Cumberland, KY is a great place to call home due to its low cost of living. The average rent for a 2 bedroom rental in Cumberland is $590, which is over $800 cheaper than the average US 2 bedroom rent of $1,430. Additionally, the Grocery Cost Index in Cumberland is 91 compared to 100 in the US, showing that grocery prices are on average 9% lower than national averages. There are many local businesses located in Cumberland where residents can shop and dine. Some notable places include Harrison’s Barbeque, Big Dawgs BBQ Shack, and The Little Shepherd Amphitheater. With its low cost of living and convenient local business options, Cumberland makes an ideal place for families or individuals looking for an affordable place to call home.
Cumberland has an unemployment rate of 9.4%. The US average is 6.0%.
Cumberland has seen the job market decrease by -0.1% over the last year. Future job growth over the next ten years is predicted to be 10.0%, which is lower than the US average of 33.5%.
Tax Rates for Cumberland
- The Sales Tax Rate for Cumberland is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Cumberland is 5.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Cumberland
- The average income of a Cumberland resident is $13,698 a year. The US average is $28,555 a year.
- The Median household income of a Cumberland resident is $23,894 a year. The US average is $69,021 a year.