A+
4%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
15%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Oak Park Michigan National
Cost of living9689100
Goods & Services10293100
Groceries10399100
Health care10293100
Housing8574100
Transportation10097100
Utilities94101100

An Overview of Cost of Living in Oak Park, MI

Are you thinking about relocating, but curious about the potential cost of living in Oak Park? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Oak Park stands at 96, making it 4% 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.

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

Is Oak Park Affordable?

Is Oak Park 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 Oak Park, the median home price is 29.7% lower than the national average and monthly rent prices are 18.3% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Oak Park boasting a median household income of $54,202, 2% lower than the national average.

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

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 Park, the housing index stands at 15.3% lower than the national average.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Oak Park, the utilities index registers at 5.6% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Oak Park, healthcare costs are 2.2% higher than the national average.

Where is the Data From?

The cost of living in Oak Park, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Oak Park is 7% higher than the Michigan average
  • The cost of living in Oak Park is 4% lower than the national average
  • Oak Park housing is 15% lower than the national average
  • Michigan general sales tax is 18% higher than the national average
  • Michigan state income tax is 64% higher than the national average

Most Affordable Places to Live in and Around Oak Park

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Compare Oak Park, MI Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$60,864$5,072$1,420$1,826
      Renters$41,599$3,467$971$1,248
      A good way to judge both the affordability of the housing and the cost of living in Oak Park is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Oak Park has a median income of about $60,864 for people who own homes. Based on that number, a maximum of $1,420 should be spent on expenses related to housing. Renters have a slightly different median income, which is $41,599. Based on this average, renters should spend no more than $971 on all rental costs if they want to maintain a non-impoverished standard of living.

      Michigan Sales Tax

      State General Sales Tax With Max Surtax
      Michigan 6% 6%

      Michigan Income Tax

      State Income Tax (Low) Income Tax (High)
      Michigan 4.25% 4.25%

      Goods & Services

      Item Oak Park National avg. Difference
      Haircut $16.80$24.2630.8%
      Beauty Salon $24.78$45.5645.6%
      Toothpaste $3.66$3.701.1%
      Shampoo $1.13$1.2811.8%
      Movie $12.99$12.137.1%
      Bowling $12.33$18.0031.5%

      Groceries

      Item Oak Park National avg. Difference
      Ground Beef $5.75$5.841.5%
      Fried Chicken $1.41$1.5710.4%
      Milk $4.78$4.672.3%
      Potatoes $4.80$4.932.8%
      Pizza $8.99$12.0925.6%
      Beer $9.04$10.4113.2%

      Health Care

      Item Oak Park National avg. Difference
      Optometrist $85.00$125.6832.4%
      Doctor $103.33$135.7823.9%
      Dentist $91.00$113.2919.7%
      Ibuprofen $10.22$10.654.1%
      Lipitor $490.11$468.604.6%

      Housing

      Item Oak Park National avg. Difference
      Home Price $129,800.00$184,700.0029.7%
      Avg. Mortgage Payment $1,709.07$2,346.6927.2%
      Apartment Rent $1,123.00$949.0018.3%

      Transportation

      Item Oak Park National avg. Difference
      Gasoline $3.35$3.463.1%
      Tire Balancing $56.00$59.926.5%

      Utilities

      Item Oak Park National avg. Difference
      All Electricity $219.20$193.9913.0%
      Phone $184.44$192.254.1%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      River Rouge, MI7,4658019.9%
      Highland Park, MI10,8188218.3%
      Ecorse, MI9,4568316.8%
      Detroit, MI672,3518415.5%
      Inkster, MI24,3988515.1%
      Oak Park, MI29,446964.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Stockbridge, GA29,4461011.0%
      Norwood, MA29,44615150.9%
      East Palo Alto, CA29,448206105.5%
      Seguin, TX29,458928.0%
      Suisun City, CA29,45914443.8%
      Oak Park, MI29,446964.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.