live In Kentucky
- Cheapest Places To Live In Kentucky
- Most Dangerous Cities In Kentucky
- Best Places To Raise A Family In Kentucky
- Safest Places In Kentucky
- Worst Places To Live In Kentucky
Detailed List Of The Most Expensive Cities In Kentucky