Cheapest Places to Live in Kentucky

Kentucky, with its rolling hills, horse farms, and rich cultural heritage, offers a charming and affordable living environment. Landmarks such as Mammoth Cave National Park, the Kentucky Derby at Churchill Downs, and the Louisville Slugger Museum highlight the state's attractions. The state's economy is diverse, driven by sectors such as agriculture, manufacturing, and bourbon production. Kentucky's tax structure includes relatively low income and property taxes, contributing to its overall affordability. Despite recent inflation and rising food costs, Kentucky remains one of the more affordable states in the southeastern region, especially in its smaller towns and rural areas. The combination of a diverse economy and manageable living costs makes Kentucky an attractive place for those seeking affordability and quality of life.

Affordable living in Kentucky can often be found in smaller towns and suburban areas where housing costs and everyday expenses are lower. These regions provide a more manageable cost of living, which is essential for maintaining financial stability. Affordability is a crucial factor in livability, as it allows residents to enjoy a comfortable standard of living without undue financial strain. Factors contributing to the cheapest places to live in Kentucky include lower housing demand in less populated areas, supportive local economic policies, and efficient public services. Utilizing C2ER's cost of living data helps to identify these affordable regions, ensuring that potential residents can make informed decisions. In a state known for its rich traditions and economic opportunities, finding affordable living options enhances the overall living experience.

Middlesborough Population: 9,242 14% cheaper than Kentucky average

Med. Home Value: $72,400 Med. Rent: $548 Med. Household Inc.: $29,114

With a cost of living index that is 14% cheaper than the state average, Middlesborough is the cheapest place to live in Kentucky. This area offers residents a remarkable blend of relatively low housing costs, budget-friendly grocery prices, affordable utilities, and economical health care services, making it an attractive destination for those seeking to stretch their dollars further. Whether you're a young professional, a growing family, or someone looking to enjoy a more relaxed pace of life, Middlesborough provides an inviting and cost-effective environment to call home.

Williamsburg Population: 5,266 13% cheaper than Kentucky average

Med. Home Value: $82,100 Med. Rent: $568 Med. Household Inc.: $30,391

The second most affordable city in Kentucky is Williamsburg and stands out for its cost-effective lifestyle. With an overall cost of living that is 13% cheaper than the Kentucky average, overall goods and services, housing, utilities, transportation and health care costs fall within a reasonable range. Median household income levels are steady and come in at , which helps to increase the purchasing power of the local residents.

Mayfield Population: 9,823 10% cheaper than Kentucky average

Med. Home Value: $104,200 Med. Rent: $588 Med. Household Inc.: $36,485

Mayfield lands in the #3 spot for the cheapest cities to live in Kentucky, with a cost of living that is 10% cheaper than the state average. With home prices averaging and rental rates coming in around , it helps that household income levels average about , which assists with paying the mortgage or your monthly rent. Its robust public school system and accessible health care further enhance its appeal, making it a great place to settle down. The strong community spirit and ample recreational opportunities add to its charm.

Monticello Population: 5,999 9% cheaper than Kentucky average

Med. Home Value: $97,300 Med. Rent: $565 Med. Household Inc.: $36,956

The cost of everyday grocery items, goods & services and of course housing, can have a significant impact on the overall cost of living in any area. Monticello offers a picturesque and affordable living environment, with a cost of living that is 9% cheaper than the state average. Everyday items like ground beef , eggs , coffee and pizza are all fairly reasonable compared to most other cities, which helps reduce those grocery bills. Home prices are also fairly affordable (compared to the state average), coming in at around .

Corbin Population: 7,558 8% cheaper than Kentucky average

Med. Home Value: $120,300 Med. Rent: $579 Med. Household Inc.: $39,260

For those wanting to live well on a budget, Corbin is ideal, with a cost of living that is 8% cheaper than the state average. Reasonable housing prices (compared to the Kentucky average) of and rental prices of are paired with economical goods and services and a range of free or low-cost recreational activities. The city's proactive economic development initiatives also ensure a steady stream of job opportunities, making it a smart choice for those prioritizing financial ease.

Russellville Population: 7,056 7% cheaper than Kentucky average

Med. Home Value: $98,600 Med. Rent: $573 Med. Household Inc.: $34,078

Russellville comes in at #6 on our list of the cheapest cities in Kentucky and is a haven for those seeking affordability without sacrificing convenience. The city is known for its discount shopping centers and budget-friendly dining options and has a cost of living that is 7% cheaper than Kentucky. The city's local markets provide fresh produce and other groceries at reduced prices, while parks and community centers offer free entertainment and leisure. This city is perfect for enjoying a high quality of life at a low cost.

Princeton Population: 6,087 6% cheaper than Kentucky average

Med. Home Value: $75,600 Med. Rent: $648 Med. Household Inc.: $45,047

With its cost-effective lifestyle, Princeton is an attractive destination for those looking to live affordably. The city boasts suitable housing costs, affordable healthcare, and a variety of budget-friendly dining options. The community is welcoming and vibrant, providing residents with a rich social life at a fraction of the cost. Median income levels come in at , which provides financial stability, purchasing power and increases the quality of life in the city.

Ashland Population: 20,449 6% cheaper than Kentucky average

Med. Home Value: $101,900 Med. Rent: $659 Med. Household Inc.: $42,639

A lower cost of living allows individuals to manage their expenses more effectively, reducing the risk of financial stress and debt. When essential costs such as housing, food, transportation, and healthcare are more affordable, people can achieve greater financial stability and resilience. Ashland fits that mold and has a cost of living that is 6% cheaper than Kentucky.

Lebanon Population: 5,960 4% cheaper than Kentucky average

Med. Home Value: $98,700 Med. Rent: $615 Med. Household Inc.: $30,168

Lower living costs can lead to a higher quality of life by making it easier for people to afford comfortable housing, nutritious food, and access to healthcare. It can also provide opportunities for better education, recreational activities, and community engagement, contributing to overall well-being. Lebanon is one of the most affordable cities in Kentucky, and has a cost of living that is 4% cheaper than the state average.

Flatwoods Population: 7,143 4% cheaper than Kentucky average

Med. Home Value: $96,500 Med. Rent: $861 Med. Household Inc.: $52,773

With a cost of living that is 4% cheaper than Kentucky, Flatwoods comes in at #10 on our list of the cheapest places to live in Kentucky. Financial stress is a significant factor affecting mental and physical health. By lowering the cost of living, individuals can experience reduced anxiety related to meeting monthly expenses, thereby improving overall health and well-being. The ability to afford basic necessities without constant worry contributes to a more balanced and fulfilling life.

Full list of the cheapest places in Kentucky

Rank	Location	Population	COL Index	Med. Home Value	Med. Household Inc.
1	Middlesborough	9,242	78	$72,400	$29,114
2	Williamsburg	5,266	79	$82,100	$30,391
3	Mayfield	9,823	82	$104,200	$36,485
4	Monticello	5,999	82	$97,300	$36,956
5	Corbin	7,558	83	$120,300	$39,260
6	Russellville	7,056	84	$98,600	$34,078
7	Princeton	6,087	85	$75,600	$45,047
8	Ashland	20,449	85	$101,900	$42,639
9	Lebanon	5,960	87	$98,700	$30,168
10	Flatwoods	7,143	87	$96,500	$52,773
11	Glasgow	14,394	87	$123,000	$37,479
12	Hopkinsville	31,052	87	$117,500	$39,743
13	Harrodsburg	8,480	88	$108,500	$41,901
14	Leitchfield	6,789	88	$109,100	$34,091
15	Franklin	8,909	89	$120,900	$45,983
16	Murray	19,254	89	$158,200	$31,827
17	Cynthiana	6,270	89	$120,400	$38,526
18	Somerset	11,548	89	$113,400	$27,739
19	Oak Grove	7,332	89	$115,400	$39,219
20	Shively	15,723	89	$109,300	$41,455
21	Paducah	24,947	90	$118,100	$39,061
22	Central City	5,770	90	$123,800	$51,063
23	Campbellsville	11,370	90	$129,400	$40,705
24	Henderson	28,469	90	$119,800	$40,360
25	London	8,058	91	$130,100	$40,574
26	Mount Sterling	7,190	91	$140,500	$41,474
27	Paris	9,776	91	$131,000	$41,234
28	Berea	15,773	91	$130,000	$44,357
29	Madisonville	18,801	91	$123,700	$43,193
30	Winchester	18,520	91	$133,600	$43,415
31	Covington	40,466	92	$120,100	$46,035
32	Dayton	5,550	92	$112,000	$53,345
33	Radcliff	22,796	92	$131,200	$45,463
34	Frankfort	27,705	92	$132,500	$50,602
35	Owensboro	59,796	92	$125,600	$46,193
36	Bardstown	13,169	92	$133,900	$52,604
37	Lawrenceburg	11,416	93	$142,100	$49,328
38	Danville	16,801	93	$145,000	$42,068
39	Maysville	8,752	93	$137,500	$36,480
40	Richmond	35,744	93	$148,900	$39,329
41	Highland Heights	7,372	94	$121,700	$41,324
42	Bellevue	5,786	94	$135,900	$68,819
43	Bowling Green	71,628	94	$168,000	$42,044
44	Morehead	7,653	94	$161,200	$29,779
45	Nicholasville	30,549	94	$149,500	$54,575
46	Hillview	9,066	94	$126,100	$56,523
47	Shepherdsville	13,757	95	$155,000	$64,798
48	Elsmere	8,617	95	$117,500	$55,916
49	Erlanger	19,106	95	$140,300	$70,589
50	Wilmore	6,339	96	$164,000	$65,964

Methodology

To formulate the list of the cheapest places to live in Kentucky, AreaVibes utilized comprehensive data from the Council for Community and Economic Research (C2ER) cost of living index. The report is released annually and offers a detailed comparison of living expenses across various urban areas. The data is meticulously gathered by over 300 independent researchers, ensuring a high level of accuracy and reliability. The C2ER index encompasses more than 60 goods and services, categorized into six essential areas that significantly impact the cost of living. These categories and their respective weightings in the index are as follows: goods and services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%), and utilities (10%).

Map of Cost of Living by State

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The map above is a great way to help you discover the most affordable states across the U.S. By highlighting states with the lowest cost of living, this map provides an in-depth look at where you can get the most value for your money. By visually representing this data, the map allows users to easily compare different regions and make informed decisions about potential relocations or investments. Additionally, it provides valuable insights into the economic conditions and lifestyle factors that influence these cost of living statistics. Whether you're planning a move, considering a new job, or simply curious about the economic landscape, this map is a useful resource for understanding and navigating the financial implications of living in different states.