Lakewood, OH

Below Avg · 75

Ohio · Population 50,229 · Updated March 2026

$1,013
Median Rent / Month
$65,925
Median Income
$241,500
Median Home Value
$1,131
Owner Costs / Month

Affordability

How far your income goes in Lakewood

18.4%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Ohio

State-level tax rates that affect your costs

3.5%
Income Tax (Top Rate)
5.75%
Sales Tax
1.53%
Property Tax Rate

Estimated Annual Costs

$12,156
Annual Rent
$2,307
State Income Tax
$3,695
Property Tax (est.)

Cost of Living Overview

Lakewood is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 75 (where 100 equals the national median), Lakewood residents can expect to pay median rent of $1,013/month while earning a median household income of $65,925/year.

The median home value in Lakewood, OH is $241,500, with typical monthly owner costs around $1,131 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.4% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Ohio has a moderate income tax rate of 3.5%. Combined with a 5.75% sales tax rate and 1.53% effective property tax rate, the overall tax environment is a factor in the total cost of living in Lakewood.

Frequently Asked Questions

Common questions about living costs in Lakewood

What is the cost of living in Lakewood, OH?
The cost of living index in Lakewood, OH is 75 (US average = 100). Median monthly rent is $1,013, median household income is $65,925/year, and the median home value is $241,500.
Is Lakewood, OH affordable?
Yes, Lakewood is more affordable than the national average with a cost index of 75. The rent-to-income ratio is 18.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Lakewood, OH?
The median gross rent in Lakewood, OH is $1,013 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $12,156.
What is the median household income in Lakewood?
The median household income in Lakewood, OH is $65,925 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Ohio?
Ohio has a top income tax rate of 3.5%, a sales tax of 5.75%, and an effective property tax rate of 1.53%.