Cost of living in Parma 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 Parma 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 Parma is 88, with 100 being the average.
The cost of living index in Parma is 0.9x lower than the national average.
Parma ranks as the #110 cheapest in Ohio out of 286.
Parma ranks as the #1,278 cheapest out of 6,412 in the US.
The median home value in Parma is $126,100.
The median income in Parma is $60,590.
According to the most recent data on the cost of living, Parma has an overall cost of living index of 88, which is 0.9x lower than the national index of 100.
Compared to Ohio, Parma has a cost of living index that's 1.0x lower than Ohio's index of 91.
The standard of living in Parma ranks as #110 most affordable out of the 286 places we measured in Ohio. By definition, that implies Parma ranks as the #176 most expensive place in the Buckeye State.
For more reading on life in Parma, check out:
Six factors go into calculating the cost of living index in Parma. Here is how it fairs on each of the criteria:
The Services index in Parma is 99.
The Groceries index in Parma is 103.
The Health index in Parma is 108.
The Housing index in Parma is 66.
The Transportation index in Parma is 101.
The Utilities index in Parma is 93.
|Living Expense||Parma||Ohio||National Average|
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 Parma is $126,100.
The Median Rent in Parma is $916.
The Median Income in Parma is $60,590.
The Home Value To Income in Parma is 2.1x.
The Rent To Monthly Income in Parma is 0.18x.
|Median Home Value||$126,100||$159,900||$244,900|
|Home Value To Income||2.1x||2.6x||3.5x|
|Rent To Monthly Income||0.18x||0.17x||0.2x|
The cost of living varies in the cities and towns around Parma. Here's a quick look at the cost of living in the most populous nearby places:
Strongsville, OH has a cost of living index of 99, 1.1x Parma.
Westlake, OH has a cost of living index of 109, 1.2x Parma.
North Olmsted, OH has a cost of living index of 96, 1.1x Parma.
|City||Population||Cost Of Living||Vs. Parma|
|North Olmsted, OH||32,371||96||1.1x|
|North Royalton, OH||31,150||101||1.1x|
|Shaker Heights, OH||29,197||103||1.2x|
|Parma Heights, OH||20,764||88||1.0x|
|Broadview Heights, OH||19,820||104||1.2x|
|Brook Park, OH||18,592||92||1.0x|