Cost of living in Ohio: Affordable housing options. Low overall cost of living. Competitive utility rates. Reasonable grocery costs. Economical transportation expenses. Moderate healthcare prices. Diverse educational opportunities. Affordable recreation options. Variable property taxes. Income tax considerations.
Affordable housing options
Ohio provides a range of affordable housing options, which include the Section 8/Housing Choice Voucher program, public housing, and low-income housing tax credit units. Additionally, there are specific programs designed for student parents, families, and seniors, ensuring housing costs remain generally below the national average. For more detailed information on these options, you can visit the Affordable Housing resources website. These initiatives play a crucial role in supporting communities and helping individuals find suitable housing solutions across the state.
Low overall cost of living
Ohio has a relatively low overall cost of living, ranking 22nd in the U.S., with an annual average cost of living of $47,768. Its housing costs are below the national average, making it one of the more affordable states in the country. For more detailed information on living expenses in Ohio, you can visit the Cost Of Living In Ohio page.
Competitive utility rates
Ohio offers competitive utility rates due to its deregulated energy market, allowing residents to choose from various suppliers and plans. The state boasts average residential electricity rates at 15.86 cents per kWh, which is lower than the national average. Additionally, the commercial rates stand at 10.54 cents per kWh, making them 22.3% lower than the national average. For more detailed information on Ohio's competitive energy options, you can learn more by visiting Choose Energy.
Reasonable grocery costs
Ohio has relatively reasonable grocery costs, with the average weekly grocery bill being $253.74, ranking 33rd in the nation. This aligns with or is slightly below the national average due to the state's agricultural industry. For further details, you can visit the WDTN website.
Economical transportation expenses
Average transportation costs in Ohio range from $9,911 to $16,605 per year, depending on family size and the number of working adults, with expenses including gas, car ownership, and other transportation expenses. For a single person, transportation costs are around $9,850 per year, which includes gas, car ownership, Uber/taxis, and bus tickets. For a comprehensive breakdown of these expenses and more, you can visit the SoFi website to gain further insights.
Moderate healthcare prices
In Ohio, the average annual healthcare cost per person is $8,770, which is a significant component of the overall cost of living. The state ranks 40th in healthcare costs among all states. For more detailed insights into these costs, you may want to visit the Cost of Living in Ohio page provided by SoFi. Understanding these expenses is crucial for budgeting and financial planning within the region.
Diverse educational opportunities
Ohio offers diverse educational opportunities, including Universal Design for Learning (UDL) frameworks, support for English learners, gifted students, and students with disabilities, ensuring all students can access and master content standards regardless of their background or needs. For more information, visit the Ohio Department Of Education website to learn about the various programs and resources available for diverse learners.
Affordable recreation options
Ohio offers a range of affordable recreation options, including skiing, kayaking, and visiting museums in cities like Akron, as well as numerous state parks with activities such as hiking, mountain biking, and fishing, all available at minimal or no cost. Discover more about these urban outdoor adventures and Ohio's affordable escape by visiting Islands, where you can explore the hidden treasures of this vibrant state.
Variable property taxes
In Ohio, property taxes are calculated based on the assessed value, which is 35% of the property's appraised value. The tax rate, expressed in mills, is voted on by the public, and taxes can vary due to inside millage, new levies, or new construction. However, the effective tax rate is adjusted to prevent significant changes in taxes owed despite fluctuations in property values. For more detailed information, please visit the Ohio Department of Taxation website.
Income tax considerations
Ohio utilizes a progressive income tax system characterized by rates varying from 0% to 3.75%, subject to one's taxable income. In addition, many municipalities levy a supplemental local income tax. The state's income tax is calculated based on federal adjusted gross income, segmented into four distinct brackets: 0% for income up to $26,050, 2.75% for earnings between $26,051 and $100,000, 3.68% for income ranging from $100,001 to $115,300, and 3.75% for income above $115,300. For a comprehensive understanding of these rates and to calculate your potential tax obligations, you can refer to the Ohio Tax Calculator.