Cost of Living in Oak Harbor, WA

An Overview of Cost of Living in Oak Harbor, WA

Understanding the cost of living in Oak Harbor 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 Oak Harbor cost of living index is 123, which is 23% higher 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.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Oak Harbor is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Oak Harbor falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs significantly influence the Oak Harbor cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 52.1%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Oak Harbor, these items will cost you 13.1% more than what most folks pay, making it a bit more expensive to live here.

What Do Locals Say About the Cost of Living in Oak Harbor?

The real experts on a city are its residents. That's why we reached out to 17 locals to get their views on the cost of living in Oak Harbor. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 47% found it budget-friendly with decreasing prices, while 53% said it's simply not affordable as prices have continued to rise.

Is Oak Harbor Affordable?

Is Oak Harbor affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Oak Harbor, for instance, where the median home price falls 60.8% higher than the national average, and monthly rent rates are 31.7% higher than usual. Additionally, median income levels contribute to the equation, with Oak Harbor flaunting a median household income of $56,889, 2.8% higher than the national norm.

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

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Oak Harbor, healthcare costs are 22.8% higher than the national average.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Oak Harbor, the groceries index is 9.4% higher than the national average.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Oak Harbor, the housing index is 52.1% higher than the national average.

Where is the Data From?

The cost of living data in Oak Harbor displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.