A+
11%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
19%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Murray Kentucky National
Cost of living8990100
Goods & Services94101100
Groceries97101100
Health care8784100
Housing8170100
Transportation8992100
Utilities86104100

An Overview of Cost of Living in Murray, KY

Getting a feel for the cost of living in Murray is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Murray is 89, which is 11% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Is Murray Affordable?

Is Murray an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Murray is 14.3% lower than the national average, while the average monthly rent prices are 29% lower than average. The affordability of any location can also be influenced by median income levels. Murray has a median household income of $31,827, which is 42.5% lower than the national average.

What Factors can Influence the Cost of Living in Murray?

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

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 Murray, healthcare costs are 13.5% lower than the national average.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Murray, the transportation index is 10.9% lower than the national average.

Where is the Data From?

The cost of living in Murray, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Murray is 2% lower than the Kentucky average
  • The cost of living in Murray is 11% lower than the national average
  • Murray housing is 19% lower than the national average
  • Kentucky general sales tax is 18% higher than the national average
  • Kentucky state income tax is 73% higher than the national average

Most Affordable Places to Live in and Around Murray

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Compare Murray, KY Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$60,859$5,072$1,420$1,826
      Renters$20,848$1,737$486$626
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Murray, KY, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Murray homeowners, is $60,859. This would allow for a maximum of $1,420 per month to be spent on housing costs. For renters, the median monthly income is $20,848 which would result in a maximum of $486 to be spent on rental costs.

      Kentucky Sales Tax

      State General Sales Tax With Max Surtax
      Kentucky 6% 6%

      Kentucky Income Tax

      State Income Tax (Low) Income Tax (High)
      Kentucky 4.5% 4.5%

      Goods & Services

      Item Murray National avg. Difference
      Haircut $24.01$24.261.0%
      Beauty Salon $33.55$45.5626.4%
      Toothpaste $3.74$3.701.1%
      Shampoo $1.08$1.2815.9%
      Movie $11.93$12.131.7%
      Bowling $12.50$18.0030.6%

      Groceries

      Item Murray National avg. Difference
      Ground Beef $5.94$5.841.7%
      Fried Chicken $1.67$1.576.2%
      Milk $4.54$4.672.8%
      Potatoes $5.03$4.931.9%
      Pizza $12.00$12.090.7%
      Beer $9.74$10.416.5%

      Health Care

      Item Murray National avg. Difference
      Optometrist $127.08$125.681.1%
      Doctor $138.39$135.781.9%
      Dentist $86.67$113.2923.5%
      Ibuprofen $10.10$10.655.2%
      Lipitor $338.33$468.6027.8%

      Housing

      Item Murray National avg. Difference
      Home Price $158,200.00$184,700.0014.3%
      Avg. Mortgage Payment $1,691.70$2,346.6927.9%
      Apartment Rent $674.00$949.0029.0%

      Transportation

      Item Murray National avg. Difference
      Gasoline $3.15$3.469.0%
      Tire Balancing $50.50$59.9215.7%

      Utilities

      Item Murray National avg. Difference
      All Electricity $148.29$193.9923.6%
      Phone $192.18$192.250.0%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Dexter, KY1307525.0%
      Farmington, KY1197524.7%
      Puryear, TN6967821.9%
      Hazel, KY3788019.7%
      Hardin, KY5098118.7%
      Murray, KY19,2548911.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Syosset, NY19,25418181.1%
      Mamaroneck, NY19,24716766.9%
      Sylvania, OH19,242990.9%
      Arbutus, MD19,26711110.7%
      Mineola, NY19,26716160.5%
      Murray, KY19,2548911.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.