Florence, KY is a small city located in Boone County with a population of around 33,000 people. It is known for its affordable cost of living with an average two-bedroom rent of $1,270 a month compared to the national average of $1,430. The Grocery Cost Index in Florence, KY is also lower than the US at 99 versus 100. Local businesses include Florence Mall, Kmart, Kohl’s, Walmart Supercenter, Kroger and several restaurants like Outback Steakhouse and Olive Garden. Residents of Florence enjoy shopping at these local stores while saving money on groceries and other necessities.
Florence has an unemployment rate of 4.3%. The US average is 6.0%.
Florence has seen the job market decrease by -5.4% over the last year. Future job growth over the next ten years is predicted to be 40.0%, which is higher than the US average of 33.5%.
Tax Rates for Florence
- The Sales Tax Rate for Florence is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Florence is 9.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Florence
- The average income of a Florence resident is $34,793 a year. The US average is $37,638 a year.
- The Median household income of a Florence resident is $64,718 a year. The US average is $69,021 a year.