Cost of Living in Independence, KY
Housing
The housing market plays a significant role in determining the cost of living in Independence, KY.
- Housing Index: 100 / 100
- Median Home Price is: $308,000
- Average Rent (2 BR Apartment): $1857 per month
- Average Rent (2 BR House): $2019 per month
In assessing the housing situation in Independence, KY, the housing index of 100 suggests a moderately competitive market. With a median home price of 308000, purchasing a home may require significant financial commitment. For renters, the average rent for a 2-bedroom apartment stands at 1857, while renting a 2-bedroom house is slightly higher at 2019. This indicates a balanced rental market, but rising home prices may encourage potential buyers to consider transitioning to renting. Always evaluate local amenities, schools, and economic opportunities as part of your decision-making process.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Independence, KY.
- Electricity Price: $12.87 USD (median by state)
- Natural Gas Price: $22.78 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $225 per month
Living in Independence, KY could entail higher utility costs. Electricity costs sit at $12.87, while natural gas is priced at $22.78 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $225 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Independence is a financially viable option for your relocation.