Cost of Living in Cleveland Ohio

Cost of Living in Cleveland Ohio

Cost of Living in Cleveland Ohio: Located on the south shore of Lake Erie, Cleveland, Ohio is one of the largest cities in the state. Cleveland is known for its many professional sports teams, museums and cultural sites, parks and outdoor recreation areas. As the heart of the Cleveland metro area, the city is also one of the state’s economic hotspots. The main industries here include healthcare, higher education, and technology. The sixth city is home to a branch of the Federal Reserve Bank, making it a favorite spot for financial professionals. Despite Cleveland’s many attractions and its large employers, its population has declined steadily over the course of several decades.

Cost of Living in Cleveland Ohio
Cost of Living in Cleveland Ohio. iStock.com/Sean Pavone

Today, the city has about 380,000 inhabitants. The greater metropolitan area, which includes Cleveland and neighboring cities like Akron and Canton, has a population of around 2 million. If you’re looking for a city with a low cost of living, Cleveland is a hidden gem. It has so much to offer new residents and it is a relatively affordable place to live. For example, the cost of living index in Cleveland is only 72.6, compared to the national average (100). Below, we explore the most affordable places to rent and where to find the cheapest apartments in the area.

How much does an apartment cost in Cleveland?

Our Cleveland rent research shows that most apartments in the area cost between $ 500 and $ 1,500 in rent per month. About 20% have average monthly rents between $ 1,500 and $ 2,500 per month, while about 10% cost more than $ 2,500 per month. A few select apartments cost less than $ 500 per month, although prices this low are hard to come by in Cleveland.

While many large metropolitan areas become progressively more expensive over time, cost-of-living indices show that average living costs in Cleveland haven’t changed much from year to year. For example, the average rent for one-bedroom apartments increased by only 1% compared to the same period, while the price of two-bedroom apartments decreased by 7%.

So what is the cost of living in Cleveland, and how does it compare to other cities? In Ohio, the cost of living index is 82.6, which is 10 points higher than that of Cleveland (72.6). This cost-of-living ranking gets even deeper when you consider the other metropolitan areas of Ohio. On the southern border of the state, Cincinnati has a cost of living index of 87.5, while Columbus’s is 90.5.

Of course, no cost-of-living calculator in Cleveland would be complete without a breakdown of some of the most important expenses you are likely to incur when renting an apartment:

  • The housing index is 23.1, which makes renting an apartment significantly cheaper than average. For comparison, the housing index in Cincinnati is 67.2, 78.5 in Columbus and 60.9 in Ohio.
  • The cost of the utility index in Cleveland is 94.9. It’s 89 in Cincinnati, 101.8 in Columbus, and 100 statewide.
  • Cleveland’s Transportation Cost Index is 90.5. That’s 96.7 in Cincinnati, 92.3 in Columbus, and 83.9 in all of Ohio.

How do you find cheap apartments in Cleveland?

With such a low average housing cost and so many options available, Cleveland offers inexpensive apartments in and around the city. But if you want to lower your cost of living in Cleveland, think carefully about the size of your apartment. In some cases, you may be able to get a larger apartment for less, although most of the smaller units cost less. Average apartment rents in Cleveland differ by size:

  • Studios cost $ 960 per month
  • One bedroom accommodation is priced at $ 1,225 per month
  • Two-bedroom apartments cost $ 1,250 per month
  • Three-bedroom accommodation costs $ 1,025 per month
  • Four bedroom homes cost $ 1,000 per month

In addition to rethinking the size of the apartment, pay attention to the location. Some neighborhoods in Cleveland have much higher average rents, especially if they are close to downtown. For example, Ohio City, University, and Goodrich-Kirtland Park tend to be some of the more expensive parts of Cleveland. If you want to keep your costs as low as possible, you might want to navigate elsewhere.

In some large metropolitan areas, renting within city limits can be expensive. However, in the Cleveland metro, rental in suburban areas is actually more expensive. On average, you can save $ 30 per month by renting an apartment within city limits.

If you really want to save money, consider sharing your space with one or two roommates. After all, larger apartments in Cleveland tend to be less expensive than more compact units. This means that you can save a lot just by finding roommates and evenly dividing the cost of rent and utilities.

To save even more, look for apartments that don’t have expensive amenities. By choosing an apartment without a gym, pool, or community space, you can avoid paying these extras, which would typically increase the cost of your rent each month.

Browse Cleveland apartments for rent

What’s the cheapest rent in Cleveland?

With Cleveland’s low cost of living, you can easily find inexpensive apartments all over the city. Depending on the size of the apartment you need, these neighborhoods usually have the most affordable options:

  • In Jefferson and West Boulevard, you can find studios for less than $ 600 per month
  • North Collinwood and Old Brooklyn typically have apartments for less than $ 750 per month
  • Hough and Jefferson typically have two-bedroom units for less than $ 900 a month
  • In Forest Hills and Glenville, you can rent three-bedroom apartments for less than $ 900 a month
  • Clark – Fulton and Forest Hills often have four-bedroom units for less than $ 900 per month

Whether you are a local or are relocating from out of state, knowing the average cost of living in Cleveland, Ohio is helpful so that you can budget properly. Start your Cleveland apartment search and find the perfect spot in the neighborhood of your choice.

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