Olmsted Falls 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.
IndexOlmsted FallsOhioNational
Cost of living index9791100
IndexOlmsted FallsOhioNational
Goods & Services index10199100
Groceries index114101100
Health care index10095100
Housing index8575100
Transportation index106101100
Utilities index9291100
A general overview of the cost of living index for Olmsted Falls, OH is displayed above. In Olmsted Falls, OH, the overall cost of living index is 97, which is 6% higher than the Ohio average and 3% 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 Olmsted Falls, OH, the city's goods and services are 2% higher than the Ohio average and 1% higher than the U.S. average.

Did you know?

  • The cost of living in Olmsted Falls is 6% higher than the Ohio average.
  • The cost of living in Olmsted Falls is 3% lower than the national average.
  • The cost of housing in Olmsted Falls is 15% 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 Olmsted Falls

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Olmsted Falls

Compare Olmsted Falls, 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
Using the salary calculator lets you compare the salary you earn in Olmsted Falls, OH to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Olmsted Falls, OH, you have to earn a higher income in order to still have the same standard of living. To operate the Olmsted Falls, OH salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$75,625$6,302$1,764$2,269
Renters$31,250$2,604$729$938
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 Olmsted Falls, 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. Olmsted Falls, OH has a median income of about $75,625 for people who own homes. Based on that number, a person should spend a maximum of $1,764 on expenses related to housing. Renters have a slightly different median income, which is $31,250. Based on this average, renters should spend no more than $729 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%
The Ohio sales tax and Ohio income tax rates should definitely be considered when determining the overall cost of living in Olmsted Falls, OH. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Ohio sales tax is 5.75% and the maximum surtax is 8%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Ohio income tax rates range from 0.528% to 5.333%.

Goods & Services

ItemOlmsted FallsNational avg.Difference
Haircut $14.90$15.564.3%
Beauty Salon $34.40$36.114.7%
Toothpaste $2.71$2.479.7%
Shampoo $1.02$0.965.4%
Movie $10.70$10.135.7%
Bowling $4.68$4.741.2%

Groceries

ItemOlmsted FallsNational avg.Difference
Ground Beef $5.32$3.9833.6%
Fried Chicken $1.70$1.4120.6%
Milk $2.06$2.060.3%
Potatoes $2.69$2.989.7%
Pizza $10.90$9.4715.0%
Beer $7.72$8.7912.2%

Health Care

ItemOlmsted FallsNational avg.Difference
Optometrist $78.95$101.0421.9%
Doctor $112.80$107.445.0%
Dentist $83.71$90.427.4%
Ibuprofen $9.98$9.287.5%
Lipitor $459.10$426.507.6%

Housing

ItemOlmsted FallsNational avg.Difference
Home Price $149,700.00$175,700.0014.8%
Avg. Mortgage Payment $959.35$1,133.2315.3%
Apartment Rent $768.00$920.0016.5%

Transportation

ItemOlmsted FallsNational avg.Difference
Gasoline $2.03$1.991.7%
Tire Balancing $53.47$45.7616.8%

Utilities

ItemOlmsted FallsNational avg.Difference
All Electricity$122.96$163.8124.9%
Phone $32.52$28.3914.6%
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.
Cleveland, OH392,11487-13%
Linndale, OH19087-13%
Newburgh Heights, OH2,00088-12%
Lorain, OH63,88589-11%
Elyria, OH54,21690-10%
Olmsted Falls, OH8,94397-3%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Napoleon, OH8,94089-11%
Quakertown, PA8,93911010%
Maysville, KY8,95186-14%
Monett, MO8,93584-16%
North Madison, OH8,95295-5%
Olmsted Falls, OH8,94397-3%
Source: The Olmsted Falls, OH cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.