Cost of Living in Ravenna, KY

With a cost of living index of 65, Ravenna, KY is one of the most affordable cities in the country. Living here is 35% cheaper than the national average and 14% below the Kentucky state average of 78. Ravenna is a small community of 632 residents.

Housing costs are the biggest factor in Ravenna's cost of living. The median monthly rent is $843 (36% below the US median of $1,319), and the median home value sits at $84,300 (72% below the national median of $304,900). At current prices, the median home costs roughly 2.3x the median household income — well within traditional affordability guidelines.

The median household income in Ravenna is $36,979, which is 51% lower than the national median of $75,149. Residents spend roughly 27% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.