Somerset, KY is a great place to live for those looking for an affordable yet comfortable lifestyle. The average 2 bedroom rent in Somerset is $800, which is much lower than the US average of $1,430. Additionally, the Grocery Cost Index in Somerset is 94 versus 100 in the US, making it even more affordable to purchase groceries here. There are several local companies that help contribute to the city's economy such as Fruit of the Loom Corporation, Lake Cumberland Regional Hospital, and Renfro Corporation. All of these factors make Somerset an ideal place to live with its low cost of living and access to local businesses.
Somerset has an unemployment rate of 5.5%. The US average is 6.0%.
Somerset has seen the job market increase by 1.7% over the last year. Future job growth over the next ten years is predicted to be 24.4%, which is lower than the US average of 33.5%.
Tax Rates for Somerset
- The Sales Tax Rate for Somerset is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Somerset is 6.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Somerset
- The average income of a Somerset resident is $17,399 a year. The US average is $28,555 a year.
- The Median household income of a Somerset resident is $30,107 a year. The US average is $69,021 a year.