Housing
One of the biggest expenses people face is housing, but in Ohio, the cost of housing is lower than the national average. According to BestPlaces.net, the cost of housing in Ohio is 25.7% lower than the national average. This means that people can purchase or rent a home for less money than they would pay in other states. Additionally, Ohio has a diverse range of housing options, from urban apartments to rural homes, so there is something to fit everyone's lifestyle and budget. As of March 2023 Median Home Price in Ohio was about $229,000.
Taxes
In Ohio, the state income tax rate is relatively low compared to other states, with a flat rate of 2.85%. Additionally, Ohio does not tax Social Security benefits, and the state offers a deduction for retirement income. Property taxes in Ohio are not the best, ranking 11th highest in the country, however, the overall Ohio ranks 19th in lowest overall tax burden. Sales tax is about the same maxing out around 7% with Grocery items not being taxed.
Utilities
Utilities are another expense that can add up quickly, but in Ohio, the cost of utilities is lower than the national average. This includes electricity, gas, and water. Additionally, Ohio has some of the lowest natural gas prices in the country. This means that people can keep their homes warm during the cold winter months without breaking the bank. Overall, the low cost of utilities in Ohio is another reason why the state has an affordable cost of living. Ohio ranks 27th in states with the lowest utility costs.
Groceries
In Ohio, the cost of groceries is lower than the national average and 23rd lowest overall, making it easier for people to put food on the table. This is especially important for families or individuals on a tight budget. Additionally, Ohio has a strong agricultural industry, which means that there are many locally grown fruits and vegetables available at farmers' markets and grocery stores. This can help people save money while also supporting local businesses. One item that always shocked me when traveling elsehwere is the lower cost of Dairy in Ohio with a gallon of milk costing about $2.99 (as of Feb 2023) compared to over $4 in the state of Tennessee for example.
Insurance Rates
Car insurance rates in Ohio are generally lower than the national average. According to ValuePenguin, the average annual car insurance premium in Ohio is $1,038, compared to the national average of $1,674. However, insurance rates can vary depending on factors such as age, driving history, and the type of vehicle you own. It's important to shop around for car insurance to find the best rates and coverage for your individual needs.
Registration Fees
Registration fees in Ohio are based on the type and age of the vehicle, as well as the county in which it is registered. In general, newer vehicles will have higher registration fees than older vehicles. For example, the registration fee for a new car in Ohio is $34.50, while the fee for a car that is 10 years old or older is $31.50. Additionally, some counties may charge an additional fee for emissions testing or other requirements.
