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Everyone wants a home that mixes affordability with comfort and Kentucky does this very well. Families love the Bluegrass State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Kentucky that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Kentucky for 2020.
So where is the most expensive place to live in Kentucky? That would be Pikeville.
the 2014-2018 American Community Survey for the 77 places in Kentucky with more than 5,000 people.
What's the most expensive place to live in Kentucky? Well, HomeSnacks crunched the numbers and discovered that Pikeville is the most expensive place to live in Kentucky.
So hopefully Princeton (the cheapest place to live in Kentucky) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Kentucky and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Kentucky For 2020
Pikeville is a city in and the county seat of Pike County, Kentucky, United States. During the 2010 U.S. Census, the population within Pikeville's city limits was 6,903. In Kentucky's current city classification system, Pikeville is a home rule-class city, a category that includes all of the state's more than 400 cities except for the two largest, Louisville and Lexington.
The median income in Pikeville comes in at $34,718 and the median home value is $170,900 for 2020.
Murray is a home rule-class city in Calloway County, Kentucky, in the United States. It is the seat of Calloway County and the 20th-largest city in Kentucky. The city's population was 17,741 during the 2010 U.S. census, and its micropolitan area's population was 37,191.
The median income in Murray comes in at $29,384 and the median home value is $153,000 for 2020.
Richmond is a home rule-class city in and the county seat of Madison County, Kentucky, United States. It is named after Richmond, Virginia, and is the home of Eastern Kentucky University. The population was 33,533 in 2015. Richmond is the third-largest city in the Bluegrass region and the state's sixth-largest city. Richmond serves as the center for work and shopping for south-central Kentucky. Richmond is the principal city of the Richmond-Berea Micropolitan Statistical Area, which includes all of Madison and Rockcastle counties.
The median income in Richmond comes in at $34,532 and the median home value is $145,800 for 2020.
St. Matthews is a city in Jefferson County, Kentucky, United States. It forms part of the Louisville Metro government but is separately incorporated as a home rule-class city. The population was 15,852 at the 2000 census, making it the 20th-largest city in the state.
The median income in St. Matthews comes in at $60,639 and the median home value is $229,200 for 2020.
Versailles is a home rule-class city in Woodford County, Kentucky, United States and is located near Lexington. It is part of the Lexington-Fayette Metropolitan Statistical Area. The population was 8,568 at the 2010 census. It is the county seat of Woodford County. The city's name is pronounced vr-SAYLZ, not like the French city of the same name.
The median income in Versailles comes in at $39,727 and the median home value is $170,200 for 2020.
Newport is a home rule-class city at the confluence of the Ohio and Licking rivers in Campbell County, Kentucky, in the United States. The population was 15,273 at the 2010 census. Historically, it was one of four county seats of Campbell County. Newport is part of the Cincinnati Metropolitan Area, which includes over 2 million inhabitants.
The median income in Newport comes in at $35,164 and the median home value is $134,600 for 2020.
Hazard is a home rule-class city in and the county seat of Perry County, Kentucky, United States. The population was estimated to be 5,346 in 2014.
The median income in Hazard comes in at $27,944 and the median home value is $130,500 for 2020.
Danville is a home rule-class city in Boyle County, Kentucky, in the United States. It is the seat of its county. The population was 16,690 at the 2015 Census. Danville is the principal city of the Danville Micropolitan Statistical Area, which includes all of Boyle and Lincoln counties.
The median income in Danville comes in at $37,451 and the median home value is $144,000 for 2020.
Bowling Green is a home rule-class city in and the county seat of Warren County, Kentucky, United States. As of 2016, its population of 65,234 made it the third most-populous city in the state after Louisville and Lexington; its metropolitan area had an estimated population of 165,732; and the combined statistical area it shares with Glasgow has an estimated population of 218,870.
The median income in Bowling Green comes in at $41,516 and the median home value is $153,600 for 2020.
Morehead is a home rule-class city located along US 60 and Interstate 64 in Rowan County, Kentucky, in the United States. It is the seat of its county. The population was 6,845 at the time of the 2010 U.S. census.
The median income in Morehead comes in at $39,023 and the median home value is $184,100 for 2020.
How We Determined The Most Expensive Places To Live In The Bluegrass State For 2020
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2014-2018 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Kentucky to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 77 places in Kentucky that have more than 5,000 people.
The place with the highest cost of living in Kentucky according to the data is Pikeville. You can download the data here.
Taking A Chunk Out Of Your Paycheck In Kentucky For 2020
Well there you have it, the places in Kentucky that have the highest cost of living, with Pikeville ranking as the most expensive city in the Bluegrass State.
Here's a look at the most affordable cities in Kentucky according to the data:
- Central City
For more Kentucky reading, check out:
- 10 Best Places To Live In Kentucky
- These Are The 10 Best Counties To Live In Kentucky
- 10 Cheapest Places To Live In Kentucky
- 10 Best Places To Raise A Family In Kentucky
- These Are The 10 Best Places To Retire In Kentucky
- These Are The 10 Richest Cities In Kentucky
- 10 Safest Places In Kentucky
Detailed List Of The Most Expensive Cities In Kentucky