06.29.2023

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38° | Partly cloudy | 7% chance of rain
Sunrise 7:54 a.m. | Sunset 5:30 p.m.

💸 What it costs to live in LEX

Cost of living in Lexington

Downtown Lexington with curly street lamps and the big blue building

Big blue skies, big blue building, big blue nation | Photo by LEXtoday

With Lexington constantly growing and undertaking multiple high-profile developments this year, we figured it was time to talk about the cost of planting some roots in the Horse Capital of the World.

The median household income in Fayette County is $61,526 according to the US Census Bureau. State-wise, Kentucky is No. 45 in the country for median income at ~$52,238 per household.

The overall cost of living in Lexington is lower than the national average, but higher than the rest of the state.

A chart showing Lexington's cost of living compared to the state. — The overall cost of living in Lexington is lower than the national average. | Screenshot via bestplaces.net

In Lexington, the cost of healthcare is lower compared to other parts of the state, but slightly higher than the US average. However, the cost of groceries, housing + transportation in the city have higher average costs than other cities in Kentucky.

Breaking down the numbers

Hypothetically speaking, if you live in a household that brings in $50,000 annually — according to experts — you shouldn’t spend more than 30% of your monthly gross income on rent and utilities. Don’t worry, we did the math for you — your max monthly budget would be $1,250. The average monthly rent for an apartment in Lexington is $1,162 — nearing the top of your budget.

According to a recent study by Attom Data Solutions, it’s actually more affordable to buy a home in Fayette County than to rent.

Take a look at the chart below to see how Lexington’s cost of living compares to that of Louisville.

Cost of living chart comparing Lexington with Louisville — The overall cost of living in Lexington is slightly higher than in Louisville. | Screenshot via bestplaces.net

Interested in seeing Lexington’s cost of living compared to cities in other states? We played around on nerdwallet’s cost of living calculator, where you can put in any city along with your current pre-tax household income to find out what other cities you could actually afford to live in.

See how LEX compares to Nashville

Events

Thursday, June 29

ZeroTurns & Zinfandel | Thursday, June 29 | 5:30-8 p.m. | Central Equipment, 791 Red Mile Rd., Lexington | Free | Grab the girls, a glass of wine, and learn mechanic basics including how to change oil, safety + maintenance, and more.

Friday, June 30

Cheesecake Apocalypse Speakeasy! | Friday, June 30 | 4 p.m. | Backroads Bakery, 109 W. 6th St., Lexington | $20-$35 | Take a step back in time at this speakeasy costume party, where you can enjoy cheesecake + beer flight pairings, jazz tunes, and a raffle.
Friday Flicks | Friday, June 30 | 7-10 p.m. | Jacobson Park, 4001 Athens Boonesboro Rd., Lexington | Free | Grab your blankets and lawn chairs, plus some food from one of many food trucks, and enjoy a showing of “Minions: Rise of Gru.”

Saturday, July 1

Red, White & Blues | Saturday, July 1 | 5:30-9 p.m. | Moondance Amphitheater, 1152 Monarch St., Lexington | Free | Kick off the Fourth of July festivities with tunes from Tee Dee Young + food trucks and drinks.
Driftwood Gypsy | Saturday, July 1 | 8 p.m. | The Burl, 375 Thompson Rd., Lexington | $15 | Jam out and let loose with funky tunes from these local favorites.

Events calendar here

Click here to have your event featured.

Finance

Business

The 411 on wealth management

Presented by a LEXtoday Partner

a group of people stand on 3 rows of steps

Central Bank Wealth Management’s highly accredited and credentialed team can create custom solutions for your unique financial needs. | Photo provided by Central Bank Wealth Management

Financial management can be daunting, to say the least. But the good news is, you don’t have to manage your finances completely on your own. With the right team, getting your financial situation in order can be easy — that’s just our two cents.

Let’s start with busting three common myths from the local experts at Central Bank Wealth Management:

You don’t need $1 million to start managing your wealth.
Your situation isn’t too complicated (no matter how many 401k plans you need to consolidate).
You’re never too young for estate or retirement planning.

If you’re ready to call in the pros, Central Bank Wealth Management’s highly accredited and credentialed team can assess your situation and uncover custom solutions for your unique financial needs.

Even better, you’ll never dial a 1-800 number because Central Bank Wealth Management is 100% local. Lexingtonians can drop by for a face-to-face meeting anytime.

To top it all off, their fee structure is based on a simple principle: They’re successful when you are.

Learn more about Central Bank Wealth Management online or contact Charlie Rush at 859-253-6423.

Begin your financial management journey

Disclosure: Wealth Management Services are provided by Central Bank & Trust Co. CBIA, Inc. dba Central Insurance Services (CIS) is a wholly-owned subsidiary of Central Bank & Trust Co. Insurance products, investment products and securities. NOT FDIC Insured | NOT Guaranteed by the Bank | MAY Lose Value | NOT Insured by any Federal Government Agency | NOT a Deposit | Subject to Risk

News Notes

Number

$9.05 million. That’s how much Keeneland will provide for its 2023 Fall Meet — a record high for the racetrack. The money will cover 22 stakes, where the most expensive race will amount to $1 million during opening weekend in October. (The Lane Report)

Eat

The Salad Bar is moving to its new home at the Idle Hour Shopping Center at 2051 Richmond Rd. The store, which specializes in healthy lunches like smoothies, salads, and sandwiches, will hold a soft opening for the new spot in the coming weeks. (Lexington Herald-Leader)

Community

During the pandemic’s peak, Cardinal Valley resident Cynthia Buckner created “The Little Red Blessing Food Box” — a place to pick up + donate food. Years later, the invention is still going strong. Anyone interested in contributing is welcome to give Cynthia a call. (LEX18)

Plan Ahead

The third annual Bluegrass Greensource Riverfest takes place Sunday, July 16. Starting at 9 a.m., head to Proud Mary BBQ and get first-hand experience with water paddle crafts, explore vendors, and learn about various environmental organizations.

Wellness

Meet the only probiotic Halle Berry will take. It’s created by scientists and optimizes metabolism to support a healthy weight. Use code 6AMCITY for 20% off your first month.*

The Wrap

Today’s edition by:
Aayat

From the editor

I have a feeling that the haze we experienced yesterday is not what Taylor Swift was referring to in Lavender Haze.

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