BAIS 462 FINAL PROJECT
Is Cincinnati Affordable Post-Grad?
Introduction
All seniors in college have been met with the daunting task of figuring out the big question - what’s next? We have gotten comfortable in our college towns, living with our best friends and walking a few blocks to the local bars after a big game. But as our time as undergraduates is nearing the end, we are all left wondering what life will look like for us, as functioning members of society, without the safety net of school to catch us. Whether our next journey takes us to further our education, or to start our careers, we all are met with the difficult task of where we will go to start our lives. Will we live in our hometowns? Will we stay in our college town? Or will we move somewhere completely new?
There are so many aspects to consider when choosing where you might live. Although I might not be able to predict how well you might like a certain city, I think it’s crucial to at least know if you are able to afford living in that city, and it’s just as important to know that you will enjoy where you live. As a soon-to-be Xavier University graduate, I realized that I too was going to have to figure out my future plans. As a born and raised Cincinnatian, I have always been in love with this city. Although I have lived here my entire life, there never ceases to be something new and intriguing to visit or try. As I thought more about staying in Cincinnati after graduation, I realized that other soon-to-be graduates might be considering staying as well. Many of those people might not be from this area, and might not have experienced much outside of Norwood. That is why I am diving into the cost of living in Cincinnati and what everyone thinks about living here, to help people make this daunting decision just a little bit easier.
Finding out if a city is affordable can be more difficult than one might think, after all, the cost of living kind of changes depending on what you do! The point behind this research is to determine if Cincinnati is an affordable and enjoyable city, and in turn help people make that difficult decision of where to live just a little bit easier!
I will begin with a cost analysis, and end with a sentiment analysis to tie everything together and really figure out if Cincinnati is the place to be.
How Will this data help us understand if Cincinnati is truly an affordable city?
I will be using cost of living data from Numbeo, which is the world’s largest cost of living database. I intend to find out if Cincinnati is still an affordable city by looking at the cost of living data from Cincinnati and comparing it two two cities - Columbus and Chicago. I chose these cities for good reason. New York Times has claimed that Cincinnati and Columbus are “twin” cities in terms of population, jobs, income, cost of living, etc. I wanted to compare the two to see how different or similar they really are, and if one might be more affordable than another. I also wanted to compare Cincinnati to Chicago because Chicago is arguably the biggest city in the Midwest. I wanted to look at a bustling, exciting city to see how different they would be in terms of cost of living. Looking and Cincinnati and Chicago it might be obvious that Chicago would be more expensive, but with the rising cost of things in 2023, it really does make you wonder how far apart these cities might be in terms of cost. Lastly yet most importantly, I will be comparing all of these prices to the average price in America, to get a real feel for just how affordable Cincinnati really is on average. All of the data that will be used is individualized to each city (and for the US as a whole), and goes through the typical items/services that might be purchased (milk, gas, coffee, dinner, rent, etc.). Within this analysis, I’m going to be focusing on certain cost of living items/services that are relatable to people post-graduation. That is things like transportation costs, food, coffee (a must), beer, rent, and other things that directly impact us daily. Things like houses, brand new cars, etc. aren’t something that is always attainable for people directly out of college, so I won’t be focusing on those things. This will help us really understand whether it is affordable to live in these cities or not post graduation!
Here is where my data is from: https://www.numbeo.com/cost-of-living/
My Data:
Each row is an instance of a purchasable item/service that most people are likely to occur such as rent, a meal, clothing, groceries, etc.
My columns consist of: Description of that purchasable item, the average price of that item in that specific city, the price range (lowest and highest) that purchasable item/service costs in that city, and lastly the city that row is referring to.
My data frame includes the data of Cincinnati, Chicago, Columbus, and the USA Average, just for comparison reasons.
Average Monthly Salary by City
I want to start with analyzing the average monthly salary (after tax) in each city. Income plays a huge role in cost of living. If you live somewhere that tends to have a higher cost of living, but the income is also higher, then it can kind of even itself out. On the flip side, if you live somewhere with a higher cost of living but still don’t make that much, that might not bode well as a feasible place to live post-grad. As you can see below, Chicago clearly has the highest average monthly salary, sitting at $5,667.96, higher than the US average! As we continue this cost of living analysis, it’s important to note that Chicago’s cost of living could be higher, but the higher salary smooths things out. As for Cincinnati, the average monthly salary is sitting at 4,078.75, which is unfortunately 617.04 less than the US average. For comparison, Columbus sits just below Cincinnati just by a little.
Overall, I think that Cincinnati’s average monthly salary could be better. Chicago’s high salary could be due to the fact that it is notoriously expensive to live there, so the higher salary bridges the gap. As for the US, there are many cities in similar situations to Chicago, where the salary might be higher to counteract the high prices within that city, thus causing the US average to be higher. As we go through this cost of living analysis, it’s important to keep these salaries in mind. If the cost of living in Cincinnati is considerably lower than US average or Chicago Average, it might make sense to make less money.
The Necessities
To start, I am going to do an analysis on the things that we obviously have to pay for or need in our daily lives and see how affordable things are like food (groceries), a place to live, and transportation/gas. Although this won’t be an extensive list of all the necessities, these are some of the main ones that we encounter on a daily basis and are important to consider when deciding to stay/move to a city. Of course affordability is subjective to each person, and I most likely won’t be able to analyze some things that might be prevalent in your life, but I would say these are staples in everyone’s lives that should be understood before deciding to live somewhere or not!
Groceries
These bar charts all represent the most common grocery store foods and their cost for each city (Cincinnati, Columbus, Chicago, as well as the US Average). Cincinnati tends to have lower average prices for items like “Apples (1 lb)”, “Rice (white, 1 lb)”, and “Potato (1 lb)” when compared to Chicago and Columbus. However, for items like “Chicken Fillets (1 lb)” and “Local Cheese (1 lb)”, Cincinnati’s prices are slightly higher than the USA average but remain competitive with the other cities.
The cost of “Oranges (1 lb)” and “Tomato (1 lb)” is clearly less in Cincinnati than in Chicago and the US Average, which indicate a general trend of affordability in fresh produce.
Across most grocery items shown, Cincinnati does not have the highest average price, often falling below Chicago and the USA average, and sometimes below Columbus.
Considering all of these data points, Cincinnati seems to be an affordable city for grocery shopping when compared to Chicago and the USA average, with competitive prices in Columbus. This cost-effectiveness for groceries can be a super important factor in the overall affordability of a city for someone considering where to live post-grad.
Apartments
This analysis displays apartment costs, where Cincinnati is showing as more affordable in comparison to Chicago, especially within the city center. The cost of apartments, both in the city center and on the outskirts, is significantly lower than in Chicago. When compared to Columbus, Cincinnati’s housing costs are slightly higher, yet they remain below the USA average, suggesting Cincinnati is a relatively economical option for housing post-graduation.
I specifically chose to focus on apartments instead of mortgages because as a post-grad, it’s not likely we will be buying a house within the year, although I am sure there are some exceptions!
Gas
This dives into the cost of gasoline. Cincinnati’s gasoline prices are notably lower than Chicago, which may reflect lower transportation expenses. The prices are comparable but still lower than Columbus and sit just the USA average, reinforcing Cincinnati’s position as a cost-effective city for transportation.
The Fun Stuff
In this part I am going to do an analysis on the fun things and hobbies in life that we typically pay for like alcohol/beer, clothes shopping, or a fun night out for dinner.
Alcohol: Beer & Wine
We all have our preferences on what we like to drink, but I broke it down into two simple categories of wine and beer. Although this doesn’t cover everyone’s favorite drink, I still think that the prices of these basic alcoholic beverages are a great tell-tale of the prices of other alcohol that could be purchased.
The first chart indicates that Cincinnati is much more affordable for purchasing domestic beer than Chicago and is about on par with Columbus. This could imply a lower cost for social and leisure activities in Cincinnati compared to the larger metro of Chicago.
As for the wine graph, the cost of a bottle of wine in Cincinnati is between the slightly higher Chicago prices and the lower prices in Columbus, but sits on par with the US average, which suggests a middle ground in terms of affordability for alcoholic beverages.
Clothes
This analysis compares the prices of different clothing items that most people end up purchasing in their life. This analysis shows that Cincinnati is relatively cheaper for purchasing jeans and dresses than Chicago, though Columbus offers the lowest prices among the three cities for the most part. Cincinnati’s prices are above the USA average for business shoes, indicating mixed feelings about the clothing category. Luckily in this day and age, we do a lot of online shopping, which means that the prices typically stay the same no matter where you are or where you decide to live!
Date night? Meal with friends?
We all know that cooking at home can be a drag sometimes and it’s inevitable that we will want to treat ourselves to a night night out on the town and sit down at a fun restaurant! Lets look at how those average prices compare.
The data indicates that Cincinnati has the lowest price point at $60.00 which suggests that it is the most affordable city compared to Chicago, Columbus, and even the USA average to have a little date night out! Chicago is the most expensive at $100.00, while Columbus and the national average are closer in range at $70.00 and $75.00. For a recent graduate, Cincinnati’s lower cost could be a significant advantage considering that as a young recent graduate, we will often be mixing and mingling at different restaurants - whether that’s networking, dating, or just catching up with friends.
Cost of Living Wrap Up
Throughout my analysis, Cincinnati seems to emerge as an affordable city when compared to Chicago, Columbus, and the USA average across a variety of different living expenses. From grocery items to housing costs, transportation, and leisure activities like dining out and enjoying a drink, Cincinnati offers lower average prices, which contributes to a potentially lower overall cost of living. While Columbus sometimes presents as the least expensive option, particularly in clothing and certain grocery items, Cincinnati strikes a balance between affordability and the amenities offered by a larger city. Chicago, as expected with its big-city status, often has the highest costs. For recent graduates considering their finances, which are typically constrained by entry-level salaries and student loans, Cincinnati’s cost profile is pretty attractive. I believe my analysis suggests that one can enjoy the benefits of an urban setting without the financial pressures associated with more expensive metropolitan areas like Chicago. The balance of affordable living with the cultural and professional opportunities available in Cincinnati could make it an ideal choice for those looking to establish themselves financially and professionally post-grad!!
Cincinnati vs Chicago Sentiment Analysis - What Do The People Think?
After analyzing all of our cost of living data, I thought it would also be just as important to find out if the city of Cincinnati was enjoyable to live in. Affordable or not, nobody wants to live somewhere that they don’t enjoy. As we know, Cincinnati is a reasonably priced city. But is it enjoyable? Is it fun? Especially for recent graduates, we still want to go out with our friends, explore the city, and have fun! It can be scary knowing college is ending soon, and I think it’s important to have that safety blanket of knowing the fun doesn’t end just because you graduated.
To find out what Cincinnatians think of living here, I will be conducting a sentiment analysis that compares the overall sentiment around Cincinnati and Chicago, for comparison purposes. We all know Chicago to be a bustling city of lights, love and fun! It’s famous for all of it’s amazing big city attributes. I wanted to see how Cincinnati held up in comparison to such an iconic city. I am determined to find out what the people really think about living in Cincinnati!
How Do People Feel About Their City Over Time?
My first question was to try and figure out if there was a difference in how people felt about their respective city over time, both in the short-term (day of the week) as well as by year. I used reviews from https://www.bestplaces.net from people who lived in either Chicago or Cincinnati. I did extract the date from each review and turn it into its own column so I was able to see how people felt on each day of the week and also by year. Unfortunately there wasn’t a ton of reviews, but I still think we are able to see if there are any overarching trends overtime, and if the sentiment for either of these cities has drastically changed over a few years, or even throughout the week.
Day of the Week
Oddly enough, it seems like people tend to be more positive about Cincinnati closer to the weekend (Thursday - Saturday) while people seem to be more positive about Chicago during the week. Although I truly do not think there is enough sentiment data within this analysis for Chicago, I potentially could see why this trend could be true given more data. Chicago is a bustling city during the week, with many unique and fun jobs to chase after, along with the beautiful lunch and dinner spots that one might hit throughout the week. As for Cincinnati, it can be pretty bland during the week (in my opinion), but the nightlife and events during the weekend are surprisingly fun and popular. Again, I wish there was more reviews to determine a definite pattern, but in my opinion I believe this pattern has a good chance of being true.
By the Year
It seems as though Chicago citizens have gotten more positive about their hometown over the years of these reviews, with a huge spike most recently in 2021. Although it doesn’t seem like Cincinnati has as much data for each year, it looks like Cincinnati definitely has a positive upward trend as well. I think this trend would ring true given more data, just because I think both cities have been growing exponentially and with that, growing the number of places and activities around the city. It’s no surprise that people love Chicago more than ever, but it says a lot about Cincinnati and it’s surprising growth in positivity. This definitely rings well for people wanting to stay/move to Cincinnati!!
Dominant Emotions Expressed about Living in Cincinnati and Chicago
After taking a brief look at what people thought about their respective cities, I wanted to dive a little bit deeper into what dominant emotions were expressed about living in Cincinnati versus living in Chicago. I used multiple Opinion & Editorial articles on living in Cincinnati and Chicago. Although reviews would have been nice to analyze, they were far and few between. I wanted to really dive into people’s overarching thoughts of each city. I used https://www.moverjunction.com/moving-guides/pros-and-cons-of-living-in-chicago, https://www.extraspace.com/blog/moving/city-guides/things-know-living-in-chicago/, https://thehonestlocal.com/living-chicago-illinois-moving/, https://retirepedia.com/17-pros-and-cons-of-living-in-cincinnati-ohio.html?gclid=CjwKCAiApuCrBhAuEiwA8VJ6JlGWXo10KiHwuTVKfuolyMKSynFKI9uMaqFZ2ABT6J0UdaPgQPKyUhoCiGMQAvD_BwE, https://movinmaker.com/living-in-cincinnati-pros-cons/. With combining all of these opinion articles, I felt as though I could get a solid feeling for what people really thought the pros and cons of living in each city were. I combined all of these articles into one data frame for easy access to the data. I then was able to create a few visualizations with the help of NRC Lexicon to display the emotions associated with each city.
Comparing Cincinnati and Chicago:
Surprisingly enough, it seems as though the most overwhelming emotion felt by citizens of both cities was positivity! This is surprising considering how different people can experience the same city, but nonetheless a great emotion to be associated with. Both cities are decently close in terms of positivity. Disgust seemed to be the least relevant emotion for both cities, which is a great thing to hear when considering whether you should move to a city or not - who would want to move to a city that evokes disgust?! Both cities also shared a similar amount of trust, joy and anticipation. I think trust is a great attribute of any city, trustworthy citizens, businesses, and friends are all extremely important in a city one would call home. The biggest difference between the city seems to be fear and anger, where Cincinnati seems to be on the lower end of both of those emotions.
The Bubble Chart:
I think this bubble chart is a very easy visualization to really see how strong each of these emotions are for each city. As you can see, the same results stand as before, but it’s much clearer how strong each sentiment is. For example, positive seems decently strong and negative sentiments seem to be even stronger in Chicago, indicating that there is probably a solid mix of good and bad in each city, with unassuming maybe a little more negative context than Cincinnati, but that could simply be because there is a higher population in Chicago, which sounds pretty realistic to me. Not everyone is going to love or hate a city, so it’s understandable why positive and negative emotions are fluctuating and honestly, they are not too different.
Overall Sentiment Differences Between Cincinnati and Chicago
Lastly, I wanted to look into the significant differences in overall sentiment towards living in Cincinnati versus Chicago to really tie this sentiment analysis together. I took the same data used from question two (the opinion articles) and did a counted the amount of times each word was said, and rated those words either positive or negative. This was grouped by city, so we are able to see the number of times a word showed up in the articles, and whether it was positive or negative ( negative numbers indicating it was a negative word and positive numbers indicating it was a positive word).
The Results
It looks like the negative factor mentioned the most was crime in both Cincinnati and Chicago, with Chicago crime only being mentioned twice more than Cincinnati. Although that is definitely the most negative thing that stands out to me as a whole, they each have their own qualms. For example, it seems like Chicago is mildly associated with the words “brutal” and “expensive”. Expensive in the windy city makes a lot of sense, and after our cost of living analysis, I would say we are very much aware of that. My idea of brutal for Chicago stems from the brutal weather, so it may not be as negative as one might assume, but still not a good perception in the eyes of the citizens. On the flip side, Cincinnati is infamous for its cold temperatures and its poverty, all of which make sense in the context of Cincinnati. On a more positive note, they both seem to be associated with enjoyability, which is never a bad thing when looking for a place to live!! Cincinnati seems to be known for its variety and safety, two extremely important factors, especially when you potentially could be living by yourself. Chicago seems to be known for its pride, friendliness, and ease. All great attributes for a place to live.
Overall, the chart provides an insight into the public sentiment towards both cities, with Chicago being associated with a mix of strong negative and positive sentiments, whereas Cincinnati appears to have a softer negative sentiment but strong positive associations with affordability and being a favorite. This information could guide city branding initiatives, policy-making, and public relations efforts to enhance the positive and address the negative perceptions.
Wrapping It Up
Overall, I think Cincinnati, Chicago, and even Columbus seem to be great cities to live in, depending on your resources and wants. As we saw in the cost analysis, it’s clear that Cincinnati is a much more affordable midwestern city than that of Chicago. Although this might be the case, if you have the resources and the intense desire for the “big city” life while still staying in the midwest, that might be your go-to. But back to the question at hand- Is Cincinnati an Affordable and Enjoyable place to live post-grad? After conducting a comprehensive analysis of the cost of living in Cincinnati and comparing it to Chicago, Columbus, and the USA average, we can confidently say that Cincinnati emerges as an attractive option for recent graduates in terms of affordability. The data reveals that Cincinnati consistently offers lower costs across various essential categories such as groceries, dining out, transportation, and rent when compared to Chicago, a major metropolitan area. While Columbus occasionally presents lower prices in specific items, Cincinnati strikes a balance between affordability and city amenities. Chicago, known for its higher costs, is notably pricier in almost all aspects, emphasizing Cincinnati’s affordability advantage.
The sentiment analysis indicates that Cincinnati evokes positive feelings among its residents, with enjoyment, safety, and variety being commonly associated with the city. While both cities have their share of challenges, the data shows that Cincinnati holds a more favorable sentiment overall.
Analyzing trends over time, it appears that both Cincinnati and Chicago have experienced a growing positivity in recent years, which is indicative of the cities’ improving living conditions and appeal.
All in all, Cincinnati emerges as a financially viable choice for post-grads, offering a lower cost of living compared to Chicago, while still providing the amenities and positive aspects that make it an enjoyable place to reside. The combination of affordability and a favorable sentiment towards the city makes Cincinnati a compelling option for those looking to establish themselves professionally and personally after graduation.