Cost of Living in Owensboro, KY

An Overview of Cost of Living in Owensboro, KY

The cost of living in Owensboro affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Owensboro is 92, which is 8% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Everyday expenditures like food, housing, goods and services, transportation and health care in Owensboro are priced in a manner consistent with other areas. This means that residents of Owensboro can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

What Do Locals Say About the Cost of Living in Owensboro?

The most insightful perspective on a city comes from its residents. We recently surveyed 5 locals to gauge their perception of the cost of living in Owensboro. The feedback revealed that 20% of respondents found the cost of living to be reasonable, with prices on the decline, while 80% regarded it as notably expensive with prices that continue to rise.

Is Owensboro Affordable?

Is Owensboro affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Owensboro, for instance, where the median home price falls 32% lower than the national average, and monthly rent rates are 14.4% lower than usual. Additionally, median income levels contribute to the equation, with Owensboro flaunting a median household income of $46,193, 16.5% lower than the national norm.

What Factors can Influence the Cost of Living in Owensboro?

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Owensboro, the groceries index is 5.4% lower than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Owensboro, healthcare costs are 12.1% lower than the national average.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Owensboro, the utilities index is 20.5% higher than the national average.

Where is the Data From?

The cost of living in Owensboro, 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.