Kentucky is a southeastern state bounded by the Ohio River in the north and the Appalachian Mountains in the east, with Frankfort the state capital. The state's largest city, Louisville, is home to the Kentucky Derby, the renowned horse race held at Churchill Downs on the first Saturday in May. The race is preceded by a 2-week festival and celebrated in the Kentucky Derby Museum year-round. Abbreviation: KY Capital: Frankfort Temperature: 93 degrees, partly cloudy Time: 2:00 pm  Nickname: Bluegrass state Population: 4.5 million (PA 12.8) Size: 40,409 sq mi (PA 46,000) Cost of living: $40,816 (PA $49,040) The cost of living in Kentucky is  8% lower than the national average . Housing is 23% lower than the national average, while utilities are 4% higher. When it comes to basic necessities such as food and clothing, groceries are around 3% lower than in the rest of the country, while clothing costs 3% lower. Minimum wage: $7.25 Statehood:  June 1, 1792 State Flag:  The ...