D
18%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
68%
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 Beachwood Ohio National
Cost of living11892100
Goods & Services92100100
Groceries101101100
Health care9598100
Housing16873100
Transportation98100100
Utilities10399100

An Overview of Cost of Living in Beachwood, OH

Knowing the cost of living in Beachwood allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Beachwood stands at 118, marking it 18% higher than the national average.

When it comes to the cost of living in Beachwood, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 67.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Beachwood Affordable?

Is Beachwood an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Beachwood, the median home price is 62.4% higher than what most folks pay across the country, and monthly rent prices are 79.8% higher than the usual rates. Income levels in Beachwood come in at $88,709, which is 60.4% higher than the national average.

What Factors can Influence the Cost of Living in Beachwood?

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Beachwood, the utilities index registers 2.8% higher than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

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 Beachwood, the transportation index is 2% lower than the national average.

Where is the Data From?

The Beachwood cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Beachwood is 28% higher than the Ohio average
  • The cost of living in Beachwood is 18% higher than the national average
  • Beachwood housing is 68% higher than the national average
  • Ohio general sales tax is 13% higher than the national average
  • Ohio state income tax is 6% higher than the national average

Most Affordable Places to Live in and Around Beachwood

See all the best places to live around Beachwood

Compare Beachwood, 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$115,896$9,658$2,704$3,477
      Renters$64,174$5,348$1,497$1,925
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Beachwood, OH, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Beachwood homeowners, is $115,896. This would allow for a maximum of $2,704 per month to be spent on housing costs. For renters, the median monthly income is $64,174 which would result in a maximum of $1,497 to be spent on rental costs.

      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 2.76% 3.99%

      Goods & Services

      Item Beachwood 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 Beachwood 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 Beachwood 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 Beachwood National avg. Difference
      Home Price $300,000.00$184,700.0062.4%
      Avg. Mortgage Payment $1,788.16$2,346.6923.8%
      Apartment Rent $1,706.00$949.0079.8%

      Transportation

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

      Utilities

      Item Beachwood 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.
      East Cleveland, OH17,0478020.0%
      Linndale, OH3348217.9%
      Kinsman Center, OH6608217.9%
      Bainbridge village, OH7298217.8%
      Highland Hills, OH7648217.8%
      Beachwood, OH11,62711817.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Wyandanch, NY11,63212726.6%
      View Park-Windsor Hills, CA11,62118787.4%
      Largo, MD11,63312625.9%
      Four Corners, TX11,6341077.5%
      Winton, CA11,6191065.6%
      Beachwood, OH11,62711817.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.