What's the Cost of Living in Cincinnati, OH?

Are you considering moving to Cincinnati, Ohio, and want to learn about the real cost of living? Let's take a look at the average cost of living, real estate, food, transportation, taxes, and other expenses in Cincinnati. 

Known as the "Paris of America," Cincinnati, Ohio, is one of the best places to live in the country and ranked #1 as the best city in Ohio. On top of its gorgeous architecture, renowned universities, and colleges, and vibrant downtown, Cincinnati has an affordable cost of living and prime real estate. 

Cincinnati is known as a great place to live if you are a young professional, have a family, or are retired. In addition to its thriving sports scene, this city is also renowned as the "Beer Capital of the World," boasting more than fifty breweries. You'll have no shortage of activities to enjoy when you arrive. 

Before moving to Cincinnati, make sure you are aware of the realities of living there and what exactly it will cost you. The cost of living difference while moving to a new city isn't just housing; many factors come into play in what your monthly, daily, and yearly costs will look like. Let's take a look at the real cost of living in Cincinnati, OH, below. 

Here is what you need to know about the cost of living in Cincinnati

Cost of Living

Cincinnati's cost of living is 4% lower than the national average, making it much more affordable compared to other cities around the country. This will end up saving you a ton of money in the long run and allow you to spend that extra cash on things you actually want to spend it on. 

If you look at the overall cost of living a bit closer, you can see that housing is 19% lower, utilities are 7% lower, groceries are 1% higher, and transportation is 11% higher than the national average. It is important to note that these averages may not equate to how much you'll end up spending, as it all depends on your lifestyle, family size, and budget. 

Ohio, as a whole, only has a cost of living that is 9% lower than the national average, which is still very inexpensive. As one of the larger cities in the state, things may be more expensive in Cincinnati or Cleveland compared to other smaller cities. 

Below are some common cost of living aspects according to Payscale 

When calculating the cost of living, it's important to factor in daily expenses such as transportation, food, utilities, and other miscellaneous costs. These expenses contribute to the overall cost of living figure. Fortunately, Cincinnati offers affordable living, with particularly low housing costs, resulting in lower everyday expenses compared to the national average.

Income

The average salary in Cincinnati is about $56,931 per year, or $27 an hour, as of July 2023. Salaries will vary depending on your occupation, experience, and many other factors. 

As a large city, Cincinnati is a hot spot for young professionals and families who are looking to start or continue their careers. There are many Fortune 500 companies hiring in Cincinnati, including, American Financial Group, Fifth Third Bank, Western & Southern Financial Group, and more. 

There are also many jobs in the education field, as there are 23 colleges in the area, including 16 private colleges and universities, six public colleges and universities, and one community college. 

When relocating, it's crucial to secure a lucrative job. Fortunately, Cincinnati offers numerous employment options. If you're struggling to find the ideal job, don't fret - nearby cities may have promising opportunities waiting for you.

Real Estate

Arguably one of the most important cost of living factors, housing costs in Cincinnati are 19% lower than the national average. By doing this, you can save a considerable amount of money, giving you the opportunity to use it for things that you truly desire to purchase.

There are numerous housing options available in Cincinnati for both homeowners and renters. These options cater to a wide range of budgets and preferences, from reasonably priced single-family homes to extravagant townhouses, and condos. 

With a median selling price of $274K, housing prices in Cincinnati have gone up 2.4% compared to last year. Although, this all depends on the housing type and location. 

If you are searching for a home that meets your needs, we are here to assist you in finding the ideal place. We are committed to supporting you throughout the process. If you decide that living in the city is not ideal, there are many great options for housing around the city in Madeira, Mariemont, and Wyoming. 

Food and Groceries

Grocery prices are slightly higher in Cincinnati, 1% higher than the national average. On average, it is probable that you will spend slightly more on groceries compared to other cities. However, this can change based on your lifestyle and the number of people residing in your home.

You can save a lot of money by finding an affordable farmers market near you. There are many farmers' markets in and around the city that can offer you local and fresh food at an affordable price.

Here are the average prices of common grocery items according to Payscale

Check out some of the local favorite restaurants below:

• Jeff Ruby's Precinct: As one of the best fine dining restaurants in the city, this upscale steakhouse is best known for its U.S.DA. Prime steaks, Wagyu beef, and amazing mac and cheese. 
• Mazunte Taqueria: Here is where you can enjoy fresh and authentic Mexican cuisine with a variety of tacos and tostadas. 
• Sotto Cincinnati: This restaurant is truly one-of-a-kind and highly sought after in the city. As a sophisticated Italian restaurant, you can expect every dish on the menu to be exceptional.

Transportation

The best way to get around Cincinnati would be by car, as many of the fun activities are too spread apart to travel by foot. If you prefer not to drive or don't own a car, you can use the tourist line on the city's Metro bus, which stops at many of the city's most popular attractions. 

The Go Metro bus service is the next best thing after a personal car to get around the city as a student, tourist, daily commuter, or retiree. There are even Access buses for people with disabilities. The prices are surprisingly affordable, as you'll only pay $1.75, although the fare price is according to the zone you are in and the distance you are traveling. 

The downtown area has some of the highest walkability scores in the nation, based on its incredible density of jobs, food, retail, and entertainment. You can also choose to bike around the city, as these two options are completely free. You also can't forget that many residents and visitors in big cities like to take advantage of ride-share options such as taxis, Uber, and Lyft. 

Taxes

Taxes are often an overlooked expense when looking at the cost of living. However, it is important to note how taxes differ from state to state. This will give you a much better idea of how much you are likely to spend daily, monthly, and yearly. 

The sales tax rate is 7.8% in Cincinnati and consists of 5.75% Ohio state sales tax. There is no applicable city tax or special tax in Cincinnati. This is a bit higher than the overall sales tax in Ohio of 7.24%. All individuals residing or employed in Cincinnati are obligated to pay a 1.8% income tax, regardless of their age or income bracket.

The city also has a property tax rate of 2.29%, which is a bit higher compared to other counties in the state. Please keep in mind that Ohio has relatively higher taxes compared to other states. However, the cost of living in Cincinnati is generally lower than in other parts of the country.

Healthcare

Healthcare plays an essential role in our lives in the United States. Without good and affordable healthcare, many residents wouldn't be able to get the help they need. In Cincinnati, healthcare is 10% higher than the state average and 1% higher than the national average. 

Compared to other states, Ohio allocates a higher budget for healthcare, which may result in higher healthcare expenses for you. However, Ohio boasts some of the top-rated hospitals in the US, such as the Cleveland Clinic, which has consistently ranked high on the list of best hospitals for several years.

You must remember that these percentages don't equate to the exact amount of money that you will be spending. Healthcare prices will likely vary depending on your specific type of insurance plan, where you go, and the service you need. 

Here are some of the average prices for common doctor visits according to Payscale

Please keep in mind that the prices might differ further based on your particular insurance plan, the location you choose, and the kind of service you require.

FAQ: Cost of living in Cincinnati, OH

Here are some commonly asked questions about living in Cincinnati, OH.

Is Cincinnati, Ohio, expensive to live in?

The overall cost of living in Cincinnati is 4% lower than the national average, although it is one of the more expensive cities in Ohio, making it 8% higher than the state average.

How much does it cost to live comfortably in Cincinnati?

Excluding rent, a family of four estimated monthly costs is $3,486, and a single person estimated monthly costs are $968.

Is Cincinnati a good place to live?

Cincinnati is ranked #1 in the state and is known as the highest-ranked and best city to live in Ohio.

What are the benefits of living in Cincinnati?

Cincinnati has many wonderful benefits, including a diverse and booming economy, a great job market, affordable cost of living, beautiful landscapes and parks, fun downtown, amazing neighborhoods, and plenty of fun things to do. 

Why do people love Cincinnati?

Cincinnati boasts numerous attractive features, including stunning architecture, museums, theaters, and esteemed educational institutions. It is an ideal location for pursuing higher education, launching a career, or nurturing a family.

Moving to Cincinnati - Our Last Words

Moving to Cincinnati could be one of the best decisions for you to make. With an affordable cost of living, the housing market, tons of job opportunities, and an abundance of things to do, you couldn't go wrong by moving here. Check out the other affordable cities in Ohio, like Cleveland. 

As one of the best cities in Ohio, many people flock to Cincinnati for many reasons, and the low cost of living is just one of them. Before you move, there are many important factors to think over as you plan your move. Ensure you know all the essential information about the cost of living before moving to Cincinnati, Ohio.

It's important to keep in mind that these averages may not accurately reflect your daily expenses, as they vary based on your lifestyle, budget, family size, and other factors. However, understanding the cost of living in a new city is still essential. Make sure you know everything you can before moving to Ohio.

If you or anyone you may know is moving to Cincinnati, OH, make sure to contact us here so that we can get you in contact with one of our helpful Realty Specialists. Whether you want to live in the city's heart or in the quiet by the lake, we will work hard to ensure you find the perfect home. No matter your budget, lifestyle, or needs, we will make this transition as smooth as possible.