Today’s post is about another great aspect of living in Tiffin and Seneca County, Ohio. It’s relatively inexpensive. The cost of living is also an indicator of the cost of doing business.
To look at how expensive it is to live in one community over another, we’ll be using a tool called the Cost of Living Index. Without getting down too deep in the theoretical weeds, the Cost of Living Index (COLI) compares the local cost of a variety of goods and services in categories like housing, healthcare, groceries, transportation, and utilities. It then crunches the numbers and compares the overall cost (weighted sum of all goods and services) across the country. The national average is set equal to 100. Accordingly, if your index is less than 100, you are cheaper than the national average and if your COLI is higher, then you are more expensive.
There are a lot of free tools online, but only three (I’ve found) will cover smaller cities and not just metros. So, without further ado, here are the Cost of Living Index results for Tiffin from City-Data.com, Areavibes.com, and BestPlaces.net.
Here are the Tiffin results (100 = national average):
1. City-Data.com – 80.1 (20% discount)
“Mar. 2012 cost of living index in Tiffin: 80.1 (low, U.S. average is 100).” This means that as of March 2012, Tiffin was 20% less expensive a community to live in than the average community in the US. New York, NY (for reference) has an COLI of 163, meaning it is more than twice the cost of living in Tiffin, or more than 60% more expensive than the national average. Seneca County has an 80.2 index for the same time period.
2. Areavibes.com – 85 (15% discount)
Just as City-Data does, Areavibes.com gives Tiffin an 85, representing a 15% discount off of the national average cost of living. See picture above. You will notice there that we get an “A+” grade from Areavibes.com.
3. BestPlaces.net – 87 (13% discount)
Tiffin’s overall index is 87% of national average or a 13% discount.