| Index | Parma | Ohio | National |
| Cost of living | 88 | 89 | 100 |
| Groceries | 95 | 97 | 100 |
| Health care | 94 | 96 | 100 |
| Housing | 73 | 74 | 100 |
| Transportation | 95 | 96 | 100 |
| Utilities | 97 | 96 | 100 |
| Lifestyle & Entertainment | 98 | 95 | 100 |
| Household Items | 97 | 97 | 100 |
| Education & Childcare | 90 | 93 | 100 |
Getting a feel for the cost of living in Parma is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Parma is 88, which is 12% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
The real experts on a city are its residents. That's why we reached out to 9 locals to get their views on the cost of living in Parma. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 33% found it budget-friendly with decreasing prices, while 67% said it's simply not affordable as prices have continued to rise.
Is Parma 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 Parma, for instance, where the median home price falls 35.4% lower than the national average, and monthly rent rates are 7% lower than usual. Additionally, median income levels contribute to the equation, with Parma flaunting a median household income of $87,450, 7.5% higher than the national norm.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Parma, the prevailing sales tax rate starts at 5.75%, and income tax rates kick off at 2.76%.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Parma, the groceries index is 4.9% lower than the national average.
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 Parma, the transportation index is 5.5% lower than the national average.
The cost of living estimates displayed for Parma are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $98,399 | $8,200 | $2,296 | $2,952 |
| Renters | $62,392 | $5,199 | $1,456 | $1,872 |
| 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% |
| Parma, OH | 80,602 | 88 | 11.6% |
| City | Population | Cost of Living Index | National Avg. |
| Perris, CA | 80,566 | 131 | 31.2% |
| Boynton Beach, FL | 80,667 | 113 | 12.8% |
| Napa, CA | 80,932 | 173 | 72.7% |
| Pharr, TX | 80,998 | 85 | 15.4% |
| Scranton, PA | 79,887 | 90 | 10.3% |
| Parma, OH | 80,602 | 88 | 11.6% |
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