Salary & Cost of Living in Lexington, KY
Lexington, KY: $58,000 median salary, cost of living index 92, $7.25/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$58,000
$28/hr
Cost of Living
92
US avg = 100
Minimum Wage
$7.25
per hour
Unemployment
3%
rate
Lexington, KY Overview
Population
322,570
Median Salary
$58,000
Average Salary
$64,000
Avg Commute
21 min
Median Home Price
$260,000
Median Rent
$1,100/mo
Job Growth
+1.8%
Sales Tax
6%
Lexington is located in Kentucky with a population of 322,570. The median household salary is $58,000 per year ($28/hour), which is $1,384 below the national median of $59,384. The average commute time is 21 minutes, and the city has a job growth rate of +1.8%.
Lexington Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Lexington, KY, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$45,017
$3,751.38/month · $1,731.40/biweekly · Effective Rate: 22.4%
Gross Pay
$58,000
Federal Tax
-$4,922
State Tax
-$2,320
Local Tax
-$1,305
FICA
-$4,437
Net Pay
$45,017
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $4,833.33 | $58,000.00 |
| Federal Income Tax | -$410.13 | -$4,921.50 |
| Kentucky State Tax (4%) | -$193.33 | -$2,320.00 |
| Local Tax (2.25%) | -$108.75 | -$1,305.00 |
| Social Security (6.2%) | -$299.67 | -$3,596.00 |
| Medicare (1.45%) | -$70.08 | -$841.00 |
| Net Take-Home Pay | $3,751.38 | $45,016.50 |
Salary Comparison: Lexington vs Other Cities
See how Lexington's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Lexington, KY | $58,000 | 92 | $63,043 |
| National Average | $59,384 | 100 | $59,384 |
| Escondido, CA | $58,000 | 135 | $42,963 |
| Newark, DE | $58,000 | 102 | $56,863 |
| Jacksonville, FL | $58,000 | 96 | $60,417 |
| Palm Bay, FL | $58,000 | 95 | $61,053 |
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 Lexington
Lexington's cost of living index is 92 (national average = 100). Living in Lexington is 8% less expensive than the national average.
Median Home Price
$260,000
Median Monthly Rent
$1,100
Annual Rent Cost
$13,200
Your Salary's Purchasing Power
Your $45,017 annual take-home pay in Lexington has the purchasing power of approximately $48,931 in an average-cost US area. Your $58,000 salary stretches further here than in most US cities.
Top Industries in Lexington
Lexington's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $58,000.
Salary Tips for Lexington Workers
- Research top industries. Lexington's top industries include Education, Healthcare, Technology. Targeting roles in these sectors can help you earn above the $58,000 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.
Explore Salaries Across the US
Compare salary data and cost of living for hundreds of US cities. Find out where your paycheck goes the furthest.
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Frequently Asked Questions
What is the median salary in Lexington, KY?
The median salary in Lexington, KY is $58,000 per year, or $28 per hour. The average salary is $64,000. This is $1,384 below the national median of $59,384.
What is the cost of living in Lexington, KY?
Lexington's cost of living index is 92 (national average = 100), meaning it is 8% less expensive compared to the national average. The median home price is $260,000 and the median monthly rent is $1,100.
What are the best industries in Lexington?
The top industries in Lexington, KY include Education, Healthcare, Technology. The city has a job growth rate of 1.8% and an unemployment rate of 3%. Workers in these industries often earn above the city's median salary of $58,000.
How does Lexington's salary compare to other cities?
Lexington's median salary of $58,000 is 2.3% below the national median of $59,384. However, when adjusted for cost of living (index: 92), the real purchasing power is approximately $63,043.
What is the minimum wage in Lexington, KY?
The minimum wage in Lexington, 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.