An Overview of Cost of Living in Stow, OH
Are you thinking about relocating, but curious about the potential cost of living in Stow? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Stow stands at 99, making it 1% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
In Stow, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Stow will resemble that of an average city, contributing to a manageable cost of living.
Is Stow Affordable?
Is Stow an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Stow is 3.3% higher than the national average, while the average monthly rent prices are 6.3% higher than average. The affordability of any location can also be influenced by median income levels. Stow has a median household income of $76,883, which is 39% higher than the national average.
What Factors can Influence the Cost of Living in Stow?
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Stow, the groceries index is 1.1% higher 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 Stow, the transportation index stands at 2% lower than the national average.
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 Stow, the utilities index registers 2.8% higher than the national average.
Where is the Data From?
The Stow 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.
Here are the best places to live in Ohio
Top 10 best public schools in Stow
10 Best cities in Ohio for employment
Top 10 cities in Ohio with the best education system