Cost of Living in Durant, OK

An Overview of Cost of Living in Durant, OK

Understanding the cost of living in Durant can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Durant cost of living index is 98, which is 2% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

Everyday expenditures like food, housing, goods and services, transportation and health care in Durant are priced in a manner consistent with other areas. This means that residents of Durant can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Durant goods and services are 20.6% more expensive than the national average, leaving you with less money at the end of the month.

Is Durant Affordable?

Is Durant affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Durant, the median home price is 36.3% lower than the national average and monthly rent prices are 19.7% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Durant boasting a median household income of $39,097, 29.3% lower than the national average.

What Factors can Influence the Cost of Living in Durant?

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Durant, the groceries index registers 3% lower than the national average.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Durant, the baseline sales tax rate begins at 4.5%, and income tax rates start at 0.25%.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Durant, the housing index is 31.3% lower than the national average.

Where is the Data From?

The Durant cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.