Tags: Retirement | retirement | kentucky | cost of living

Retirement Cost of Living in Kentucky

By    |   Thursday, 29 Oct 2015 05:16 PM

The cost of living in Kentucky is tough to beat, and when you examine the idea of retirement in the Bluegrass State, you'll discover great deals on real estate, food, and utilities.

In comparison to the United States average, Kentucky's living costs are 21 percent less, placing the state among the eight lowest in the nation, according to MyMove.

Sperling's BestPlaces shows Kentucky's overall cost of living is 12 percent lower than the national average. Its averages are also lower than the national by 3 percent for health, 5 percent each for transportation and miscellaneous, 7 percent for utilities, 8 percent for grocery, and 26 percent for housing.

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Bargain Prices on Food and Utilities

Although Kentucky is a major producer of thoroughbred horses, tobacco, and hay, the state also produces broilers (young chickens), hogs, cattle, milk, eggs, and a variety of crops that can be used for human consumption. These crops include tomatoes, soy, barley, corn and apples, notes NetState.com. Locally grown and processed foods tend to be inexpensive, since transportation costs are minimal.

When it comes to utility costs in Kentucky, energy sources, such as coal, gas and water are also close at hand, states MyMove.

$50,000 Houses

The Bluegrass State is the fourth lowest state for property taxes on a per capita basis and the 14th lowest for property taxes as a percentage of home value, according to the Tax Foundation. For each $100 of assessed value, the state collects a property tax rate of 13.6 cents, according to the the Retirement Living Information Center.

As a big property taxes perk, Kentucky offers a homestead exemption on the assessed value of qualifying single-unit residential property. For anyone who is age 65 or older or entirely disabled, $34,000 of the assessed value of their property is exempt from property taxation. Also in Kentucky, real estate is subject to local property taxes.

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However, housing prices are where Kentucky really shines. The median home price in Kentucky is $140,300 – not all that cheap, but still around $400,000 less than in pricey states such as Hawaii or California.

In smaller cities and towns, two-bedroom homes are available for less than $50,000, according to MyMove. Invest in one of those, and you might have plenty of expendable cash left over for a new car, jaunts into the city for dinner and a show, international travel, or installing that backyard swimming pool or in-house gym you've always wanted.

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The cost of living in Kentucky is tough to beat, and when you examine the idea of retirement in the Bluegrass State, you'll discover great deals on real estate, food, and utilities.
retirement, kentucky, cost of living
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2015-16-29
Thursday, 29 Oct 2015 05:16 PM
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