Tags: Retirement | retirement | Ohio | cost of living

Retirement Cost of Living in Ohio

By    |   Wednesday, 10 Jun 2015 08:53 AM

One of the most important things to consider about any possible retirement destination, whether in Ohio or elsewhere,  is the cost to live there. By the time you are thinking about retirement, you have worked your whole life, and the last thing you want to do is move to a place where you will have to constantly worry about finances. Luckily, Ohio is one of the most affordable states in the country, so it's a great place for retirees who do not want to have to stress about money.

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Overall, Ohio is a very affordable place to live. Sperling's Best Places reports that the cost of living in the state is about 12 percent less than the national average, meaning that it is a great place to stretch a retirement nest egg. The greatest influence on this low overall cost is the incredibly low housing prices in Ohio. At about 34 percent less than the national average, spacious homes in Ohio are very affordable.

Individual cities in Ohio have also earned recognition for their low costs of living. U.S. News & World Report lists Akron, Ohio as one of the 10 best cities for retirees who want to live on less than $75 per day. Even on this tight budget, retirees living in Akron can enjoy a fun lifestyle. Seniors are able to get discounts to see the Akron Symphony Orchestra perform or to visit the Akron Art Museum, two attractions for which the city is famous. Additionally, retirees will be happy to know that they will be close to some of the best hospitals and medical care in the state in Akron including Akron General Medical Center and Summa Akron City and St. Thomas Hospitals.

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As with the rest of Ohio, low housing costs are the key. People age 60 and older who own a home with a mortgage pay a median of $1,087 per month while those without mortgages pay only $420 per month. Additionally, those in this age range who rent their homes pay a median of $646 per month.

With such affordable housing, Ohio's cost of living is well below the national average. This is great news for retirees as they can spend the money they save on housing visiting some of the state's great attractions like trips to Lake Erie or the Rock & Roll Hall of Fame in Cleveland.

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© Mike Reagan

   
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One of the most important things to consider about any possible retirement destination, whether in Ohio or elsewhere, is the cost to live there.
retirement, Ohio, cost of living
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2015-53-10
Wednesday, 10 Jun 2015 08:53 AM
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