Newark, OH vs Parma, OH

Newark, OH and Parma, OH have a very similar cost of living, with only a 2.4% difference in their overall index. Newark scores 75 while Parma scores 77 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 Newark is $926/month compared to $1,053/month in Parma — a 12% difference. Interestingly, home values tell a different story: while Newark has cheaper rent, Parma actually has lower median home values ($157,600 vs $174,100).

Median household income in Newark is $58,920 compared to $67,425 in Parma (-12.6%). While Parma is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Newark spend roughly 18.9% of their income on rent, more than the 18.7% in Parma.