Lakewood, OH vs New Philadelphia, OH

There is a significant gap in the cost of living between these two cities. New Philadelphia is 15.5% cheaper than Lakewood. With a cost index of 72 vs 83, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from New Philadelphia to Lakewood should plan for substantially higher expenses across most categories.

On the housing front, median rent in Lakewood is $1,013/month compared to $866/month in New Philadelphia — a 17% difference. Home values follow the same pattern: New Philadelphia is more affordable at $164,600 median vs $241,500.

Median household income in Lakewood is $65,925 compared to $60,932 in New Philadelphia (+8.2%). The higher salaries in Lakewood partially offset the cost difference, but don't fully close the gap. Looking at affordability, residents of Lakewood spend roughly 18.4% of their income on rent, more than the 17.1% in New Philadelphia.