Lakewood, OH vs Norwood, OH

Lakewood, OH and Norwood, OH have a very similar cost of living, with only a 4.1% difference in their overall index. Lakewood scores 83 while Norwood scores 80 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Lakewood is $1,013/month compared to $925/month in Norwood — a 10% difference. Home values follow the same pattern: Norwood is more affordable at $228,300 median vs $241,500.

Median household income in Lakewood is $65,925 compared to $64,724 in Norwood (+1.9%). Lakewood does offer higher incomes, but the salary premium barely offsets the higher cost of living, leaving residents with a tighter budget. Looking at affordability, residents of Lakewood spend roughly 18.4% of their income on rent, more than the 17.1% in Norwood.