Are you thinking about moving to Cincinnati and are curious about what it’s like to live here? In this episode of Cincy Uncensored, I’m going to break down the cost of living in Cincinnati. We’ll explore everything from the cost of housing to the cost of gas so you can see if this area is right for you.
The Cost Of Housing
First, let’s talk about the obvious: the cost of housing. One of the things you’re going to have to decide is whether you want to rent or you want to buy. Of course, that’s all going to depend on your situation. Are you single or do you have a family? What kind of housing do you really need? The price of housing varies here in Cincinnati and, again, depends on your situation. If you have any questions, I’m happy to answer them, but here are some general pointers.
The average three-bedroom, two-bath home here in Cincinnati will run you about $195,000. Keep in mind, that is an average price. Some areas may cost slightly more, and some may cost slightly less. The average four-bedroom, three-bath home is probably going to run you about $300,000. If you’re looking to rent in Cincinnati, you can expect to spend anywhere between $750 a month up to $2,500 a month. This depends on the size of the place you want as well as the location.
The total mortgage payment that you’re probably going to be looking at for a three-bedroom, two-bath home here in Cincinnati will probably be about $1,400 a month. That will include your insurance and your property taxes. As a good rule of thumb, if you’re looking at buying or renting, anything inside the 275 Loop is going to cost you a little bit more money. The closer to the city you get, the more expensive it’s going to be. Anything outside of the 275 Loop and in the suburbs will give you a little more for your money.
Property Taxes And Daily Living
Property taxes in our area vary quite a bit and will depend a lot on the school district, as we use them to fund our schools. If you have a higher-rated school district, then generally your property taxes are going to run you a little bit more
Ohio has a school district income tax. This means there’s a levy separate from the federal, state, and municipal taxes, collected in earmark specifically to go towards that school district. Other daily living costs include gas, which averages about $2.25 a gallon. Like anywhere else, this number fluctuates. Sometimes it goes down to $2, but the bottom line is that if you’re living here, you will need a car. The good news is that Cincinnati gas prices are relatively low compared to other parts of the country.
As far as property taxes go, Ohio is unique because our taxes are paid in arrears. This means that your taxes will be paid and brought current when you go to close on your property.
Experience Cincinnati Living
I hope this gave you a good idea of the cost of living here in Cincinnati. If you have any questions about Cincinnati or the suburbs, please don’t hesitate to reach out and give me a call. I’d love to hear from you and help you experience all that Cincinnati has to offer!