Cost of Living in Phelps, KY
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
59.2
100 = national avg
-40.8 vs national average
Living Wage (1 Adult)
$26,050
per year
Living Wage (Family of 4)
$61,573
per year
Cost Index by Category
Housing57.5
Food71.8
Transportation43.6
Healthcare77.5
Utilities74.6
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$745
per month
2 Bedroom
$977
per month
The overall cost of living index in Phelps is 59.2, which is 40.8% below the national average. Housing costs are below the national average at an index of 57.5. A single adult needs to earn approximately $26,050 per year to cover basic expenses.