Salary data is based on the Akron, OH metropolitan area and applied to Parma using local cost-of-living adjustments.

Life Salaries in Parma, OH

Average Base Pay

$51,171/yr

13% below national average

Monthly

$4,264

Hourly

$25

Cost Index

Life in Parma, OH earn an average of $51,171 per year, with most salaries falling between $40,937 and $61,405 depending on experience, employer, and specialization. At 13% below the national average, Parma offers a more modest rate for this role, in part reflecting a local cost of living index of 82. For professionals evaluating a move or negotiating an offer, the headline salary is only part of the picture—what matters most is how far that income actually goes once taxes, rent, and daily expenses are factored in. The sections below break that down in full for Parma.

Salary Range

The chart below shows the full compensation spectrum for this role, from entry-level to senior positions. The highlighted center bars represent the 25th–75th percentile band where most professionals are paid.

$38K
Low

$51K
Median

$64K
High

25th percentile: $43K75th percentile: $59K

About Life

Financial Advisors help individuals and families plan for financial goals including retirement, education funding, wealth accumulation, and estate preservation. They assess clients' financial situations, develop comprehensive plans, recommend investment strategies, and provide ongoing guidance as circumstances change. Advisors manage client relationships, building trust through consistent communication, sound advice, and transparency about fees and conflicts of interest. The advisory model varies: fee-only advisors charge flat or hourly fees and avoid product commissions, while broker-dealer-affiliated advisors may earn commissions on product sales. Fiduciary advisors are legally required to act in the client's best interest—a standard that is increasingly expected across the profession. Financial advisors must understand investments across asset classes, tax-advantaged account structures, insurance products, estate planning tools, and retirement distribution strategies. They collaborate with clients' attorneys and accountants to coordinate tax and estate plans. Licensure requirements depend on services offered: securities advice requires Series 65 or 66 licensure; securities sales require Series 7. The CFP (Certified Financial Planner) designation is the most recognized professional credential.

What Lifes Do

Assess clients' financial situations through data gathering and goal-setting interviews
Develop comprehensive financial plans covering investments, taxes, insurance, and estate planning
Recommend asset allocation strategies aligned with client goals and risk tolerance
Monitor client portfolios and rebalance as market conditions or goals change
Educate clients on investment options, tax implications, and financial planning concepts
Coordinate with attorneys and CPAs to implement estate and tax strategies
Prospect and build a client base through referrals and networking
Maintain compliance with regulatory requirements and fiduciary standards

Key Skills & Qualifications

Investment analysis and portfolio construction
Retirement planning and distribution strategy
Tax planning fundamentals and account structure knowledge
Estate planning concepts including trusts and beneficiary designations
Client relationship management and interpersonal communication
Financial planning software such as eMoney or MoneyGuidePro
CFP certification and Series 65/66 or Series 7 licensure
Business development and client acquisition skills

Career Path

Financial Planning Associate
Financial Advisor
Senior Financial Advisor
Branch Manager / Wealth Manager
Partner / RIA Principal

Life Market in Parma, OH

Salary Competitiveness

Parma currently pays 13% below the national median for Lifes. This gap can reflect a lower regional cost base, thinner employer density, or a surplus of qualified candidates relative to open roles—factors worth factoring into any offer negotiation or relocation calculation.

Cost of Living Impact

Parma's cost of living runs below the national average, which works in favor of this salary. Essential monthly expenses account for approximately 68% of take-home pay—a ratio that leaves meaningful room for savings, debt reduction, and discretionary spending compared with higher-cost metros.

Effective Purchasing Power

The purchasing power of $51,171 for a Life in Parma is moderate: enough to meet essential expenses and build incremental savings, but requiring deliberate budgeting to avoid margin erosion—especially as rent and healthcare costs have outpaced wage growth across many mid-tier markets.

vs. National Avg

-13%

Cost Pressure

68%

Purchasing Power

Moderate

Take-Home Pay Calculator

Enter any gross salary to see how federal and state taxes affect your actual take-home pay, broken down by year, month, and week. Results use an estimated effective tax rate of 27% based on this location and income level.

Annual Salary

Take-home (73%)Taxes (27%)

Annual Net

$37,355

Monthly

$3,113

Weekly

$718

Eff. Tax Rate

27%

A gross salary of $51,171 for a Life in Parma translates to roughly $3,113 in monthly take-home pay after estimated federal and state taxes. Set against monthly living costs of $2,124—covering housing, food, transportation, utilities, and healthcare—that leaves approximately $989 per month in disposable income. That margin, not the gross number, is what determines whether you can comfortably cover rent, build savings, and afford discretionary spending in Parma's current market.

How far does this salary go in Parma?

Cost of Living in Parma

Estimated monthly expenses for a single person in Parma, benchmarked against US regional price indices for housing, food, transportation, utilities, and healthcare.

Cost Index

Below Avg — US average is 100. Based on a single person (1-bed apartment).

🏠Housing / Rent$1,222/mo

🍔Food & Groceries$407/mo

🚗Transportation$110/mo

💡Utilities$143/mo

🏥Healthcare$242/mo

Monthly$2,124

Annual$25,488

Disposable Income$989

Financial Reality Check

This section compares estimated monthly take-home pay against typical living costs in Parma to show your real disposable income—the amount remaining after essential bills are paid each month.

Monthly Take-Home

$3,113

Living Costs

$2,124

Disposable

$989

Cost Index

Lifestyle

Tight

With a monthly take-home of $3,113, your estimated living costs in Parma are $2,124 ($25,488/yr). This leaves $989 per month in disposable income, indicating a tight standard of living. Parma's cost of living is 18% below the national average.

Overall, a Life earning $51,171 in Parma falls into a tight lifestyle tier and will need to budget carefully—essential costs consume a significant share of take-home pay, leaving limited room for savings or emergencies. With a cost index of 82, Parma is 18% more affordable than the national average, which extends your purchasing power. Regardless of tier, prioritizing retirement contributions, an emergency fund of three to six months' expenses, and incremental debt reduction will yield the greatest long-term financial stability—especially as living costs in Parma continue to evolve.