What is the cost of living in Ohio?
Wondering about the cost of living in Ohio? This article summarizes everything you need to know, from tax rates to healthcare costs.
Summary
Ohio's living cost is 11% lower than the national average.
As of March 2023, the average home value in Ohio is estimated to be around $205,800.
The average monthly utilities cost in Ohio is around $472.
Ohio’s state income tax operates on a progressive system, ranging between 0% and 3.990%.
Speak to a financial advisor about getting and staying on top of your finances.
What is the average cost of living in Ohio per year?
Ohio is home to over 11 million people.
Research states Ohio's living cost is 11% lower than the national average.
According to Numbeo.com, the average cost of living in Ohio per year for a family of four is just over $48,000. For a single person, this drops to $13,727. However, it should be noted this does not include the cost of rent.
While data gathered in 2022 from MERIC, the Missouri Economic Research and Information Center, the state ranks 12th in a list of states with the lowest to the highest cost of living.
How much does housing cost in Ohio?
As of March 2023, the average home value in Ohio is estimated to be around $205,800, according to the Zillow Home Value Index as of March 2023.
It’s important to note that housing prices can significantly differ across various regions within the state. Here are some examples of typical home prices based on Zillow's data:
The monthly rental price ranges across the state for those considering renting in Ohio. For example, the average apartment rent in Northwest Ohio is $951
How much do utilities cost in Ohio?
Utility costs play a significant role in Ohio's overall cost of living. According to Forbes, the average monthly cost is around $472.
What is the average cos of groceries per month in Ohio?
When it comes to groceries and food costs, Ohio generally aligns with prices found elsewhere in the United States.
According to Zippia, those in Columbus pay $341 on average each month.
According to 2021 data from the Bureau of Labor Statistics, the average spending on food at home is $5,259 annually, or about $438 per month for US households.
How much are transportation costs in Ohio?
Transportation costs, including gas prices and vehicle maintenance, impact Ohio's overall cost of living.
According to MIT, a single adult with no children can expect to pay upwards of $5,300.
Gas prices in Ohio are typically in and around the national average. Ohio was around than the national average at the time of writing. These prices fluctuate over time.
It is also worth noting that prices can vary across different regions within the state.
How much does healthcare cost in Ohio?
Understanding healthcare expenses is crucial when considering the cost of living.
The specific healthcare costs in Ohio can vary depending on factors such as insurance coverage and individual circumstances. Therefore, it is advisable to research and consult with healthcare providers and insurance companies to obtain accurate cost estimates.
MIT estimates:
| Scenario | Annual healthcare expenditure |
|---|---|
| Scenario | Annual healthcare expenditure |
| One adult, no children | $3,262 |
| One adult, one child | $8,604 |
| One adult, two children | $8,614 |
| Two adults (one working), no children | $6,471 |
| Two adults (one working), one child | $8,614 |
| Two adults (one working), two children | $8,540 |
| Two adults (two working), no children | $6,471 |
| Two adults (two working), one child | $8,614 |
| Two adults (two working), two children | $8,540 |
Check out the average cost of health insurance in the US here.
How much does childcare cost in Ohio?
Families in Ohio currently pay around $10,688 per year for childcare for one child. This figure doubles for two children.
However, it's important to note that this figure can vary across the state.
How much tax will I pay if I live in Ohio?
Ohio’s state income tax operates on a progressive system. The rates range between 0% and 3.990%.
Here's a comparison of income tax rates among some neighboring states:
| State | Income Tax Rates |
|---|---|
| State | Income Tax Rates |
| Ohio | 0.495% to 4.797% (progressive rates) |
| Indiana | 3.23% flat rate |
| Kentucky | 5% flat rate |
| Michigan | 4.25% flat rate |
| Pennsylvania | 3.07% flat rate |
The sales tax rate in Ohio is 5.75%. However, it's important to note that additional local sales taxes are imposed by certain municipalities, which can vary. These local sales taxes can range from 0.75% to 2.25%, resulting in a combined sales tax rate that may be higher than the state rate.
You could also check out the complete guide to taxes in Ohio here.
The bottom line
The amount of money needed to live comfortably in Ohio can vary depending on location, lifestyle, family size, and personal preferences. However, as the most expensive state in the US, you may need more than you first think.
It's essential to consider these factors, along with personal circumstances and preferences, when evaluating the cost of living in Ohio. In addition, consulting with a financial advisor can provide valuable insights and assistance in managing expenses and financial planning.
Get expert financial advice and learn more about the cost of living and how to manage it with an SEC-regulated advisor. Let Unbiased match you with the best financial advisor for your needs.
Senior Content Writer
Rachel is a Senior Content Writer at Unbiased. She has nearly a decade of experience writing and producing content across a range of different sectors.