Somerset, KY Cost Of Living
Cost Of Living In Somerset, KY Summary
Cost of living in Somerset 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 Somerset 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 Somerset is 85, with 100 being the average.
The cost of living index in Somerset is 0.8x lower than the national average.
Somerset ranks as the #15 cheapest in Kentucky out of 85.
Somerset ranks as the #777 cheapest out of 6,412 in the US.
The median home value in Somerset is $117,000.
The median income in Somerset is $30,107.
Table Of Contents
Somerset's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Somerset, KY?
According to the most recent data on the cost of living, Somerset has an overall cost of living index of 85, which is 0.8x lower than the national index of 100.
Compared to Kentucky, Somerset has a cost of living index that's 0.9x lower than Kentucky's index of 94.
The standard of living in Somerset ranks as #15 most affordable out of the 85 places we measured in Kentucky. By definition, that implies Somerset ranks as the #70 most expensive place in the Bluegrass State.
For more reading on life in Somerset, check out:
- Living In Somerset
- Somerset Crime Report
- Search Homes For Sale In Somerset, KY
In Kentucky
In America
Somerset Cost Of Living Vs. Kentucky
Six factors go into calculating the cost of living index in Somerset. Here is how it fairs on each of the criteria:
The Services index in Somerset is 100.
The Groceries index in Somerset is 91.
The Health index in Somerset is 82.
The Housing index in Somerset is 56.
The Transportation index in Somerset is 91.
The Utilities index in Somerset is 101.
| Living Expense | Somerset | Kentucky | National Average | |
|---|---|---|---|---|
| Overall | 85 | 94 | 100 | |
| Services | 100 | 105 | 100 | |
| Groceries | 91 | 97 | 100 | |
| Health | 82 | 79 | 100 | |
| Housing | 56 | 75 | 100 | |
| Transportation | 91 | 102 | 100 | |
| Utilities | 101 | 106 | 100 | |
Somerset, 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 2017-2021. The key points are:
The Median Home Value in Somerset is $117,000.
The Median Rent in Somerset is $711.
The Median Income in Somerset is $30,107.
The Home Value To Income in Somerset is 3.9x.
The Rent To Monthly Income in Somerset is 0.28x.
| Statistic | Somerset | Kentucky | United States |
|---|---|---|---|
| Median Home Value | $117,000 | $155,100 | $244,900 |
| Median Rent | $711 | $826 | $1,163 |
| Median Income | $30,107 | $55,454 | $69,021 |
| Home Value To Income | 3.9x | 2.8x | 3.5x |
| Rent To Monthly Income | 0.28x | 0.18x | 0.2x |
Median Home Value
Median Rent
Median Income
Somerset, KY Costs By Category
Detailed Somerset Services Costs Vs. Kentucky
Detailed Somerset Groceries Costs Vs. Kentucky
Detailed Somerset Health Costs Vs. Kentucky
Detailed Somerset Transportation Costs Vs. Kentucky
Detailed Somerset Utilities Costs Vs. Kentucky
Somerset SnackAbility
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Cost Of Living In Cities Around Somerset
The cost of living varies in the cities and towns around Somerset. Here's a quick look at the cost of living in the most populous nearby places:
Richmond, KY has a cost of living index of 92, 1.1x Somerset.
Danville, KY has a cost of living index of 92, 1.1x Somerset.
Berea, KY has a cost of living index of 90, 1.1x Somerset.
| City | Population | Cost Of Living | Vs. Somerset |
|---|---|---|---|
| Richmond, KY | 34,662 | 92 | 1.1x |
| Danville, KY | 17,164 | 92 | 1.1x |
| Berea, KY | 15,465 | 90 | 1.1x |
| Harrodsburg, KY | 8,952 | 83 | 1.0x |
| Corbin, KY | 8,397 | 80 | 0.9x |
| London, KY | 7,492 | 88 | 1.0x |
| Lebanon, KY | 6,165 | 86 | 1.0x |
| Monticello, KY | 5,782 | 74 | 0.9x |
| Williamsburg, KY | 5,272 | 75 | 0.9x |
