Lakewood, OH Cost Of Living
Cost Of Living In Lakewood, OH Summary
Cost of living in Lakewood research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Lakewood is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Ohio, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Lakewood is 95, with 100 being the average.
The cost of living index in Lakewood is 0.9x lower than the national average.
Lakewood ranks as the #200 cheapest in Ohio out of 286.
Lakewood ranks as the #2,449 cheapest out of 6,412 in the US.
The median home value in Lakewood is $185,600.
The median income in Lakewood is $57,588.
Table Of Contents
Lakewood's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Lakewood, OH?
According to the most recent data on the cost of living, Lakewood has an overall cost of living index of 95, which is 0.9x lower than the national index of 100.
Compared to Ohio, Lakewood has a cost of living index that's 1.0x higher than Ohio's index of 91.
The standard of living in Lakewood ranks as #200 most affordable out of the 286 places we measured in Ohio. By definition, that implies Lakewood ranks as the #86 most expensive place in the Buckeye State.
For more reading on life in Lakewood, check out:
- Living In Lakewood
- Lakewood Crime Report
- Search Homes For Sale In Lakewood, OH
In Ohio
In America
Lakewood Cost Of Living Vs. Ohio
Six factors go into calculating the cost of living index in Lakewood. Here is how it fairs on each of the criteria:
The Services index in Lakewood is 102.
The Groceries index in Lakewood is 106.
The Health index in Lakewood is 110.
The Housing index in Lakewood is 74.
The Transportation index in Lakewood is 99.
The Utilities index in Lakewood is 93.
| Living Expense | Lakewood | Ohio | National Average | |
|---|---|---|---|---|
| Overall | 95 | 91 | 100 | |
| Services | 102 | 98 | 100 | |
| Groceries | 106 | 101 | 100 | |
| Health | 110 | 95 | 100 | |
| Housing | 74 | 73 | 100 | |
| Transportation | 99 | 98 | 100 | |
| Utilities | 93 | 93 | 100 | |
Lakewood, OH Housing Cost Breakdown
Housing swings affordability the most between places in Ohio, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Lakewood is $185,600.
The Median Rent in Lakewood is $857.
The Median Income in Lakewood is $57,588.
The Home Value To Income in Lakewood is 3.2x.
The Rent To Monthly Income in Lakewood is 0.18x.
| Statistic | Lakewood | Ohio | United States |
|---|---|---|---|
| Median Home Value | $185,600 | $159,900 | $244,900 |
| Median Rent | $857 | $870 | $1,163 |
| Median Income | $57,588 | $61,938 | $69,021 |
| Home Value To Income | 3.2x | 2.6x | 3.5x |
| Rent To Monthly Income | 0.18x | 0.17x | 0.2x |
Median Home Value
Median Rent
Median Income
Lakewood, OH Costs By Category
Detailed Lakewood Services Costs Vs. Ohio
Detailed Lakewood Groceries Costs Vs. Ohio
Detailed Lakewood Health Costs Vs. Ohio
Detailed Lakewood Transportation Costs Vs. Ohio
Detailed Lakewood Utilities Costs Vs. Ohio
Lakewood SnackAbility
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Cost Of Living In Cities Around Lakewood
The cost of living varies in the cities and towns around Lakewood. Here's a quick look at the cost of living in the most populous nearby places:
Cleveland, OH has a cost of living index of 82, 0.9x Lakewood.
Strongsville, OH has a cost of living index of 99, 1.0x Lakewood.
Westlake, OH has a cost of living index of 109, 1.1x Lakewood.
| City | Population | Cost Of Living | Vs. Lakewood |
|---|---|---|---|
| Cleveland, OH | 374,861 | 82 | 0.9x |
| Strongsville, OH | 46,187 | 99 | 1.0x |
| Westlake, OH | 34,049 | 109 | 1.1x |
| North Olmsted, OH | 32,371 | 96 | 1.0x |
| Shaker Heights, OH | 29,197 | 103 | 1.1x |
| Solon, OH | 24,070 | 114 | 1.2x |
| Rocky River, OH | 21,515 | 102 | 1.1x |
| Parma Heights, OH | 20,764 | 88 | 0.9x |
| Broadview Heights, OH | 19,820 | 104 | 1.1x |
| Brook Park, OH | 18,592 | 92 | 1.0x |
