Norwood 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.
IndexNorwoodOhioNational
Cost of living index8791100
IndexNorwoodOhioNational
Goods & Services index9396100
Groceries index9399100
Health care index9596100
Housing index6875100
Transportation index9695100
Utilities index106101100
The above illustration supplies generalized information for the Norwood, OH cost of living index. Compared to other cities in Ohio and cities across the country, the cost of living index in Norwood, OH is 87, which is 4% lower than the Ohio average and 13% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Norwood, OH are 3% lower than the average for Ohio and 7% lower than the rest of the country.

Did you know?

  • The cost of living in Norwood is 4% lower than the Ohio average.
  • The cost of living in Norwood is 13% lower than the national average.
  • The cost of housing in Norwood is 32% 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.

Find Real Estate Listings In Norwood

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Norwood

Compare Norwood, 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 used in order to provide a comparison of your current salary in Norwood, OH to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Norwood, OH, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Norwood, OH salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$58,471$4,873$1,364$1,754
Renters$25,696$2,141$600$771
If you want to find a good determining factor for the cost of living and the general affordability of housing in Norwood, OH, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Norwood, OH, the median monthly income is $58,471 for those who own their own homes. Under the standard rule, that income level would allow for $1,364 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $25,696, per the median income in the area. That would allow for renters to spend up to $600 on monthly rental expenses.

Ohio Sales Tax

StateGeneral Sales TaxWith Max Surtax
Ohio5.75%8%

Ohio Income Tax

StateIncome Tax (Low)Income Tax (High)
Ohio0.528%5.333%
For those who live in Norwood, OH and want to know what the true cost of living is, they ought to look at both the Ohio income tax rate and the Ohio sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Ohio, the sales tax is 5.75%, while the most you'll pay in surtax is 8%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Ohio, the income tax rate ranges between 0.528% to 5.333%.

Goods & Services

ItemNorwoodNational avg.Difference
Haircut $12.50$14.5914.3%
Beauty Salon $32.61$34.686.0%
Toothpaste $2.54$2.472.7%
Shampoo $0.88$1.0213.9%
Movie $9.72$9.871.5%
Bowling $4.08$4.397.1%

Groceries

ItemNorwoodNational avg.Difference
Ground Beef $4.21$4.486.0%
Fried Chicken $1.08$1.4626.2%
Milk $1.63$2.3630.8%
Potatoes $3.00$3.062.0%
Pizza $8.19$9.2411.4%
Beer $8.22$8.634.8%

Health Care

ItemNorwoodNational avg.Difference
Optometrist $90.90$99.788.9%
Doctor $92.83$105.0311.6%
Dentist $83.38$88.706.0%
Ibuprofen $8.10$9.4113.9%
Lipitor $317.61$298.506.4%

Housing

ItemNorwoodNational avg.Difference
Home Price $118,800.00$175,700.0032.4%
Avg. Mortgage Payment $812.88$1,081.0324.8%
Apartment Rent $647.00$920.0029.7%

Transportation

ItemNorwoodNational avg.Difference
Gasoline $2.03$2.093.1%
Tire Balancing $42.99$45.295.1%

Utilities

ItemNorwoodNational avg.Difference
All Electricity$202.79$170.8018.7%
Phone $24.99$28.2611.6%
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.
Plainville, OH1196-4%
Brecon, OH25669-31%
New Baltimore, OH52378-22%
Elmwood Place, OH1,88780-20%
Lincoln Heights, OH3,34882-18%
Norwood, OH19,17087-13%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Louisville, CO19,17112929%
Universal City, TX19,16492-8%
Lathrop, CA19,16311717%
Fernley, NV19,1841011%
Murphy, TX19,15412626%
Norwood, OH19,17087-13%
Source: The Norwood, OH cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.