Cost of Living in Tallmadge, OH

An Overview of Cost of Living in Tallmadge, OH

Are you thinking about relocating, but curious about the potential cost of living in Tallmadge? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Tallmadge stands at 95, making it 5% 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.

In Tallmadge, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Tallmadge will resemble that of an average city, contributing to a manageable cost of living.

Is Tallmadge Affordable?

Is Tallmadge an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Tallmadge is 4.3% lower than the national average, while the average monthly rent prices are 14.5% lower than average. The affordability of any location can also be influenced by median income levels. Tallmadge has a median household income of $74,783, which is 35.2% higher than the national average.

What Factors can Influence the Cost of Living in Tallmadge?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Tallmadge, healthcare costs are 4.8% 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 Tallmadge, the standard sales tax rate starts at 5.75%, and the income tax rates commence at 0%.

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 Tallmadge, the utilities index registers at 2.8% higher than the national average.

Where is the Data From?

The Tallmadge 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.