Cost of Living in Silver Lake, OH

With a cost of living index of 109, Silver Lake, OH is somewhat more expensive than average. Living here is 9% more expensive than the national average and 31% above the Ohio state average of 78. Silver Lake is a small community of 2,514 residents.

Housing costs are the biggest factor in Silver Lake's cost of living. The median monthly rent is $1,696 (29% above the US median of $1,319), and the median home value sits at $299,500 (2% below the national median of $304,900). At current prices, the median home costs roughly 2.1x the median household income — well within traditional affordability guidelines.

The median household income in Silver Lake is $142,083, which is 89% 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.

Everyday prices in the Akron, 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.