Key Economic Benchmarks
Median Household Income
$59,858$4,988 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Simpson County, KY
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Simpson County, KY
Official FY2026 HUD Fair Market Rents for Simpson County, KY. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $754 | $9,048 | $30,160 | 15.1% |
| 1-Bedroom Apartment | $872 | $10,464 | $34,880 | 17.5% |
| 2-Bedroom ApartmentBenchmark | $1,055 | $12,660 | $42,200 | 21.2% |
| 3-Bedroom Home | $1,405 | $16,860 | $56,200 | 28.2% |
| 4-Bedroom Home | $1,473 | $17,676 | $58,920 | 29.5% |
50/30/20 Living Budget in Simpson County, KY
Based on the local median household income of $59,858/year ($4,988/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Kentucky
Explore net income after federal income tax, FICA, and Kentucky state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Kentucky with official federal datasets:
Frequently Asked Questions About Living in Simpson County, KY
What is the median household income in Simpson County, KY?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Simpson County, KY is $59,858 per year (approximately $4,988 per month).
What is the average rent in Simpson County, KY?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Simpson County, KY are $754 for a studio, $872 for 1 bedroom, $1,055 for 2 bedrooms, $1,405 for 3 bedrooms, and $1,473 for 4 bedrooms.
How does the cost of living in Simpson County, KY compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Simpson County, KY is 90.2 (9.8% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Simpson County, KY?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,055/month) in Simpson County, KY requires a minimum gross household income of $42,200 per year ($3,517 per month).
What is a balanced 50/30/20 monthly budget in Simpson County, KY?
For a typical household earning the median income of $59,858/year ($4,988/month) in Simpson County, KY, a balanced 50/30/20 budget allocates $2,494/month to essential needs (rent, utilities, groceries), $1,496/month to discretionary spending, and $998/month to savings and debt repayment.
What are typical electricity and utility costs in Simpson County, KY?
Residential electricity rates in Kentucky average 14.3¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $128 per month.