Cost of Living in Dayton, OH

An Overview of Cost of Living in Dayton, OH

Knowing the cost of living in Dayton 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 Dayton stands at 85, marking it 15% lower than the national average.

Dayton housing costs are 50.8% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, Dayton residents can earmark a more manageable portion of their income to housing.

What Do Locals Say About the Cost of Living in Dayton?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 19 locals to understand their opinions on the cost of living in Dayton. The results indicated that 47% found it reasonably priced with decreasing prices of goods and services, while 53% viewed it as quite expensive, with increasing prices.

Is Dayton Affordable?

Is Dayton 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 Dayton, for instance, where the median home price falls 62.4% lower than the national average, and monthly rent rates are 23.7% lower than usual. Additionally, median income levels contribute to the equation, with Dayton flaunting a median household income of $34,457, 37.7% lower than the national norm.

What Factors can Influence the Cost of Living in Dayton?

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Dayton, the housing index comes in at 50.8% 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 Dayton, the standard sales tax rate starts at 5.75%, and the income tax rates commence at 0%.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Where is the Data From?

The Dayton cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.