If you’re considering moving to Kentucky, you’ll want to know what is a good salary in the state. There are many popular jobs in the state. The salary you can expect for a specific job depends on the skill and experience level of the person performing the job.
In the most general sense, the best salary for a job in Kentucky is the one that pays more than the average salary for the state. Although the actual pay of a particular job may vary depending on the local economic environment, the most expensive salaries are in the health care industry.
One of the most interesting ways to determine a good salary in the state is to consider the most lucrative industries. These include Banking, Finance and Insurance, Real Estate & Rental & Leasing, and Public Administration.
The salaries of these industries are higher than the average, but they aren’t quite as high as the salaries of a few other states. Some industries, like Metal ore mining, Petroleum refining, and Automobile assembly, have the highest paying jobs in the state.
What is a Good Annual Salary in Kentucky?
Kentucky salaries range from a low of $976,681 to a high of $1,289,557. There are also a number of jobs that pay more than the average salary in the state.
Human Resource management professionals enjoy some of the highest salaries in the state. These positions are suited for those with extensive experience and a strong skill set. Some of the best positions in this field include HR managers, compensation and benefits managers, and training and development managers.
For those who want to make the most money, the top industries in Kentucky are Construction, Finance & Insurance, and Real Estate & Rental & Leasing. However, most of the state’s employment sectors are Elementary & secondary schools, restaurants, and food services.
The highest salary is earned by people with a doctorate degree. The average Kentucky resident with a doctorate degree earns $81,621 annually.
For the record, the minimum family income in Kentucky is $68,238. If you’re considering moving to Kentucky, consider the cost of living. In some areas, residents may have to pay local taxes.
What is Considered High Income in Kentucky?
The state of Kentucky is fortieth in the United States in terms of wealth. It has a median family income of $52,238. This is $15,746 lower than the national average.
As a result, 7.72k people in the state live below the poverty line. There are many tax credits for Kentucky residents. These include child care, education, and angel investing.
In addition, there is a flat tax rate of 5%. However, it drops to 4.5% in 2023. Some local governments can levy an additional occupational license payroll tax.
A recent study by the Kentucky Center for Economic Policy looked at income inequality in the state. Income inequality has increased significantly since 1979.
The top 1 percent of households in Kentucky earn a minimum of $152,637. The bottom nine percent earn an average of $43,553.
A third of all Kentucky households are high income households. Four counties rank in the top five for household income. Richmond is the highest, followed by Robertson, Louisville, and Bowling Green.
The next three counties in the top five are Oldham County, Spencer County, and Boone County.
What is Middle Class Salary in Ky?
The Middle Class is an important part of America, but it differs from person to person. A middle class household has a salary that is at least double the national median income. In Kentucky, the highest median household income in 2020 was $52,238. This amount may not be enough for families with student loan debt. However, it is a step in the right direction.
If you are considering moving to Kentucky, keep in mind the cost of living. It can vary greatly from state to state. When you move, you may not be able to take advantage of the same amenities and perks that other states have. For instance, the cost of a home in Kentucky can be a lot more than a similar property in a more affordable area.
There are several industries in Kentucky that are high paying. Some of them include Metal ore mining, Petroleum refining, Securities, commodities, funds and other financial investments, and Public Administration.
Another interesting fact about the Kentucky economy is that it employs more than 1.91 million people. Most of these employees are in the service sector. While this may be a good thing, it can be a bad thing, as trade policies have made certain industries less union friendly.
Is Kentucky Expensive to Live?
Kentucky is one of the cheapest states in the country to live in. Compared to other states, it’s also one of the safest.
The cost of living in Kentucky is relatively low, making the state ideal for retirees. However, it’s important to understand that the actual cost of living can vary depending on your location.
Costs in Kentucky are lower than the national average, but transportation costs may be a bit higher than in other states. This is due to the fact that most commuters drive to work, which results in a relatively high number of miles logged.
While Kentucky is a relatively inexpensive place to live, the state’s flimsy infrastructure and lack of medical facilities make it a poor choice for people who expect a high standard of living. In addition, there are fewer booming industries in the state than in other parts of the country.
Housing is the most affordable aspect of living in Kentucky. Although it may be a little pricey in some areas, the average home value in Kentucky is about 50 percent cheaper than the national average.
Is Rent Expensive in Kentucky?
Compared to other states in the US, Kentucky is one of the most affordable places to live. With a median income of $4,695 and a cost of living of $36,574 per person, residents have little to worry about when it comes to housing.
Although rents in Kentucky are below the national average, housing costs are increasing. Louisville and Lexington, Kentucky are two of the state’s largest cities. The average rent in Louisville is $1,034 per month while the average in Lexington is $999.
There are many factors that affect the cost of living in Kentucky. Aside from income and real estate prices, food costs and transportation can also be a factor. If you are planning to relocate to the state, you should check out what the cost of living is in your preferred area.
According to data from the US Census Bureau, there are about 7 million people in the country who are behind on their rent payments. These households are mostly low-income renters. Fortunately, there are affordable rental homes for these individuals.
Is Kentucky a Low Income State?
The state of Kentucky ranks 34th among the 50 states in terms of economic outlook. However, it has one of the highest SNAP participation rates. Despite this, the poverty rate is relatively high, with 7.72k people living below the poverty line.
According to the Urban Institute, one in six more Kentuckians would be living in poverty without 11 anti-poverty programs. In addition, the state has a higher rate of income inequality than the national average, at 0.305%.
As a result, the economy in Kentucky faces many systemic barriers. Among these barriers are high levels of poverty, food insecurity, and poor health.
To address these problems, the state’s economy needs to be improved. One way to do this is through the expansion of safety net programs. Another is through the creation of a Universal Basic Income (UBI). UBI programs provide cash transfers to all, which helps to reduce the costs of health care.
Moreover, the state must expand the number of employment and housing options. Housing vouchers are available through the Housing Choice Voucher Program, which enables low-income families to move into apartments and townhouses.
How Do People in Kentucky Earn a Living?
If you’re planning a move to Kentucky, it’s important to understand how much money you can expect to make. You might be surprised to find out that some of the most popular jobs pay more than the state’s average.
To see if Kentucky has a salary for you, you can use ZipRecruiter’s Salary Calculator. This tool estimates salaries based on employer job postings.
A few of the more interesting figures in the study were that the “most common” educational level in Kentucky was High School or Equivalent. Also, the state’s economy was based on manufacturing, agriculture, and trade.
However, the state is also home to some of the largest military populations in the nation. The state’s average property tax rate is in the lower half of the country. Those living in rural areas enjoy low cost of living.
In addition, Kentucky’s public schools aren’t well regarded. The state ranks in the bottom third of the nation when it comes to K-12 education marks.
When it comes to income, the state’s median household income increased from $50,589 in 2019 to $52,238 in 2020. While this is a nice jump, it’s not quite enough for some families to make ends meet.
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