Typical Expenses
| 1 ADULT | ||
|---|---|---|
| 0 Children | 1 Child | |
| Required annual income after taxes | $26,762 | $53,456 |
| Annual taxes | $6,257 | $12,498 |
| Required annual income before taxes | $33,019 | $65,955 |
What is a livable wage in Lexington KY?
Quick Summary. Despite studies showing a living wage in Kentucky is $10.10/hour, the cost of living in Lexington is higher. Recent studies have shown that workers making less than $30,000/ year (~$15.00/hr) are finding it increasingly difficult to afford to live in Lexington.
What is a livable salary in Kentucky?
Living Wage Calculation for Kentucky
| 1 ADULT | 2 ADULTS (1 WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Living Wage | $15.46 | $34.49 |
| Poverty Wage | $6.19 | $12.74 |
| Minimum Wage | $7.25 | $7.25 |
Is Lexington Ky cheap to live?
Lexington is consistently ranked the most affordable city for early retirement because of its inexpensive housing, accessible healthcare, and generally low cost of living.
What salary is considered poverty in Kentucky?
How is poverty defined? In 2018, the federal poverty income threshold was $25,465 for a family of four with two children, and $17,308 for a single parent of one child. If a family’s total income is less than the corresponding threshold, then that family and every individual in it is considered in poverty.
How much do you need to make in Kentucky?
According to Glassmeier’s research, a family of four in Kentucky with both parents working full-time jobs would need to make at least $81,000 a year to meet their basic needs. Families who make less than that are forced to choose what’s most important because they won’t have enough money to pay for it all.
What salary do you need to live in Louisville Ky?
In Louisville, the same family structure — two kids and two adults — would need at least $60,700 in order to live a “secure, yet modest living,” according to the report. The study takes into account costs associated with housing, food, child care, transportation, health care, taxes and other necessities.
What is middle class in KY?
The middle class is usually defined as the group of earners in the center of the earning scale.
How much you have to earn to be middle class in every state.
| State | Middle-class income | Median household income |
|---|---|---|
| Kentucky | $43,747 | $52,295 |
| Indiana | $43,310 | $57,603 |
| Mississippi | $41,839 | $45,792 |
| West Virginia | $41,649 | $48,850 |
What is upper class in Kentucky?
While ZipRecruiter is seeing salaries as high as $90,188 and as low as $17,598, the majority of salaries within the Upper Class jobs category currently range between $33,875 (25th percentile) to $58,952 (75th percentile) with top earners (90th percentile) making $73,030 annually in Kentucky.
What is a good hourly wage in KY?
$12.48 is the 25th percentile. Wages below this are outliers. $21.57 is the 75th percentile. Wages above this are outliers.
What are Top 10 Highest Paying Cities for Hourly Rate Jobs in Kentucky.
| City | Louisville |
|---|---|
| Annual Salary | $49,916 |
| Monthly Pay | $4,160 |
| Weekly Pay | $960 |
| Hourly Wage | $24.00 |
Why are people moving to Lexington KY?
Lexington is a great place to live because of its stable economy, diverse job market, and low cost of living. It is ranked as one of the top 20 most affordable places to live in the United States, with a cost of living index that’s well below the national average.
What is the best area to live in Lexington KY?
5 Best Neighborhoods to Live in Lexington, KY
- Chevy Chase and Ashland Park. If you have the cash to spend, look at buying a home in this desired area.
- Historic Downtown.
- Beaumont.
- Southland Corridor.
- Kenwick.
- Find Your Dream Home in Lexington Today.
- Related links.
What do I need to know about moving to Lexington KY?
Here are 20 things you need to know before you make the move to Lexington.
- Welcome to the Horse Capital of the World.
- You can’t get lost in Lexington.
- Yes, there’s bourbon.
- Basketball is a religion.
- You’ll get top notch medical treatment.
- Soon to be a gigabit city.
- Be part of history at the Kentucky Theatre.
What is the poorest city in Kentucky?
The poorest city in Kentucky is Albany. The median household income is $18,824 annually, and the mean household income is $29,889. The richest city that had no minimum household number is Glenview.
Is Kentucky a poor state?
In 2020, the U.S. poverty rate was 11.4%, up a percentage point from the previous year. The rate varies widely from state to state, with most wealthy states having a poverty rate below 9%.
Poorest States 2022.
| State | Mean Household Income |
|---|---|
| Arkansas | $66,557 |
| New Mexico | $69,077 |
| Alabama | $69,842 |
| Kentucky | $70,144 |
Is Kentucky a wealthy state?
Kentucky is the fortieth richest state in the United States of America, with a per capita income of $26,779 (2017).
What is the average annual income in Kentucky?
Table
| Population | |
|---|---|
| Transportation | |
| Mean travel time to work (minutes), workers age 16 years+, 2016-2020 | 23.7 |
| Income & Poverty | |
| Median household income (in 2020 dollars), 2016-2020 | $52,238 |
What is middle class in Louisville Ky?
Louisville currently ranks 10th among its peer cities in median household income with a median income of $55,000. Louisville is in the middle of its peer group according to a natural breaks algorithm.
Is Louisville low cost of living?
Conclusion. Louisville, Kentucky, is undoubtedly an affordable place to live. The cost of living sits below the national average and below that of many other cities in the country.
What is the wealthiest city in Kentucky?
According to the report, the wealthiest city in Kentucky is Indian Hills.
What salary is considered high class?
An upper class income is usually considered at least 50% higher than the median household income. Therefore, an upper class income in America is $100,000 and higher.