Cost of Living in Georgetown, KY

Is Georgetown an expensive place to live? Let's look deeper into the costs of living in Georgetown, the average household income, and other typical expenses. 

Are you looking to live in the heart of central Kentucky? Look no further because Georgetown may be the perfect place for you. Home to bourbon and horses, this city is the 6th largest city in Kentucky. 

Georgetown is a home rule-class city in Scott County with a population of 37,086 residents. Known for its thriving manufacturing hub with beautiful architecture, job opportunities, and affordable living. Ranking number 32 in the Top 100 Best Places to Live and Raise a Family in the US, making Georgetown an ideal place to move to and making it perfect for everyone and anyone. 

This city has numerous small businesses, local favorite restaurants, historic homes, and other attractions. The town also offers an old-world charm and is situated on the hills with a lively atmosphere.

If you are searching for a thriving but small-town area to move to, consider checking out the gorgeous rural homes for sale in Georgetown and the downtown area and available real estate in Kentucky. 

Keep reading to learn more about the overall cost of living in Georgetown. 

Cost of Living Georgetown

The cost of living for a single adult in Georgetown is about $36,672 per year, which is below the national average, including housing, food, childcare, transportation, health care, taxes, and other day expenses. 

The cost of living is about 14 percent lower than the national average and is about the same as the overall cost of living in Kentucky. 

However, Georgetown is considered to be one of the most expensive places in the United States. Various factors make this a costly place, but one of the main reasons is the high-quality education. Georgetown College was awarded one of America's best colleges. 

Lexington is the closest city to Georgetown, and they tend to have similar living costs, so if you are intersted in finding out specifics and everyday expenses, check out the cost of living in Lexington to get a better understanding. 

Lexington's cost of living breakdown chart is here for a better understanding of expenses from Payscale. 

Real Estate

The median house price was about $294,970 in July 2023, up 8 percent from last year. Homes here have sold for about 7 percent more than a year ago. 

The Georgetown housing market is considered to be competitive and has been a seller's market since last year, resulting in higher prices and faster home sales. However, you can get a good deal if you are intersted in buying a home this year. 

As of last month, around 30 percent of homes were sold below the asking price. 

Homes here can range from 1939 to earlier or even 2014 and later; they have it whether you are looking for older, historic, or unique homes. There is a large variety of homes from the historic district to the downtown area. 

If you are interested in an area known to have one of the most affordable housing markets, Georgetown may be the perfect location to look at. All homes in Kentucky are lower than the national average, so check out the best places to live in Kentucky as well. 

If you want to move here, explore single-family homes, new-construction homes, and ranch homes. Also, check out the best neighborhoods in Georgetown. 

Income

According to the United States Census Bureau, the median household income in Georgetown is about $66,972, while the individual income is $33,845. 

About 68 percent of the working population here are white-collar workers, while about 31 percent are blue-collar employees. About 1,111 people are entrepreneurs, 13,776 workers in private companies, and 2,789 people working in governmental institutions. 

The primary industries in the city are manufacturing, healthcare and social assistance, and retail trade. In contrast, the highest-paying sectors are manufacturing, utilities, and information. 

Georgetown has consistently ranked among Kentucky's fastest-growing cities for over 20 years and is now the sixth-largest city in the state. 

The employment rate has declined by 0.34 percent over the years. Still, since this city's economy is growing, job opportunities are also increasing, making this one of the most popular places to move to if you are searching for jobs. 

Finding a new job when moving to a new location is crucial. Luckily, Georgetown will have access to numerous thriving industries and is located near many other booming cities to increase opportunities. 

Utilities

The average utility costs vary based on location, lifestyle, and network. Every service offers different plans and deals, so make sure you find the best one for you. 

However, in Kentucky, the utility costs are higher than the national average, with an average monthly price of about $386. Keep in mind that there are many different providers in the state, so make sure you find the one that fits best for you. 

Everyone is unique, and some people may experience higher bills during colder and hotter months due to usage. Below are some typical utility charges broken down per month in Kentucky overall. 

Food

Food is an everyday expense that significantly impacts the overall cost of living. In Georgetown, a single adult will spend about $3,164 a year on food, while a family of four will spend about $9,137 on average. 

However, keep in mind that food costs vary for every person and family depending on the grocery store, diet, family size, and how often you eat out. Finding the best deals is essential to lower food costs. 

Overall, Kentucky has lower food costs when compared to the national average, while Georgetown has higher food costs than the Kentucky average but still is lower than the national average. 

Below are some of Georgetown's most popular restaurants that you should try out if you are looking for a place to eat out. 

• Local Feed: This restaurant offers comfort fare and bourbon cocktails in a historic, exposed brick building with patio seating to enjoy the beautiful views of the city. 
• Fava's Restaurant: This is a homey, family-run joint since 1910 with retro decor and southern plates for either breakfast, lunch, or dinner. 
• Galvin's: This modern bar fare restaurant has over 40 regional beers on draft and season cocktails in a casual space with TVs.

Healthcare and Child Care

Healthcare costs such as out-of-pocket healthcare costs and insurance premiums are far lower than the national average and below the state of Kentucky's standards. 

For a single adult here in Georgetown, the average healthcare costs will be about $3,389 per year, while the national average is $4,266. Be aware that healthcare costs do vary and are unique for every individual, mainly depending on health insurance. 

Find the best deals around you. Check out the healthcare costs in Kentucky to view the most affordable plans available here. 

On the other hand, for families with children, childcare can add to the overall annual spending. In Georgetown, the average yearly cost of child care for two kids is about $15,364, which is considerably more than the state average. However, it is still lower than the national average. 

Finding the best deals is essential when putting all the expenses into the cost of living. However, child care in Georgetown is considered excellent, and you will be able to find the best services in the area if you need child care. 

Transportation

Kentucky has an extensive automobile manufacturing industry here, so using cars is usually the most popular option. There is also affordable public transit as well. 

Bluegrass RIDE offers fare-free transit service throughout Georgetown. Two different routes are available from Monday to Saturday. There are also many other public transportation options to get you where you need to go. 

Transportation can have a significant impact on the overall cost of living somewhere. About 92 percent of the population here drive to work, which is more than the national average. The average commute time in Georgetown is about 19 minutes long, depending on where you are going. 

Considering all of the other aspects that go into transportation, such as the cost of gas, maintenance, and public transit, the EPI estimates that a single person in Georgetown will spend about $11,136, which sadly is more than the national average. 

Taxes

Accounting for state and federal income taxes, Social Security contributions, and Medicare payroll taxes, the average adult working in Georgetown will pay about $6,202 annually on taxes, which is a little more than the national average. 

The minimum combined 2023 sales tax rate for Georgetown is 6 percent. That is the total of state, county, and city sales taxes. The property tax rate is $0.374 per $100 valuation. 

FAQ

Is Georgetown, KY, a nice place to live?

Georgetown is located right between many popular cities and is in the heart of central Kentucky. In the middle of Horse Country, this city was ranked highly in the US's Top Best Places to Live and Raise a Family. 

What is so special about Georgetown, KY?

Georgetown is unique because of its profusion of historic homes, fine antique shopping, bourbon, and horses. This city is also built on a large spring that still is the primary water source. 

What is the overall cost of living in Georgetown?

The cost of living in Georgetown is about 14 percent lower than the national average and around the same as Kentucky as a whole. For a single adult, living costs about $36,672 per year. 

What is the weather like in Georgetown, KY?

In Georgetown, the summers are warm and humid, while the winters are frigid and wet. Over the year, temperatures will vary from 26 degrees Fahrenheit to 86 degrees Fahrenheit and are rarely below 10 degrees Fahrenheit or even above the 90s.

Cost of Living in Georgetown - The Bottom Line

Georgetown may be the best option if you are looking for a serene, peaceful place with old-world charm. Georgetown is a small town with a hub of economic growth and is home to many things like bourbon, horses, and the 8 million square foot Toyota plant. 

Ranked number 32 in the Top Best Places to Live and Raise a Family in the US, this may be the city to look into if you are searching for a place with affordable living. 

This city may seem small, but it has much to offer its residents. Whether you are searching for a low cost of living, a booming economy, beautiful sights, or excellent education, it has it all and is fit for anyone. 

If you or anyone you know is intersted in moving to Georgetown, please get in touch with us so we can connect you with one of our Realty Specialists to help you with this transition. 

No matter your preferences, we are here to help you through every step of the home-buying process to find the perfect home. 

Feel free to contact us here today for any questions or help.