Cost of Living in Youngstown, OH

An Overview of Cost of Living in Youngstown, OH

The cost of living in Youngstown affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Youngstown is 82, which is 18% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Youngstown stands out by reporting housing costs that are 62.1% 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 Youngstown can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.

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

The real experts on a city are its residents. That's why we reached out to 17 locals to get their views on the cost of living in Youngstown. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 47% found it budget-friendly with decreasing prices, while 53% said it's simply not affordable as prices have continued to rise.

Is Youngstown Affordable?

Is Youngstown 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 Youngstown, the median home price is 74.6% lower than the national average and monthly rent prices are 32.8% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Youngstown boasting a median household income of $30,129, 45.5% lower than the national average.

What Factors can Influence the Cost of Living in Youngstown?

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Youngstown, healthcare costs are 8.6% lower than the national average.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Youngstown, the transportation index is 7.4% higher than the national average.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Youngstown, the utilities index is 25.4% higher than the national average.

Where is the Data From?

The Youngstown 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.