The Average Rent in Cincinnati
Ah, Cincinnati. The Queen City. The city where Mark Twain said, “When the end of the world comes, I want to be in Cincinnati because it’s always 20 years late.”
We would hate to argue with a literary legend, but Mr. Twain had it all wrong. Cincinnati today is a truly wonderful place to live. According to New York-based financial technology firm SmartAsset, Cincinnati is among the top 10 cities in the nation for young professionals (Queen’s Town ranks # 6 nationally and # 1 in Ohio).
Cincinnati is also home to two premier universities, three professional sports teams (including the Reds, the oldest baseball team), exceptional restaurants and entertainment venues, Procter & Gamble, Graeter’s Ice Cream, the famous Fiona the hippo of the Cincinnati Zoo and many quality award winning craft breweries to count.
Cincinnati is also easily accessible by car from many other great Midwestern cities.
But what about the average rent?
What’s the average rent in Cincinnati?
The average rent in Cincinnati for a one-bedroom apartment is $ 967. That’s a drop of more than 10% year-over-year and $ 631 less than the national average of $ 1,598. The cost of living is also lower than the national average, by almost 7%.
Cincinnati has 52 individual and distinct neighborhoods, so there is a bit of a fluctuation in that average rent number. It just means that Cincinnati has even more opportunities for you – in terms of travel distance, recreation, and entertainment.
How much do I have to earn to live in Cincinnati?
Experts suggest that you spend no more than 30% of your pre-tax income on rent. To live comfortably in Cincinnati, you will need to earn a minimum of $ 38,680.
Meanwhile, the average professional salary in Cincinnati is $ 66,000, which leaves transplant recipients with a lot of money to pursue hobbies and entertainment and have leftovers to save.
If you want to confirm the calculations necessary to determine how much you can afford to rent and the minimum wage you’ll need to enjoy it in Cincinnati, check out our handy rent calculator.
The cost of living in Cincinnati
If this city seems like the right place for you, then it’s time to consider other costs to factor into your budget. These are the daily costs associated with living. Determining their average prices against national averages and the averages of other locations you’re considering is a great way to gauge a city’s affordability.
In total, these current expenses are reflected in the cost of living index. Overall, Cincinnati’s cost of living index stands at 93.3, which means Cincinnati is a much more affordable city to live in than many others – 6.7% more affordable than the average American city.
Compared to national averages, here’s what you can expect to pay for various essentials in Cincinnati:
- Housing: Cost of housing in Cincinnati is 20.1% lower than national average
- Utilities: Utilities cost in Cincinnati 11.9% lower than national average
- Races: Cost of Groceries in Cincinnati 4.9% Lower than National Average
- Health care: Health Care Costs In Cincinnati Are 0.5% Lower Than National Average
- Miscellaneous goods and services: The cost of miscellaneous goods and services in Cincinnati is 0.4% higher than the national average
- Transport: Cost of Transportation in Cincinnati is 6.9 Percent Higher than National Average
As you can see, Cincinnati is a very affordable city.
The most expensive and cheapest neighborhoods in Cincinnati
The fact that Cincinnati has 52 separate and distinct neighborhoods makes the city unique. Apartments on the west side of town cost less than apartments on the east side, downtown or north.
Fortunately, the average rent in Cincinnati neighborhoods comes with rich cultural opportunities, restaurants, and housing and rental prices of all kinds. There is something for everyone, from modern to classic, from candles to utility.
The most expensive neighborhoods in Cincinnati
Once neglected by tenants, the central business district really started to heat up when the neighboring Over-the-Rhine became the hottest district in town.
The cost of rent in the central business district fell more than 7 percent last year, it is still a popular rental destination. Its proximity to several designated entertainment districts, excellent city parks, and numerous corporate and independent employers is unbeatable.
Walnut Hills is one of those places you’ll wish you discovered a few years ago before shiny new apartment buildings were built and architectural gems converted into modern apartments. Walnut Hills also encompasses several medical centers. Thus, many hospital employees choose to live in the area.
Madisonville is the hottest of the red light districts, which is a bit surprising given the humility of the neighborhood just a few years ago. Madisonville features beautiful old homes and a commercial and restaurant area undergoing significant revitalization. Rental prices have increased by over 21% over the past year.
Over-the-Rhine is one of Cincinnati’s favorite neighborhoods with breweries, restaurants, art venues, parks, and an avid social scene. Revitalization, although slowed considerably from five years ago, continues. Everyone wants to call OTR home!
Hyde Park attracts the attention of many young professionals. It’s a pretty neighborhood with a mix of modern homes, Tudors, lavish estates, and meticulously renovated old houses. Hyde Park also offers upscale restaurants, shops, galleries, and a popular farmers market. It is a few minutes from everything while being a resolutely residential area.
Cheapest neighborhoods in Cincinnati
Westwood is Cincinnati’s largest neighborhood, located at the western end of the city. Once a thriving community, Westwood is no longer such a popular destination for renters. The area has plenty of amenities though – plus it’s close to the zoo and Mt. Airy Forest and is particularly suitable for dogs.
College Hill is one of the city’s northernmost neighborhoods, and rumors abound that it could be one of the city’s next hot spots. Surprisingly not near an existing college, College Hill is rich in diversity. Add in some attractive period architecture and the support of a powerful and dedicated redevelopment company – you can see why College Hill is known as the next big thing.
The Heights is the urban neighborhood of Cincinnati that the University of Cincinnati calls home. Like many college districts, The Heights is diverse in many ways, from its population and demographics to restaurants, bars, and entertainment options. You can find the best ethnic restaurants in town here as well as one of the best live music venues, Bogart’s.
East Price Hill is also on the verge of revitalization. It’s great for this historic district that has seen more than its fair share of downtime. A few years ago, people started flocking to this neighborhood thanks to the opening of an ever popular restaurant, amazing views of the city, and much more affordable rents than in areas like OTR.
Pleasant Ridge is a charming old quarter with pockets of truly exquisite homes. Its business district has seen the opening of many new popular restaurants. A classic vinyl store and other businesses that have been around for decades round off the good stuff. Rental prices, while still very affordable, have increased by around 12% over the past year.
* May not be a true representation of the market due to insufficient inventory
Average rent in Cincinnati neighborhoods
The cost of renting a one-bedroom apartment ranges from $ 609 per month in Westwood to $ 1,529 in Walnut Hills. But you can’t go wrong with any neighborhood in Cincinnati; you will love this city’s diversity, arts and entertainment, dining and outdoor recreation opportunities. For average rents throughout the city, please see below.
* May not be a true representation of the market due to insufficient inventory
Find your perfect neighborhood in Cincinnati
More than 26 million people visited Cincinnati in 2017, thanks in part to a series of positive stories and media rankings, including a New York Times travel article “36 Hours In.”
Cincinnati is also considered such a pleasant hometown that it is said that young professionals who leave after college tend to return to Cincinnati to raise their own families.
And you are in luck; with so many Cincinnati apartments to rent in a variety of great neighborhoods, you should have no problem finding a neighborhood that has it all in a city that offers even more, all without breaking your budget.
Rental prices are based on a moving weighted average of Apartment Guide and Rent.com’s multi-family rental property inventory of one-bedroom apartments. The data was extracted in May 2021 and goes back a year. We use a weighted average formula that more accurately represents the price availability for each individual unit type and reduces the influence of seasonality on rental prices in specific markets.
Neighborhoods with insufficient inventory were excluded.
Data on the cost of living come from the Community and Economic Research Council.
The rent information included in this article is used for illustration purposes only. The data contained in this document does not constitute financial advice or a price guarantee for an apartment.
