Cost of Living in Beachwood, OH

With a cost of living index of 123, Beachwood, OH is a notably expensive place to live. Living here is 23% more expensive than the national average and 45% above the Ohio state average of 78. Beachwood is a smaller community of 13,850 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Beachwood's cost of living. The median monthly rent is $1,941 (47% above the US median of $1,319), and the median home value sits at $381,600 (25% above the national median of $304,900). At current prices, the median home costs roughly 3.7x the median household income — a moderately affordable ratio by today's standards.

The median household income in Beachwood is $102,798, which is 37% higher than the national median of $75,149. Residents spend roughly 23% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Climate is another factor for anyone considering a move to Beachwood. The area sees an average annual temperature of 52.3°F, with summers averaging 73°F and winters around 32°F. Annual rainfall totals 33.3 inches spread over roughly 138 days.

Everyday prices in the Cleveland, OH (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.