Cost of Living in Somerset, KY
Population 12,108 · Kentucky · Data vintage 2023
(100 = US avg)
Household incomes in Somerset run well below national norms — a median of $32,910 versus the $74,580 US figure. Housing costs partially offset that gap (typical home values around $141,000). At 8.7%, the local unemployment rate runs well above the US figure, pointing to structural rather than cyclical labor-market issues.
Geographically, Somerset is about 65 miles south of Lexington-Fayette urban county, the nearest large metro. Median home values run roughly 48% lower than Lexington-Fayette urban county's $272,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Somerset
The median home value in Somerset is $140,900 — 54% below the national median of $305,000. Median rent runs $830/month, 37% lower than the national median of $1,314/month. The median household income of $32,910/year is 56% lower than the US median of $74,580. The local unemployment rate is 8.7%, above the national average of 4.8%. Kentucky's top state income tax rate is 4.0% and the combined sales tax is 6.0%. Overall, Somerset has a cost of living index of 53 versus the US average of 100, meaning it is 47% less expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Somerset, KY?
Somerset has a cost index of 53 (100 = national average). It is 47% below the national average.
What is average rent in Somerset, KY?
The median gross rent in Somerset is $830 per month based on 2023 Census data.
What is the average home price in Somerset?
The median home value in Somerset is $140,900 according to Zillow and Census data.
What is the median income in Somerset?
The median household income in Somerset is $32,910 per year (2023 ACS 5-year estimates).
What is the sales tax in Somerset, KY?
The combined state and local sales tax rate in Somerset is 6.0%. The Kentucky state income tax top rate is 4.0%.
Is Somerset, KY affordable?
Yes, Somerset is generally considered affordable, with a cost of living index of 53 — about 47% below the US national average of 100.
Somerset at a Glance
- Population
- 12,108
- Median Income
- $32,910
- Home Value
- $140,900
- Median Rent
- $830/mo
- Unemployment
- 8.7%
- Sales Tax
- 6.0%
Nearby Cities
Explore county-level cost of living data
Kentucky Rankings
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