Lakewood, OH vs Parma Heights, OH

Parma Heights is moderately more affordable than Lakewood, with a 5.6% lower cost of living index. Lakewood scores 83 compared to 79 for Parma Heights, where the US average is 100. This difference means residents of Lakewood can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Lakewood is $1,013/month compared to $1,072/month in Parma Heights — a 6% difference. Interestingly, home values tell a different story: while Lakewood has cheaper rent, Parma Heights actually has lower median home values ($165,800 vs $241,500).

Median household income in Lakewood is $65,925 compared to $59,218 in Parma Heights (+11.3%). While Lakewood is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Lakewood spend roughly 18.4% of their income on rent, less than the 21.7% in Parma Heights.