If you're a penny-pincher who still wants access to the nightlife, restaurants and the other amenities major metros have to offer, you came to the right place if you live in the Cincinnati area.

Local residents pay less, on average, than most Americans living in metro areas with 2 million or more people for everything from food to cars to rent.

That's according to the latest figures from The Bureau of Economic Analysis, which recently released data on personal income and the cost of living in 2017 for state and metro areas.

One of the main indicators the bureau uses to show the relative cost of living in different parts of the country is called the regional price parity (RPP) index.

The index shows how the cost of living in an area compares with the national average cost of goods and services, based on consumer price index quotes for a wide array of items, including food, transportation and housing.

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If an area has an RPP of 120, then, on average, prices are 20 percent higher than the national average.

Cincinnati had a 2017 RPP of 90 - which means prices are about 10 percent lower than the U.S. average.

Cincinnati's 2017 RPP was the lowest among all major metros in the country, according to the government stats.

By comparison, San Francisco had the highest 2017 RPP at 128.

The RPP is a lagging indicator, and prices you pay for goods and services change all the time.

But the annual RPP report, which is used by The Federal Reserve to help set monetary policy, is one of the best available indicators of the current cost of living in the U.S.

Chart showing the five most expensive and five least expensive major metro areas in the country: