A+
16%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
43%
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 Lorain Ohio National
Cost of living8492100
Goods & Services92100100
Groceries101101100
Health care9598100
Housing5773100
Transportation98100100
Utilities10399100

An Overview of Cost of Living in Lorain, OH

Getting a feel for the cost of living in Lorain is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Lorain is 84, which is 16% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Lorain stands out by reporting housing costs that are 42.9% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.

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

When it comes to knowing a city, its residents are the experts. We conducted a survey with 7 locals to understand their opinions on the cost of living in Lorain. The results indicated that 43% found it reasonably priced with decreasing prices of goods and services, while 57% viewed it as quite expensive, with increasing prices.

Is Lorain Affordable?

Wondering if Lorain is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Lorain, for example, the median home price is 50.9% lower than what folks pay nationally, and monthly rent is 24.2% lower than the usual rates. Plus, income levels matter too, with Lorain boasting a median household income of $40,486, which is 26.8% lower than the national average.

What Factors can Influence the Cost of Living in Lorain?

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

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 Lorain, healthcare costs are 4.8% lower than the national average.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Lorain, the groceries index is 1.1% higher than the national average.

Where is the Data From?

The cost of living in Lorain, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Lorain is 8% lower than the Ohio average
  • The cost of living in Lorain is 16% lower than the national average
  • Lorain housing is 43% lower than the national average
  • Ohio general sales tax is 13% higher than the national average
  • Ohio state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Lorain

See all the best places to live around Lorain

Compare Lorain, 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$55,036$4,586$1,284$1,651
      Renters$24,098$2,008$562$723
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Lorain, OH, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Lorain, homeowners have a median income of $55,036. Using that number, a maximum of $1,284 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $24,098, which means there is a maximum of $562 to be spent on the costs of renting a home or apartment.

      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 0% 3.99%

      Goods & Services

      Item Lorain 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 Lorain 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 Lorain 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 Lorain National avg. Difference
      Home Price $90,700.00$184,700.0050.9%
      Avg. Mortgage Payment $1,788.16$2,346.6923.8%
      Apartment Rent $719.00$949.0024.2%

      Transportation

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

      Utilities

      Item Lorain 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.
      Beulah Beach, OH12963.8%
      Eaton Estates, OH1,2098317.0%
      Kipton, OH1968514.6%
      Elyria, OH53,8448713.4%
      Sheffield Lake, OH9,0018812.3%
      Lorain, OH63,8328415.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Dundalk, MD63,8261021.7%
      Fredericton, NB63,818n/a 
      Port Orange, FL63,8151033.1%
      Dublin, CA63,856217116.6%
      Haverhill, MA63,78312929.4%
      Lorain, OH63,8328415.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.