Salary & Cost of Living in Florence, KY
Florence, KY: $43,996 median salary, cost of living index 84, $7.25/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$43,996
$21/hr
Cost of Living
84
US avg = 100
Minimum Wage
$7.25
per hour
Unemployment
3.2%
rate
Florence, KY Overview
Population
32,921
Median Salary
$43,996
Average Salary
$49,276
Avg Commute
16 min
Median Home Price
$171,000
Median Rent
$700/mo
Job Growth
+1%
Sales Tax
6%
Florence is located in Kentucky with a population of 32,921. The median household salary is $43,996 per year ($21/hour), which is $15,388 below the national median of $59,384. The average commute time is 16 minutes, and the city has a job growth rate of +1%.
Florence Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Florence, KY, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$34,904
$2,908.63/month · $1,342.44/biweekly · Effective Rate: 20.7%
Gross Pay
$43,996
Federal Tax
-$3,241
State Tax
-$1,760
Local Tax
-$726
FICA
-$3,366
Net Pay
$34,904
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $3,666.33 | $43,996.00 |
| Federal Income Tax | -$270.09 | -$3,241.02 |
| Kentucky State Tax (4%) | -$146.65 | -$1,759.84 |
| Local Tax (1.65%) | -$60.49 | -$725.93 |
| Social Security (6.2%) | -$227.31 | -$2,727.75 |
| Medicare (1.45%) | -$53.16 | -$637.94 |
| Net Take-Home Pay | $2,908.63 | $34,903.51 |
Salary Comparison: Florence vs Other Cities
See how Florence's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Florence, KY | $43,996 | 84 | $52,376 |
| National Average | $59,384 | 100 | $59,384 |
| Gulfport, MS | $44,000 | 83 | $53,012 |
| Richmond, IN | $44,000 | 88.6 | $49,661 |
| Winter Springs, FL | $44,002 | 98.9 | $44,491 |
| Evans, GA | $44,004 | 94.6 | $46,516 |
Adjusted salary reflects purchasing power when cost of living is factored in. A higher adjusted salary means your money goes further.
Cost of Living in Florence
Florence's cost of living index is 84 (national average = 100). Living in Florence is 16% less expensive than the national average.
Median Home Price
$171,000
Median Monthly Rent
$700
Annual Rent Cost
$8,400
Your Salary's Purchasing Power
Your $34,904 annual take-home pay in Florence has the purchasing power of approximately $41,552 in an average-cost US area. Your $43,996 salary stretches further here than in most US cities.
Top Industries in Florence
Florence's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $43,996.
Salary Tips for Florence Workers
- Your salary goes further here. Florence has a cost of living 16% below the national average. A salary of $43,996 here has the purchasing power of about $52,376 in an average-cost area.
- Research top industries. Florence's top industries include Automotive, Healthcare, Bourbon. Targeting roles in these sectors can help you earn above the $43,996 median salary.
- Review your W-4 withholding. If you regularly receive large tax refunds, adjust your W-4 to increase your per-paycheck take-home pay instead of giving the government an interest-free loan.
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Frequently Asked Questions
What is the median salary in Florence, KY?
The median salary in Florence, KY is $43,996 per year, or $21 per hour. The average salary is $49,276. This is $15,388 below the national median of $59,384.
What is the cost of living in Florence, KY?
Florence's cost of living index is 84 (national average = 100), meaning it is 16% less expensive compared to the national average. The median home price is $171,000 and the median monthly rent is $700.
What are the best industries in Florence?
The top industries in Florence, KY include Automotive, Healthcare, Bourbon. The city has a job growth rate of 1% and an unemployment rate of 3.2%. Workers in these industries often earn above the city's median salary of $43,996.
How does Florence's salary compare to other cities?
Florence's median salary of $43,996 is 25.9% below the national median of $59,384. However, when adjusted for cost of living (index: 84), the real purchasing power is approximately $52,376.
What is the minimum wage in Florence, KY?
The minimum wage in Florence, KY is $7.25 per hour. This equals approximately $15,080 per year for a full-time worker (40 hours/week). This matches the federal minimum wage of $7.25/hour.