Cincinnati is the third largest metropolitan area in Ohio, well known for its large collection of historical architecture. Beautiful views of the Ohio River and tons of local attractions make the city a wonderful place to settle in. The city has a friendly, warm and mostly blue-collar feel. Cincinnati is full of life and draws people from around the region to shop, work and spend time. Its active nightlife and vibrant sports scene have drawn many young people to the city. Whether you are considering relocation to Cincinnati or just curious about the cost of living in Cincinnati Ohio, we will offer you information to help you decide how far your money will go in this city.
Overall Cost of Living in Cincinnati Area
Cincinnati is a less expensive city. The cost of living in Cincinnati Ohio is 88. Compared to other cities in Ohio and across the country, the cost of living here is lower. It is 12 points lower than the national average of 100 and 3 points lower than the average in Ohio. For comparison, the cost of living in Cincinnati is 1 point lower than Cleveland and 4 points lower than Louisville, KY.
Cost of Housing in Cincinnati
When looking at the cost of living, housing costs are a crucial factor. Cincinnati has one of the most affordable housing markets in the nation. The average housing costs in Cincinnati are $121,900 which is 6 points lower than the Ohio average and 30 points lower than the US average. Cincinnati rental costs are also 29 points lower than the national average and residents here get a lot more for their dollar than most major metros in the US.
Cost of Goods and Services in Cincinnati
Goods and services are a necessity regardless of the location hence they provide an accurate general sense of the cost of living of a city. The average cost of goods and services in Cincinnati are 7 points lower than the US average and 3 points lower than the average in Ohio. In Cincinnati, you get retail goods and services, daily utilities such as groceries and essential services like health care and transportation for much less compared to the cost in most cities.
Economists have hailed Cincinnati’s economy as one of the fastest growing in the Midwest. The unemployment rate in Cincinnati is 5%, lower than the rest of the US and its projected growth is comparable to most other cities in the country. Although Cincinnati has a blue-collar history, things are changing as companies and major businesses are being set up in the city.