Retirement Planning, Elder Law, and Senior Finance

7/1/2021 | By Seniors Guide Staff

“Take your money further. In Cleveland, you can have all of the business, infrastructure and recreational amenities of the largest cities in the country at a fraction of the cost,” says the City of Cleveland Department of Economic Development.

With a U.S. average cost of living as 100, Cleveland scores 72.6, while the state of Ohio scores 82.6. In Cleveland, you can expect to pay less than the U.S. average for groceries, health care, utilities, and transportation, and significantly less for housing. Kiplinger Financial gave Cleveland a glowing rating of 1 for its affordability (with 1 as the most affordable, 10 as the least affordable). The rating is based on the percentage of annual income required to buy a median-priced home in the metro area. According to Kiplinger, the median home price in Cleveland is $146,000.

In terms of senior living, Cleveland is slightly below the national average according to Genworth’s 2020 Cost of Care Study. While the standard monthly cost of assisted living is $4,300, the cost is $3,950 on average in Cleveland. And the national average monthly cost of nursing care for a semi-private room is $7,756, whereas in Cleveland it’s priced around $7,848. An in-home care aide is about the same per month, with the average cost at $4,576, versus Cleveland at $4,410.

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Seniors Guide Staff

Seniors Guide has been addressing traditional topics and upcoming trends in the senior living industry since 1999. We strive to educate seniors and their loved ones in an approachable manner, and aim to provide them with the right information to make the best decisions possible.

Seniors Guide Staff