An Overview of Cost of Living in Lakewood, OH
Understanding the cost of living in Lakewood can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Lakewood cost of living index is 95, which is 5% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
Everyday expenditures like food, housing, goods and services, transportation and health care in Lakewood are priced in a manner consistent with other areas. This means that residents of Lakewood can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
What Do Locals Say About the Cost of Living in Lakewood?
Locals have the inside scoop on their city. So, we polled 14 residents in Lakewood to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 50% find it reasonable with decreasing prices, but 50% think it's quite pricey, with prices that continue to rise.
Is Lakewood Affordable?
Is Lakewood affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Lakewood, for instance, where the median home price falls 7.1% lower than the national average, and monthly rent rates are 14.3% lower than usual. Additionally, median income levels contribute to the equation, with Lakewood flaunting a median household income of $54,487, 1.5% lower than the national norm.
What Factors can Influence the Cost of Living in Lakewood?
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Lakewood, the groceries index is 1.1% higher than the national average.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
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 Lakewood, the utilities index registers at 2.8% higher than the national average.
Where is the Data From?
The Lakewood cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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