There’s nothing living in Cincinnati, OH. From the restaurant scene to sports culture, the city has plenty to offer new residents with varied interests. So how much will living here cost you? Read on to find out.
Cincinnati, OH cost of living
According to PayScale, the cost of living in Cincinnati is 8% lower than the national average. Factors such as your monthly income, debt, and lifestyle also help determine affordability. In Cincinnati, one of the biggest factors in living expenses include groceries and transportation. While the cost of living varies in each area, you’ll find that living here is more affordable than other major cities in the United States.
When it comes to rent, Zumper states that the typical one-bedroom apartment in Cincinnati costs $825 as of July 2021, down 17% compared to the previous year. That’s much lower than the national median rent in the United States, which is $1,711 as of June 2021, according to Apartment Guide’s Rent Report.
If you’re thinking of becoming a homeowner, the median listing price for a home in Cincinnati was $219,000 as of July 2021, according to Realtor. That’s lower than the national median home price of $350,000.
When it comes to lifestyle and entertainment, food lovers will be happy to learn that Cincinnati has one of the most affordable restaurant scenes in the United States. Travel and Leisure gave Cincinnati the 8th spot in its list of “10 Best U.S. Cities for Eating Out on a Budget”.
According to Numbeo, a typical three-course meal for two at a mid-range Cincinnati restaurant costs about $50 while the average price for a local beer is $5. A meal at an inexpensive restaurant costs $12.38 on average. Talk about a sweet deal.
The low cost of living is favorable for Cincinnati residents considering that the average annual salary is $66,000, up 1.2% compared to 2020, according to PayScale. That’s higher than the national average of $53,490.
Budgeting for your Cincinnati apartment
If you’re renting in Cincinnati for the first time, you can calculate your monthly budget by deducting your monthly savings goal from your net income. The remaininging amount should be budgeted for expenses. If you’re building your emergency fund or saving for a down payment, it’s important to stick to this amount each month.
Once you know how much you can put towards monthly expenses, you can use the 50/30/20 principle as a guide for categorizing your expenses into basic necessities, wants, and savings.
It’s also important to have money set aside for emergencies, such as car repairs.
Remember that this is just a rough guide. You can be as flexible as you want with your monthly savings and expenses. You can also work with a financial advisor to come up with a workable budget or a debt repayment plan.
Free and low-spend activities to enjoy in Cincinnati, OH
If you want to stay on budget while still having a bit of fun, you’ ve come to the right place. There are many free things to do in Cincinnati, including:
- Visit Bellevue Hill Park for some of the best views in the city. Here you’ll find the distinctive circular concrete cupolas that were installed for outdoor events and dance parties.
- Browse the goods at Findlay Market, the oldest continuously operated public market in Ohio. The market opened in 1855. There are many vendor booths offering craft beer, ready-to-eat meals, and artisanal goods. But you don’t have to buy anything to enjoy. Just stroll through this historic market to get a feel for the community.
- Explore the 45-acre Smale Riverfront Park, which features lighted water jets, oversized swings, and shaded pergolas. The park’s playspace is filled with interactive structures such as talking tubes and a giant foot piano. You can also catch a free event or concert at Anderson Pavilion and the Schmidlapp Event Lawn.
- Visit William Howard Taft National Historic Site, the childhood home of the 27th president of the U.S. Located about a mile north of the downtown district, this magnificent Greek Revival-style home was built in 1835 and was listed on the National Register of Historic Places in 1966.
Message Sundance Property Management here for rental units in Cincinatti and the surrounding areas. You can also send your inquiries to 5134893363 x126 and MLAShells(at)sdpmi(dotted)com. Our professionals would be happy to speak with you.
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