Lakewood, OH is a vibrant city located in the Northeast of Ohio. It is a popular destination for those looking to experience life outside of the larger cities. With a lower cost of living than most other parts of the state, Lakewood offers residents great value in terms of rent and groceries. Average 2-Bedroom rents in Lakewood are $1,040 compared to the US average which stands at $1,430 making it an affordable option for people on different budgets. Additionally, its Grocery Cost Index stands at 100 compared to the US average also standing at 100 meaning that grocery costs here are as good if not better than anywhere else in the country.
For those looking for employment opportunities there’s no shortage around Lakewood with notable local companies such as Lake Hospital System, Stambaugh Auditorium and The Music Settlement all offering good job prospects within their respective fields. With plenty of outdoor activities such as Edgewater Park and Rocky River Reservation all close by combined with its low cost of living makes Lakewood a desirable place to live.
Lakewood has an unemployment rate of 5.2%. The US average is 6.0%.
Lakewood has seen the job market increase by 1.0% over the last year. Future job growth over the next ten years is predicted to be 24.8%, which is lower than the US average of 33.5%.
Tax Rates for Lakewood
- The Sales Tax Rate for Lakewood is 8.0%. The US average is 7.3%.
- The Income Tax Rate for Lakewood is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Lakewood
- The average income of a Lakewood resident is $28,806 a year. The US average is $28,555 a year.
- The Median household income of a Lakewood resident is $57,588 a year. The US average is $69,021 a year.