Cost of Living in Oak Creek, WI

An Overview of Cost of Living in Oak Creek, WI

Are you thinking about relocating, but curious about the potential cost of living in Oak Creek? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Oak Creek stands at 108, making it 8% higher 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.

The cost of living in Oak Creek closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Oak Creek can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

When it comes to the cost of living in Oak Creek, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 25.5% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Oak Creek Affordable?

Is Oak Creek 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 Oak Creek is 28.9% higher than the national average, while the average monthly rent prices are 17.5% higher than average. The affordability of any location can also be influenced by median income levels. Oak Creek has a median household income of $75,657, which is 36.8% higher than the national average.

What Factors can Influence the Cost of Living in Oak Creek?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Oak Creek, the housing index stands at 25.5% higher than the national average.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Oak Creek, the transportation index is 1.1% lower than the national average.

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Oak Creek, the groceries index is 2.8% higher than the national average.

Where is the Data From?

The Oak Creek 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.