Richmond-Berea, KY Metro Area is an affordable place to live and work, with two bedroom rent at $780 compared to the national average of $1,430. This makes it an attractive option for those looking to save on their housing costs. In addition, grocery costs are also lower than the US average, with a grocery cost index of 94 versus 100. Local companies in Richmond-Berea include EKU Foundry Inc., Nucor Steel Gallatin, Richardson Industries, and Berea College. All these make for a good business climate where people can find meaningful work.
Richmond-Berea Metro Area has an unemployment rate of 4.6%. The US average is 6.0%.
Richmond-Berea Metro Area has seen the job market decrease by -6.1% over the last year. Future job growth over the next ten years is predicted to be 29.9%, which is lower than the US average of 33.5%.
Tax Rates for Richmond-Berea Metro Area
- The Sales Tax Rate for Richmond-Berea Metro Area is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Richmond-Berea Metro Area is 8.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Richmond-Berea Metro Area
- The average income of a Richmond-Berea Metro Area resident is $27,423 a year. The US average is $37,638 a year.
- The Median household income of a Richmond-Berea Metro Area resident is $52,555 a year. The US average is $69,021 a year.