Cost of Living in Oak Hills, OR

An Overview of Cost of Living in Oak Hills, OR

Understanding the cost of living in Oak Hills 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 Hills cost of living index is 143, which is 43% 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.

The cost of living in Oak Hills is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Oak Hills falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in Oak Hills, 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 124.7% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Groceries are getting more expensive by the day and the cost of groceries makes up 13% of the overall cost of living index. In the past two years, prices have shot up by over 10%! Unfortunately, in Oak Hills, it's the same story – grocery costs are 10.5% higher than what people pay across the country.

Is Oak Hills Affordable?

Is Oak Hills an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Oak Hills, the median home price is 153.7% higher than what most folks pay across the country, and monthly rent prices are 57.1% higher than the usual rates. Income levels in Oak Hills come in at $101,378, which is 83.3% higher than the national average.

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

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 Oak Hills, the baseline sales tax rate begins at 0%, and income tax rates start at 4.75%.

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 Oak Hills, the groceries index is 10.5% higher than the national average.

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 Oak Hills, the utilities index registers 3.8% lower than the national average.

Where is the Data From?

The cost of living data in Oak Hills 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.