Cost of Living in Cambridge, OH

An Overview of Cost of Living in Cambridge, OH

Knowing the cost of living in Cambridge allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Cambridge stands at 84, marking it 16% lower than the national average.

Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Cambridge stands out by reporting housing costs that are 41% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of Cambridge can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.

Is Cambridge Affordable?

Is Cambridge affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Cambridge, for instance, where the median home price falls 47.6% lower than the national average, and monthly rent rates are 25.5% lower than usual. Additionally, median income levels contribute to the equation, with Cambridge flaunting a median household income of $35,124, 36.5% lower than the national norm.

What Factors can Influence the Cost of Living in Cambridge?

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Cambridge, the housing index is 41% lower than the national average.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Cambridge, the standard sales tax rate starts at 5.75%, and the income tax rates commence at 0%.

Where is the Data From?

The Cambridge cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.