With such low home prices, it’s natural that Toledo’s cost of living index is a very affordable 77. That means locals spend 23 percent less on life’s necessities than the average American. Housing is the least expensive commodity, costing just 31 percent of the national average. Other expenses are closer to the national average. Groceries and utilities are equal to the average, while healthcare costs 5 percent less here and transportation costs 2 percent less.