Executive Financial Report: Phelps (41553)
Navigating the local economic landscape in Phelps (41553) reveals an average baseline monthly cost of living of approximately $2,863 for single individuals. This comprehensive benchmark reflects essential housing, food, tax, and healthcare commitments.
With typical rent and housing utilities averaging an affordable $566 per month—just 20% of baseline expenses—Phelps offers exceptionally competitive housing costs compared to wider metropolitan averages across Kentucky.
Household earnings in Phelps generally align with basic living standards. With an area median family income of $45,433, local workers earn roughly 1.32x the baseline living cost ($34,352.095/year). While adequate, maintaining a comfortable safety net requires mindful budgeting.
Tax obligations represent roughly 16% ($468/month) of baseline monthly spending in zip code 41553. State and federal tax obligations form a consistent component of monthly financial planning. Meanwhile, essential groceries average $248 monthly for single adults.
In summary, living in Phelps, KY requires balancing local real estate conditions with prevailing regional wage structures. Use the interactive calculator below to adjust these benchmarks for multi-person family households or compare 41553 against other US destinations.