CLEVELAND — A new study by GOBankingRates reveals what many of us who live in Northeast Ohio already know: The cost of living here is considerably better when compared to other cities and regions across the U.S.
The study focused first on regions around the United States. From housing to transportation, Midwestern cities offer a cheaper cost of living compared to the rest of the U.S. On average, you can expect annual savings of $3,098 on rent and $4,454 on mortgage costs if you choose to live in the Midwest — and even bigger savings if you’re uprooting from a more expensive region like the West.
GOBankingRates weighed the average costs of mortgage payments, renting a home, groceries, transportation and healthcare on regional, state and city levels to come up with their data.
When looking at the 10 major Midwest cities, eight of them have cheaper median home list prices than the U.S. average. Cleveland's median list price is the lowest in the region, at just under $80,000. An average annual mortgage payment for a house in Cleveland is just over $5,000.
From a state perspective, Ohio's costs for transportation and groceries are less than the national average. The average cost to get around Ohio in a year is $6,511, well below the U.S. average of $9,576. For groceries, an average Ohioan spends $2,754, again below the U.S. average of $4,363.
Ohio's healthcare costs are above the national average, however. An Ohio resident pays an average of $7,526 per year, higher than the national average of $4,928.