Lakewood, OH vs Parma, OH

Parma is moderately more affordable than Lakewood, with a 7.3% lower cost of living index. Lakewood scores 83 compared to 77 for Parma, 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 $1,053/month in Parma — a 4% difference. Interestingly, home values tell a different story: while Lakewood has cheaper rent, Parma actually has lower median home values ($157,600 vs $241,500).

Median household income in Lakewood is $65,925 compared to $67,425 in Parma (-2.2%). Parma offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Lakewood spend roughly 18.4% of their income on rent, less than the 18.7% in Parma.