Cost of Living in Mayfield Heights, OH

An Overview of Cost of Living in Mayfield Heights, OH

Are you thinking about relocating, but curious about the potential cost of living in Mayfield Heights? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Mayfield Heights stands at 94, making it 6% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in Mayfield Heights closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Mayfield Heights can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is Mayfield Heights Affordable?

Is Mayfield Heights affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Mayfield Heights, the median home price is 17.3% lower than the national average and monthly rent prices are 0.7% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Mayfield Heights boasting a median household income of $55,901, 1% higher than the national average.

What Factors can Influence the Cost of Living in Mayfield Heights?

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Mayfield Heights, the utilities index registers 2.8% higher than the national average.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Mayfield Heights, the transportation index stands at 2% lower than the national average.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Mayfield Heights, the housing index stands at 12.3% lower than the national average.

Where is the Data From?

The Mayfield Heights 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.