Cost of Living in Guymon, OK

An Overview of Cost of Living in Guymon, OK

Are you thinking about relocating, but curious about the potential cost of living in Guymon? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Guymon stands at 86, making it 14% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Is Guymon Affordable?

Is Guymon an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Guymon is 34.4% lower than the national average, while the average monthly rent prices are 14% lower than average. The affordability of any location can also be influenced by median income levels. Guymon has a median household income of $51,234, which is 7.4% lower than the national average.

What Factors can Influence the Cost of Living in Guymon?

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Guymon, the groceries index is 5.7% lower than the national average.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Guymon, the standard sales tax rate starts at 4.5%, and the income tax rates commence at 0.25%.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Guymon, the utilities index registers 3.1% lower than the national average.

Where is the Data From?

The Guymon 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.