Lakewood, OH Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

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

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
95
Lakewood's Overall Cost Of Living
0.9x
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:

200 out of 286
In Ohio
2,449 out of 6,412
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
For more reading on cost of living around Ohio, check out:
Lakewood Cost of Living Vs. OH

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
Search Homes For Sale In Lakewood, OH
$185,600
Median Home Value
$857
Median Rent
$57,588
Median Income

Lakewood, OH Costs By Category

Detailed Lakewood Services Costs Vs. Ohio

Item Lakewood Ohio
Shampoo $1.08 $1.06
Movie $11.87 $10.68
Bowling $16.87 $14.67
Haircut $18.34 $18.62
Beauty Salon $31.4 $39.05

Detailed Lakewood Groceries Costs Vs. Ohio

Item Lakewood Ohio
Ground Beef $5.31 $4.22
Fried Chicken $1.83 $1.39
Milk $1.55 $2.05
Potatoes $3.19 $3.29
Pizza $11.49 $10.62
Beer $9.17 $9.38
Toothpaste $2.65 $2.34

Detailed Lakewood Health Costs Vs. Ohio

Item Lakewood Ohio
Optometrist $86.0 $108.57
Doctor $121.47 $116.17
Dentist $119.67 $99.13

Detailed Lakewood Transportation Costs Vs. Ohio

Item Lakewood Ohio
Gasoline $2.25 $2.22
Tire Balancing $47.56 $50.07

Detailed Lakewood Utilities Costs Vs. Ohio

Item Lakewood Ohio
All Electricity $154.37 $167.67
Phone $180.6 $175.64

Lakewood SnackAbility

7
/10
Overall SnackAbility
Jobs
7/10
Housing
7
Affordability
8
Diversity
7
Safety
8
Amenities
10
Education
8.5
Commute
8

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

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