Phoenix, AZ vs Toledo, OH
Cost of Living Comparison — 2026
Renters in Toledo, OH spend a smaller share of their income on housing. Median household income is 38% higher in Phoenix, AZ. Home prices in Phoenix, AZ run 72% higher. Phoenix, AZ has the lower unemployment rate.
Detailed Comparison
Housing Costs and Affordability
A common benchmark is spending no more than 30% of gross income on housing. In Phoenix, AZ, renters allocate roughly 22.7% of median household income to rent (within that threshold). In Toledo, OH, the figure is 22.2% , making Toledo, OH the easier city for renters on a budget.
For prospective homebuyers, the price-to-income ratio tells you how many years of gross income it takes to match the median home price. In Phoenix, AZ, that ratio is 5.0x. Homes cost 5.0 times the median annual income. In Toledo, OH, it's 2.3x. Homeownership is relatively more accessible in Toledo, OH.
Monthly housing costs (rent plus utilities) average $1,430 in Phoenix and $856 in Toledo. These figures include renters paying utilities separately from rent.
Income and Labor Market
Median household income in Phoenix, AZ is $77,041; in Toledo, OH it is $47,532. That's a $29,509 gap, but income alone doesn't tell the full story without accounting for local costs.
Unemployment stands at 5.1% in Phoenix and 8.4% in Toledo. Labor force participation (the share of the population working or actively job-seeking) is 53.6% in Phoenix versus 49.2% in Toledo.
Population
Phoenix, AZ has a population of 1,624,832, making it the larger of the two cities. Toledo, OH has 268,461 residents. City size affects everything from transit options and job market depth to cost pressures. Larger metros typically see higher housing demand.
Data Sources
All data is from the US Census Bureau American Community Survey 5-Year Estimates. Income, housing, and employment figures represent the most recent available estimates. Data is refreshed as new Census releases become available.