What’s the cost of living in Ohio?

When considering a move to a new state, understanding the cost of living is vital for effective budgeting and financial planning. If Ohio is on your radar, here are some current statistics related to the cost of living in the state that could help you make up your mind.    

The average cost of living in Ohio 

Ohio is home to over 11 million people. 

According to research, Ohio's living cost is 11% lower than the national average.  

While according to 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. 

Housing costs 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 

Utility costs 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.  

Grocery and food costs 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.   

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.  

Healthcare costs 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:  

Childcare costs 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.  

Taxation in Ohio 

Ohio’s state income tax operates on a progressive system. The rates range between 0.495% and 4.797%. 

Here's a comparison of income tax rates among some neighboring states: 

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. 

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. 

Whether you’re retirement planning or considering relocating to chase a new career, Unbiased can assist you with your move's financial ins and outs. Find the right advisor for your needs today.