A+
11%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
52%
Housing NAT. AVG.
Search Homes for Sale
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 Lima Ohio National
Cost of living8992100
Goods & Services105100100
Groceries102101100
Health care11298100
Housing4873100
Transportation117100100
Utilities10199100

An Overview of Cost of Living in Lima, OH

The cost of living in Lima 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 Lima is 89, which is 11% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Housing costs often consume a significant share of your take-home income, often surpassing 30%. Fortunately, Lima distinguishes itself by reporting housing expenses that are 52.2% below the national average. This indicates that both owning a home and renting in this area are notably more budget-friendly compared to the rest of the nation. With such favorable housing affordability, residents of Lima can allocate more of their income to housing, enhancing their financial flexibility.

What Do Locals Say About the Cost of Living in Lima?

Locals have the inside scoop on their city. So, we polled 14 residents in Lima 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? 36% find it reasonable with decreasing prices, but 64% think it's quite pricey, with prices that continue to rise.

Is Lima Affordable?

Is Lima 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 Lima, the median home price is 62.7% lower than what most folks pay across the country, and monthly rent prices are 27.6% lower than the usual rates. Income levels in Lima come in at $34,586, which is 37.5% lower than the national average.

What Factors can Influence the Cost of Living in Lima?

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 Lima, the groceries index is 1.6% higher than the national average.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Lima, the general sales tax rate starts at 5.75%, and income tax rates begin at 0%.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Lima, the transportation index is 16.8% higher than the national average.

Where is the Data From?

The cost of living data in Lima displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

New Real Estate Listings in Lima Area
Search Homes for Sale in Lima, OH

Cost Of Living Quick Facts

  • The cost of living in Lima is 4% lower than the Ohio average
  • The cost of living in Lima is 11% lower than the national average
  • Lima housing is 52% lower than the national average
  • Ohio general sales tax is 13% higher than the national average
  • Ohio state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Lima

See all the best places to live around Lima

Compare Lima, OH Cost of Living

      vs
      How would you rate the cost of living in Lima?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Lima?
      Write a review to give others more information about this area.
      See all Lima poll results

      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$47,004$3,917$1,097$1,410
      Renters$26,824$2,235$626$805
      To approximate the cost of living and the housing affordability in Lima, OH, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Lima have a median income of $47,004. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,097 per month to avoid calamity and poverty. The renters in the city have an income of about $26,824, which would make their monthly maximum allowable rental costs $626.

      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 0% 3.99%

      Goods & Services

      Item Lima National avg. Difference
      Haircut $30.92$24.2627.4%
      Beauty Salon $47.35$45.563.9%
      Toothpaste $3.76$3.701.4%
      Shampoo $1.38$1.287.6%
      Movie $13.39$12.1310.4%
      Bowling $16.98$18.005.7%

      Groceries

      Item Lima National avg. Difference
      Ground Beef $4.95$5.8415.2%
      Fried Chicken $1.73$1.579.7%
      Milk $4.62$4.671.0%
      Potatoes $5.06$4.932.5%
      Pizza $12.96$12.097.2%
      Beer $10.31$10.411.0%

      Health Care

      Item Lima National avg. Difference
      Optometrist $98.91$125.6821.3%
      Doctor $195.55$135.7844.0%
      Dentist $109.86$113.293.0%
      Ibuprofen $10.77$10.651.1%
      Lipitor $511.43$468.609.1%

      Housing

      Item Lima National avg. Difference
      Home Price $68,900.00$184,700.0062.7%
      Avg. Mortgage Payment $2,211.29$2,346.695.8%
      Apartment Rent $687.00$949.0027.6%

      Transportation

      Item Lima National avg. Difference
      Gasoline $3.48$3.460.4%
      Tire Balancing $93.87$59.9256.7%

      Utilities

      Item Lima National avg. Difference
      All Electricity $200.81$193.993.5%
      Phone $185.74$192.253.4%
      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.
      St. Johns, OH1788514.7%
      Alger, OH8758614.4%
      Uniopolis, OH3158713.3%
      Vaughnsville, OH271919.5%
      Harrod, OH402919.4%
      Lima, OH36,9088911.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Commack, NY36,90315656.1%
      Winter Springs, FL36,85911110.5%
      Lake Worth, FL36,838981.6%
      Beloit, WI36,8048415.7%
      Hilliard, OH37,0231088.0%
      Lima, OH36,9088911.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.