In Greater Cleveland/Akron, we have all the business, infrastructure, and recreational amenities of the largest cities in the US at a fraction of the cost. Many everyday costs are lower than other major US cities, giving your dollar much more value here.
Cost of Living Index
Since 1968, the Council for Community and Economic Research has collected and published cost of living index data. The Cost of Living Index (COLI) is a measure of how local costs compare to national averages and is based on a US average of 100. For example, if a city has an index of 135 then expect to spend 35% more than the average US consumer. An index below 100 means the area is less expensive than the US average.
COLI uses the following for comparison data points, weighted subjectively:
Food - 17%
Housing - 30%
Utilities - 10%
Transportation - 8%
Health Care - 4%
Miscellaneous - 30% (Includes clothing, restaurants, repairs, entertainment, and more.) Click on the map below to see the Real Value of $100 in Metro Areas.
Interactive Cost of Living Map from The Tax Foundation. Compare Your COLI Here
Note: state and local taxes are NOT included in comparisons and should be determined separately.
Cleveland Cost of Living
Cleveland has a COLI of 72.3. The cost of living in Cleveland is 153% lower than Manhattan, 110% lower than San Francisco, 53% lower than Los Angeles-Long Beach, 25% lower than Chicago, 58% lower than Boston, and 19% lower than Miami-Dade County.
It is important to keep in mind that the COLI for each neighborhood and suburb is different than the City of Cleveland itself with the main factor being housing costs. Greater Cleveland has an approximate COLI of 93.7.
Akron Cost of Living
Akron has a COLI of 68.9 while the COLI of Greater Akron is approximately 93.9. Photo Credits Preview modal-
Photo Credits
Federal Reserve Bank of Cleveland by Tim Evanson (CC BY-SA 2.0)
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