| Index | Lakewood | Ohio | National |
| Cost of living | 94 | 89 | 100 |
| Groceries | 97 | 97 | 100 |
| Health care | 97 | 96 | 100 |
| Housing | 91 | 74 | 100 |
| Transportation | 93 | 96 | 100 |
| Utilities | 95 | 96 | 100 |
| Lifestyle & Entertainment | 94 | 95 | 100 |
| Household Items | 94 | 97 | 100 |
| Education & Childcare | 94 | 93 | 100 |
The cost of living in Lakewood affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Lakewood is 94, which is 6% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
The cost of living in Lakewood is about average when compared to all other cities across the nation. You can expect that everyday items like food, household expenses and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.
When it comes to knowing a city, its residents are the experts. We conducted a survey with 14 locals to understand their opinions on the cost of living in Lakewood. The results indicated that 50% found it reasonably priced with decreasing prices of goods and services, while 50% viewed it as quite expensive, with increasing prices.
Wondering if Lakewood 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 Lakewood, for example, the median home price is 7.1% lower than what folks pay nationally, and monthly rent is 14.5% lower than the usual rates. Plus, income levels matter too, with Lakewood boasting a median household income of $79,939, which is 1.7% lower than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Lakewood, the transportation index stands at 6.7% lower than the national average.
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 4.9% lower than the national average.
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 3.1% lower than the national average.
The Lakewood cost of living data displayed above uses a U.S. average baseline of 100 to provide a practical way to compare living expenses across cities. Housing estimates incorporate U.S. Census home price and rental data, while all other values are generated using AI-assisted models based on everyday expense expectations, regional pricing trends, climate, transportation patterns, and local economic conditions. These values are designed for directional city-to-city comparisons.
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| Groceries index | |
| Health care index | |
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| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $136,947 | $11,412 | $3,195 | $4,109 |
| Renters | $60,106 | $5,009 | $1,402 | $1,803 |
| State | General Sales Tax | With Max Surtax |
| Ohio | 5.75% | 8% |
| State | Income Tax (Low) | Income Tax (High) |
| Ohio | 2.76% | 3.99% |
| City | Population | Cost of Living Index | National Avg. |
| East Cleveland, OH | 17,563 | 80 | 20.2% |
| Linndale, OH | 346 | 81 | 18.5% |
| Kinsman Center, OH | 674 | 82 | 18.1% |
| Highland Hills, OH | 782 | 82 | 18.0% |
| Cleveland, OH | 391,340 | 81 | 18.9% |
| Lakewood, OH | 51,262 | 94 | 6.2% |
| City | Population | Cost of Living Index | National Avg. |
| North Bethesda, MD | 51,238 | 162 | 62.1% |
| Mishawaka, IN | 51,230 | 87 | 12.5% |
| Plainfield, NJ | 51,295 | 122 | 21.5% |
| Enid, OK | 51,301 | 88 | 11.9% |
| Poway, CA | 51,311 | 179 | 78.8% |
| Lakewood, OH | 51,262 | 94 | 6.2% |
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