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Ohio Yearly Expenses
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Multi-State
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US-175-AZ
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How to fill out Yearly Expenses?
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FAQ
Average living expenses for a single person The average monthly living expenses for a single person in the USA are $3,189, which is $38,266 per year. The average cost for a family of four is $7,095 per month, which is $85,139 per year.
It counts the affordability of housing, with median housing prices compared against median family incomes. Ohio ranks first in the nation for affordability.
Ohio is one of the cheapest places to live in the U.S. Ohio's largest cities like Cincinnati, Columbus and Cleveland are far more affordable than other Midwestern cities like Chicago. You can find a nice apartment in all of the cities we listed above for under $1,000 no problem.
Low cost of livingLiving in Ohio is a great value with all the benefits of a big state at small state prices. The Buckeye State placed 9th in CNBC's annual ranking of America's cheapest states to live in, pretty remarkable for the 7th most populous state in the country.
Average monthly expenses per household: $5,111. The average expenses per month for one consumer unit in 2020 was $5,111. That means the average spending per year is $61,334.
Still, there is no question that homes in Ohio are more affordable than those in many states. Much of that is due to geography, Kolko says. Cleveland is next to the lake, but most of Ohio isn't up against water and isn't mountainous, so you can build out in all directions, he says.
The typical renter in Ohio spends $788 a month on housing, $235 less than the $1,023 national median monthly rent. Monthly rent for a one-bedroom in the state is $615, while the typical rent for a unit with five or more bedrooms is $1,031.
The main idea is to limit your living expenses to roughly 50% of your income. That way, you'll have enough leftover for your savings and fun expenditures.
Ohio's capital is one of the more affordable big cities to live in, with the income needed to live comfortably falling under $70,000 for homeowners. It does get significantly more difficult if you're renting, though, as you'll need to make over $75,000 a year over $25,000 more than the city's median income.
A person in Ohio needs to make $16.64 per hour, according to this year's report, to afford a two-bedroom home at the Fair Market Rent of $865 per month. That's up from $15.99-an-hour in 2020.
