If you’re thinking about moving to Cincinnati, you’re not alone. Cincinnati is gaining popularity for its vibrant neighborhoods, diverse food scene, and moderate cost of living.
But what does living in Cincinnati truly cost, and is it affordable for homebuyers looking to move to the city?
This guide will help you understand the local housing market, the cost of living in some of the best neighborhoods in Cincinnati, and more.
Cincinnati’s housing market has been stable, making it an appealing option for homebuyers compared to other pricier cities.
In 2024, the median sale price in Cincinnati is around $257,500, lower than the national average. The city also has a high sale-to-list ratio of 99.85%, indicating a fair market for buyers and sellers.
New construction homes are contributing to the health of the housing market, especially in Oakley or Madisonville.
Cincinnati’s neighborhoods provide diverse options that suit various lifestyles and budgets.
Here’s a look at some of the best neighborhoods in Cincinnati, Ohio:
When deciding where to live in Cincinnati, one should look for housing options, entertainment, green space, commuting distance, and facilities.
While the housing market is crucial, understanding Cincinnati’s overall cost of living is essential. Cincinnati’s cost of living is roughly 8% lower than the national average, translating to overall savings on groceries, healthcare, and more.
Here’s how Cincinnati’s affordability compares to other major U.S. cities, offering insights for potential homebuyers considering a move:
Overall, Cincinnati balances affordability with quality of life, offering an attractive, cost-effective urban environment, especially in comparison to pricier cities.
With its moderate home prices and below-average living expenses, Cincinnati is an affordable option for homebuyers seeking value and quality of life.
Compared to cities with skyrocketing home prices, Cincinnati remains budget-friendly, offering amenities and vibrant community life.
For example, Cincinnati’s annual median household income of $54,314 aligns well with its cost of living, making it feasible for residents to buy homes, save, and enjoy a comfortable lifestyle. This affordability is a significant draw for residents across the board, including families, young professionals, and retirees.
When determining the affordability of living in Cincinnati, always consider expenses beyond housing, such as utilities, insurance, and property taxes.
Cincinnati's average monthly utility cost for a standard 915-square-foot apartment—including electricity, heating, cooling, water, and garbage—is approximately $125.84. This is about 14.5% lower than the national average.
The average annual cost of homeowners insurance in Ohio is around $1,236, well below the national average of $1,754. Factors contributing to this affordability include the region's moderate risk of natural disasters compared to coastal areas.
Hamilton County, where Cincinnati is located, has a median property tax rate of 1.53% of a property's assessed fair market value. A home in Cincinnati valued at $210,800 equates to an annual property tax of approximately $3,225.
Cincinnati's healthcare costs are more affordable than some other major U.S. cities and below the national average.
Major healthcare providers like the University of Cincinnati Medical Center and Mercy Health offer accessible services, ensuring quality care without overwhelming residents' healthcare budgets. The city’s lower cost of healthcare is a valuable factor for homebuyers considering long-term affordability in Cincinnati.
Opportunities in healthcare, finance, manufacturing, and education opportunities drive Cincinnati’s job market. Major employers include Procter & Gamble, Kroger, and the University of Cincinnati.
The median household income is $54,314, slightly above the national average and enough to support a relatively comfortable lifestyle for most residents.
Cincinnati's unemployment rate is around 3.5%, closely aligned with the national average. This figure reflects steady job availability and economic health.
Employment is projected to grow over the next decade, making the city appealing for homebuyers seeking both affordability and career development.
Cincinnati’s food scene is a delightful mix of traditional favorites and innovative restaurants, giving residents a wealth of dining options.
Some of the Best Restaurants in Cincinnati
For those seeking delicious meals without breaking the bank, here are some of the best places to eat in Cincinnati:
Beyond its culinary delights, Cincinnati offers an array of cultural and recreational activities:
Cincinnati offers an attractive mix of affordability, quality housing options, and a vibrant lifestyle.
Whether you’re exploring the Cincinnati housing market for a new construction home or looking to invest in one of the best neighborhoods in Cincinnati, this city provides a strong balance of cost and comfort. Cincinnati’s affordability and charm make it a compelling option that doesn't compromise on cost of living, amenities or opportunities.
Yes, Cincinnati is one of the more affordable cities for homebuyers. With a median home price of around $261k—lower than the national average—it offers excellent value. Plus, the cost of living is about 8% below the U.S. average, making it a solid choice for people looking to buy a home without overspending.
For families, neighborhoods like Hyde Park, Mount Washington, and Pleasant Ridge are great picks. They’re known for their community feel, good schools, and easy access to parks and local amenities.
Cincinnati’s cost of living is about 8% lower than the national average, so it’s more budget-friendly than places like Nashville or Austin.
Yes, new construction in Cincinnati is growing, especially in areas like Oakley and Madisonville. These homes come with modern features, are energy efficient, and offer customization options. While prices vary, new construction homes in Cincinnati tend to be more affordable than the average resale property, especially those in desirable neighborhoods. Furthermore, builders often offer incentives to buyers that are unavailable for resale homes.
Cincinnati has tons of budget-friendly activities and dining spots. You can enjoy free admission to the Cincinnati Art Museum or relax at Smale Riverfront Park. And if you’re a foodie, places like Sotto and The Eagle offer fantastic meals without breaking the bank. There are plenty of fun things to do in Cincinnati without spending a fortune.