Cincinnati may have been known by the name “Porkopolis,” but that doesn’t mean you have to wait until pigs fly before you can afford to live there, right? Many people flock to this town because it’s the third largest city in Ohio.
If you’re running yourself down with questions like, what does it cost to live in Cincinnati? What’s the housing market in Cincinnati like? Or, Can I afford to live in Cincinnati? You’re not alone. These are all valid questions, but you don’t have to research any longer. With our full guide, we’ll get to everything you need to know about Cincinnati so you understand just how much it costs.
Cincinnati Cost of Living Index
Many people ask, how expensive is it to live in Cincinnati? Well, this depends on a lot of factors. A family of four is going to be much more expensive than a single adult. If you eat out a lot, that’s going to cost more than making all your food at home. But, you know this already. So, the best way to truly find out the standard of living in Cincinnati is to look at the Cincinnati cost of living index.
This index compares the cost of each city to the national average, and the good news is, Cincinnati is fairly affordable. The cost of living in Cincinnati is 6.2% less than the national average. Housing, utilities, and grocery items consistently rank lower than the national average, which means it’s an affordable city.
However, there are a few items that might make you wonder is Cincinnati expensive. For example, transportation is 4.7% more expensive in Cincinnati than the national average. Goods and services are 3% more expensive, and health care is 1.4% more expensive. Overall, though, this is a fairly affordable city to live in according to the Cincinnati cost of living index.
The consumer price index in Cincinnati did go up 1.1%, so not a ton, but it is a change. Those who are in Cincinnati spend about 30% of their incomes on housing, 10% on transportation, and 5% on food. Compared to the national average, it’s less.
Cost of Items in Cincinnati
The last thing you want is to be shocked once you move because the prices are nothing like you expect! All around the United States, prices change. The cost of living in Cincinnati is important to know before you change your address so you can prepare.
Whether this is food, your bills, or rent, these are big purchases that you should have an idea of before calling this city home. The good news is that you don’t have to search through hours of websites to find this information out. We dug into the data to give you a sampling of all the prices of items that you may purchase.
Cincinnati is a fairly affordable city to live in, but to give you an idea, here is a list of items that people regularly purchase and the average price in Cincinnati:
- Steak (Ribeye, 1lb.) $12.16
- Milk (regular 1/2 gallon) $1.15
- Eggs (1 Dozen) $1.08
- Potatoes (5 lb bag) $3.76
- Bread (1 loaf) $3.65
- Beer (Heineken’s 6 pack) $8.65
- Average Cell Phone Bill $174.74
- Average Cost of Gasoline (per gallon) $2.61
- Average Cost of Utilities (per month) $137.13
- McDonald’s Burger (1/4 Pounder) $4.08
- Large Pizza $10.12
- Movie Ticket (1st run) $11.82
Cincinnati vs. Columbus Cost of Living
People moving to Ohio will often look at Columbus and Cincinnati to compare how expensive each city is. But, there’s not much to compare. When you look at the data, the Cincinnati cost of living is 0.44% higher than Columbus.
However, there are a few differences. Like with housing, Cincinnati is actually 27% less expensive than Columbus. But your electric bill in Cincinnati is 39% more than it is in Columbus. So, while things like groceries and rent aren’t that much different from each other, there are a few things that make a notable difference.
Cincinnati Real Estate Market
What’s interesting about the Cincinnati real estate market is that most people actually rent their homes. Only 38% of people in Cincinnati own their homes. However, the Cincinnati market is currently considered to be slightly competitive. The average person commutes 22.8 minutes, which may be due to the fact that there isn’t a ton of housing right inside of Cincinnati.
Homes are usually listed for about 59 days before they sell, and you can plan to pay about $104 per square foot for your home. It seems that people save up their money before buying because most people are putting over 16% down on their homes, which is considered to be pretty high. But with just 620 homes sold last month, it’s not a very popular city to purchase a home in.
Cincinnati Rental Market
Since the majority of people are renting homes or apartments in Cincinnati, you can guess that the cost of living must be pretty affordable with rental properties. You’re probably wondering what the average cost of renting in Cincinnati is, and we have all of that information for you.
The rent prices in Cincinnati are on the rise. They rose 7.34% last year, and they’re continuing to rise as the city grows. The average price of Cincinnati rent is $1,226, which is still affordable when you compare it to the national average. One bedroom apartments in Cincinnati are even cheaper at around $1,069.
The rent in Cincinnati varies based on the neighborhood that you’re in. The most expensive rent is found in the Central Business District, which is where most of the employers are. You can expect to pay around $1,618 for rent here. The cheapest rent is in the Cuf neighborhood, where you can expect to pay as little as $821.
Average Salary & Household Income in Cincinnati
How much do you need to make to live in Cincinnati? This varies depending on how many people are in your family and the kinds of things that you buy. But now that you have an idea of the average living costs in Cincinnati, it’s easier to know whether or not you can afford to live here.
The average salary in Cincinnati is $64,000. The average hourly rate in Cincinnati is $17.72. The salary trends are increasing just a bit by 0.6%. Many people in Cincinnati afford their quality of life with jobs like project manager, mechanical engineer, operations manager, software engineer, software developer, and HR manager.
Some of the most popular employers in Cincinnati are General Electric, The Kroger Company, Proctor & Gamble, and University of Cincinnati.
Income, Sales, & Property Tax in Cincinnati, OH
State Income Tax
Ohio has a fairly low state income tax when compared to the surrounding states. The range of this goes from 2.85% to 4.8%.
The sales tax in Cincinnati is relatively affordable. This helps a lot when it comes to living expenses in Cincinnati! When you purchase anything, you can expect to pay a sales tax of 7%. This breaks down to:
- Ohio State Sales Tax 5.75%
- Hamilton County Sales Tax 1.25%
- Cincinnati Sales Tax 0%
- District Sales Tax 0%
- Total Sales Tax 7%
Unfortunately, property tax seems to be what filters into the higher cost of living in Cincinnati. Due to the large city around it, the property tax can be a bit higher. It’s higher than the national average as well as the Ohio average. The average property tax rate for Hamilton County is 1.806%.
Let’s say you purchased a home for $250,000 in Cincinnati. The property taxes you would pay for the first year would be around $4,515. The Ohio property tax average is just $3,930, which is lower than Hamilton County’s.
Does the Cost of Living in Cincinnati Fit Your Budget?
Before relocating to a new home, you should always consider Cincinnati’s cost of living. Thankfully, the average cost of living in Cincinnati is fairly affordable, and it’s something you should consider if you love big cities and Ohio state.
If you’ve found that it fits your budget and you’re planning on a move, you’ll need a professional Cincinnati moving company. Thankfully, that’s what you get when you hire Bell Moving. Our employees are strong, helpful, and always have a smile! Give us a call today for a free quote!