Cost of Living in Lyndon, KY

An Overview of Cost of Living in Lyndon, KY

Are you thinking about relocating, but curious about the potential cost of living in Lyndon? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lyndon stands at 104, making it 4% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

In Lyndon, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Lyndon will resemble that of an average city, contributing to a manageable cost of living.

Is Lyndon Affordable?

Wondering if Lyndon is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Lyndon, for example, the median home price is 16.7% higher than what folks pay nationally, and monthly rent is 4.8% higher than the usual rates. Plus, income levels matter too, with Lyndon boasting a median household income of $58,538, which is 5.8% higher than the national average.

What Factors can Influence the Cost of Living in Lyndon?

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Lyndon, healthcare costs are 16.3% lower than the national average.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Lyndon, the general sales tax rate starts at 6%, and income tax rates begin at 5%.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Where is the Data From?

The Lyndon cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.