Lakewood cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexLakewoodOhioNational
Cost of living index9591100
IndexLakewoodOhioNational
Goods & Services index10596100
Groceries index10799100
Health care index11496100
Housing index7475100
Transportation index9795100
Utilities index100101100
A general overview of the cost of living index for Lakewood, OH is displayed above. In Lakewood, OH, the overall cost of living index is 95, which is 5% higher than the Ohio average and 5% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Lakewood, OH, the city's goods and services are 9% higher than the Ohio average and 5% higher than the U.S. average.

Did you know?

  • The cost of living in Lakewood is 5% higher than the Ohio average.
  • The cost of living in Lakewood is 5% lower than the national average.
  • The cost of housing in Lakewood is 26% lower than the national average.
  • Ohio general sales tax is 13% higher than the national average.
  • Ohio state income tax is 76% lower than the national average.

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Compare Lakewood, OH Cost of living To Other Cities

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
The salary calculator is meant to help you compare your salary in Lakewood, OH to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Lakewood, OH, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Lakewood, OH salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$68,477$5,706$1,598$2,055
Renters$32,197$2,683$751$966
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Lakewood, OH, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Lakewood, OH has a median income of about $68,477 for people who own homes. Based on that number, a person should spend a maximum of $1,598 on expenses related to housing. Renters have a slightly different median income, which is $32,197. Based on this average, renters should spend no more than $751 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Ohio Sales Tax

StateGeneral Sales TaxWith Max Surtax
Ohio5.75%8%

Ohio Income Tax

StateIncome Tax (Low)Income Tax (High)
Ohio0.528%5.333%
When considering the overall cost of living expenses in Lakewood, OH, it's important to take into account the sales tax for Ohio, as well as the rate for income tax in Ohio. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Ohio is 8%, and the sales tax in the state of Ohio is 5.75%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Ohio starts from 0.528% and goes up to 5.333%.

Goods & Services

ItemLakewoodNational avg.Difference
Haircut $17.45$14.5919.6%
Beauty Salon $41.75$34.6820.4%
Toothpaste $2.64$2.476.7%
Shampoo $1.03$1.020.8%
Movie $10.15$9.872.9%
Bowling $4.29$4.392.3%

Groceries

ItemLakewoodNational avg.Difference
Ground Beef $4.86$4.488.6%
Fried Chicken $1.54$1.465.2%
Milk $2.69$2.3614.1%
Potatoes $2.79$3.068.9%
Pizza $11.00$9.2419.0%
Beer $7.99$8.637.4%

Health Care

ItemLakewoodNational avg.Difference
Optometrist $84.74$99.7815.1%
Doctor $115.50$105.0310.0%
Dentist $115.00$88.7029.6%
Ibuprofen $11.07$9.4117.6%
Lipitor $302.96$298.501.5%

Housing

ItemLakewoodNational avg.Difference
Home Price $128,700.00$175,700.0026.8%
Avg. Mortgage Payment $1,001.84$1,081.037.3%
Apartment Rent $702.00$920.0023.7%

Transportation

ItemLakewoodNational avg.Difference
Gasoline $1.99$2.094.9%
Tire Balancing $45.52$45.290.5%

Utilities

ItemLakewoodNational avg.Difference
All Electricity$165.58$170.803.1%
Phone $29.58$28.264.7%
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, StatePopulationCost of Living IndexNational Avg.
East Cleveland, OH17,61986-14%
Highland Hills, OH99987-13%
Cleveland, OH392,11488-12%
Linndale, OH19088-12%
Newburgh Heights, OH2,00089-11%
Lakewood, OH51,43495-5%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Milford, CT51,50913535%
West New York, NJ51,51114747%
Elkhart, IN51,53981-19%
Levittown, PA51,32611919%
San Marcos, TX51,28989-11%
Lakewood, OH51,43495-5%
Source: The Lakewood, OH cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.