A+
5%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
9%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Lakewood Ohio National
Cost of living9592100
Goods & Services92100100
Groceries101101100
Health care9598100
Housing9173100
Transportation98100100
Utilities10399100

An Overview of Cost of Living in Lakewood, OH

Understanding the cost of living in Lakewood can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Lakewood cost of living index is 95, which is 5% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

Everyday expenditures like food, housing, goods and services, transportation and health care in Lakewood are priced in a manner consistent with other areas. This means that residents of Lakewood can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

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

Locals have the inside scoop on their city. So, we polled 14 residents in Lakewood to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 50% find it reasonable with decreasing prices, but 50% think it's quite pricey, with prices that continue to rise.

Is Lakewood Affordable?

Is Lakewood 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 Lakewood, for instance, where the median home price falls 7.1% lower than the national average, and monthly rent rates are 14.3% lower than usual. Additionally, median income levels contribute to the equation, with Lakewood flaunting a median household income of $54,487, 1.5% lower than the national norm.

What Factors can Influence the Cost of Living in Lakewood?

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Lakewood, the groceries index is 1.1% higher than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Lakewood, the utilities index registers at 2.8% higher than the national average.

Where is the Data From?

The Lakewood 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.

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Cost Of Living Quick Facts

  • The cost of living in Lakewood is 3% higher than the Ohio average
  • The cost of living in Lakewood is 5% lower than the national average
  • Lakewood housing is 9% lower than the national average
  • Ohio general sales tax is 13% higher than the national average
  • Ohio state income tax is 6% higher than the national average

Most Affordable Places to Live in and Around Lakewood

See all the best places to live around Lakewood

Compare Lakewood, OH Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$92,201$7,683$2,151$2,766
      Renters$40,568$3,381$947$1,217
      A good way to judge both the affordability of the housing and the cost of living in Lakewood is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Lakewood has a median income of about $92,201 for people who own homes. Based on that number, a maximum of $2,151 should be spent on expenses related to housing. Renters have a slightly different median income, which is $40,568. Based on this average, renters should spend no more than $947 on all rental costs if they want to maintain a non-impoverished standard of living.

      Ohio Sales Tax

      State General Sales Tax With Max Surtax
      Ohio 5.75% 8%

      Ohio Income Tax

      State Income Tax (Low) Income Tax (High)
      Ohio 2.76% 3.99%

      Goods & Services

      Item Lakewood National avg. Difference
      Haircut $23.67$24.262.5%
      Beauty Salon $35.31$45.5622.5%
      Toothpaste $3.68$3.700.5%
      Shampoo $1.45$1.2813.0%
      Movie $11.60$12.134.4%
      Bowling $18.27$18.001.5%

      Groceries

      Item Lakewood National avg. Difference
      Ground Beef $5.46$5.846.5%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.57$4.672.3%
      Potatoes $5.38$4.939.1%
      Pizza $9.98$12.0917.4%
      Beer $10.51$10.411.0%

      Health Care

      Item Lakewood National avg. Difference
      Optometrist $103.58$125.6817.6%
      Doctor $119.67$135.7811.9%
      Dentist $109.73$113.293.1%
      Ibuprofen $10.73$10.650.7%
      Lipitor $503.65$468.607.5%

      Housing

      Item Lakewood National avg. Difference
      Home Price $171,600.00$184,700.007.1%
      Avg. Mortgage Payment $1,788.16$2,346.6923.8%
      Apartment Rent $813.00$949.0014.3%

      Transportation

      Item Lakewood National avg. Difference
      Gasoline $3.41$3.461.4%
      Tire Balancing $57.76$59.923.6%

      Utilities

      Item Lakewood National avg. Difference
      All Electricity $205.88$193.996.1%
      Phone $186.78$192.252.8%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      East Cleveland, OH17,0478020.0%
      Linndale, OH3348217.9%
      Kinsman Center, OH6608217.9%
      Highland Hills, OH7648217.8%
      Cleveland, OH383,3318317.4%
      Lakewood, OH50,002955.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      East Hartford, CT50,0361044.2%
      Newark, OH49,9518911.5%
      Coral Gables, FL49,93718787.3%
      Levittown, PA49,9211109.9%
      Rowland Heights, CA49,91416767.2%
      Lakewood, OH50,002955.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.