Murray, KY

Very Low · 60

Kentucky · Population 17,888 · Updated March 2026

$835
Median Rent / Month
$40,348
Median Income
$193,300
Median Home Value
$832
Owner Costs / Month

Affordability

How far your income goes in Murray

24.8%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Kentucky

State-level tax rates that affect your costs

4.0%
Income Tax (Top Rate)
6.0%
Sales Tax
0.83%
Property Tax Rate

Estimated Annual Costs

$10,020
Annual Rent
$1,614
State Income Tax
$1,604
Property Tax (est.)

Cost of Living Overview

Murray is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 60 (where 100 equals the national median), Murray residents can expect to pay median rent of $835/month while earning a median household income of $40,348/year.

The median home value in Murray, KY is $193,300, with typical monthly owner costs around $832 including mortgage, insurance, and taxes. The median rent-to-income ratio of 24.8% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Kentucky has a moderate income tax rate of 4.0%. Combined with a 6.0% sales tax rate and 0.83% effective property tax rate, the overall tax environment is a factor in the total cost of living in Murray.

Frequently Asked Questions

Common questions about living costs in Murray

What is the cost of living in Murray, KY?
The cost of living index in Murray, KY is 60 (US average = 100). Median monthly rent is $835, median household income is $40,348/year, and the median home value is $193,300.
Is Murray, KY affordable?
Yes, Murray is more affordable than the national average with a cost index of 60. The rent-to-income ratio is 24.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Murray, KY?
The median gross rent in Murray, KY is $835 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $10,020.
What is the median household income in Murray?
The median household income in Murray, KY is $40,348 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Kentucky?
Kentucky has a top income tax rate of 4.0%, a sales tax of 6.0%, and an effective property tax rate of 0.83%.