Cost of Living in Gates Mills, OH

With a cost of living index of 147, Gates Mills, OH is one of the most expensive cities in the United States. Living here is 47% more expensive than the national average and 69% above the Ohio state average of 78. Gates Mills is a small community of 2,192 residents.

Housing costs are the biggest factor in Gates Mills's cost of living. The median monthly rent is $2,000 (52% above the US median of $1,319), and the median home value sits at $651,600 (114% 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 Gates Mills is $175,833, which is 134% higher than the national median of $75,149. Residents spend roughly 14% 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 Gates Mills. 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.