An Overview of Cost of Living in Oklahoma City, OK
Are you thinking about relocating, but curious about the potential cost of living in Oklahoma City? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Oklahoma City stands at 91, making it 9% 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.
The cost of living in Oklahoma City 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 Oklahoma City can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.
Everyday essentials such as clothing, personal hygiene products and entertainment all contribute to your overall cost of living. The good news is that in Oklahoma City, these goods and services come in at 13.1% less than the national average. This means you can enjoy the things you need and love without breaking the bank. With such savings, you have the opportunity to allocate more funds towards your savings or other financial goals, ultimately enhancing your financial well-being.
What Do Locals Say About the Cost of Living in Oklahoma City?
The real experts on a city are its residents. That's why we reached out to 15 locals to get their views on the cost of living in Oklahoma City. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 80% found it budget-friendly with decreasing prices, while 20% said it's simply not affordable as prices have continued to rise.
Is Oklahoma City Affordable?
Is Oklahoma City 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 Oklahoma City, the median home price is 12.4% lower than what most folks pay across the country, and monthly rent prices are 6.8% lower than the usual rates. Income levels in Oklahoma City come in at $56,456, which is 2% higher than the national average.
What Factors can Influence the Cost of Living in Oklahoma City?
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Oklahoma City, the groceries index registers 6.8% lower than the national average.
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 Oklahoma City, the housing index stands at 10.7% lower than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Oklahoma City, the prevailing sales tax rate starts at 4.5%, and income tax rates kick off at 0.25%.
Where is the Data From?
The Oklahoma City 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.
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