Smithfield, Kentucky is a small town located in the heart of Kentucky's beautiful rolling hills. It has a population of around 40068 and is within easy driving distance to larger cities like Lexington and Louisville. The rental costs for two bedroom apartments in Smithfield are relatively low compared to the US average at $960 per month. Additionally, groceries here are more affordable as well with a grocery cost index of 97 versus the national score of 100.
The economy in Smithfield largely centers around manufacturing, agriculture, and tourism. Some major companies based in the area include Elanco Animal Health Solutions, Milsco Manufacturing Co., Mills Industries, Inc., PalletOne Corporation, Versacold Corporation, and Triple Crown Services. All of these businesses offer competitive salaries that make living comfortably in Smithfield a breeze!
All factors considered, it's easy to see why Smithfield is an attractive place to call home. With its low cost of living due to its rental prices and grocery costs being below average, combined with its employment opportunities from local businesses like Elanco Animal Health Solutions, Milsco Manufacturing Co., Mills Industries Inc., PalletOne Corporation and Versacold Corporation - Smithfield is ideal for those who want to save money without sacrificing quality of life!
Smithfield (zip 40068) has an unemployment rate of 4.2%. The US average is 6.0%.
Smithfield (zip 40068) has seen the job market decrease by -4.5% over the last year. Future job growth over the next ten years is predicted to be 39.3%, which is higher than the US average of 33.5%.
Tax Rates for Smithfield (zip 40068)
- The Sales Tax Rate for Smithfield (zip 40068) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Smithfield (zip 40068) 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 Smithfield (zip 40068)
- The average income of a Smithfield (zip 40068) resident is $43,608 a year. The US average is $37,638 a year.
- The Median household income of a Smithfield (zip 40068) resident is $74,167 a year. The US average is $69,021 a year.