Oklahoma Cost Of Living Statistics


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Oklahoma Cost Of Living Statistics 2023: Facts about Cost Of Living in Oklahoma reflect the current socio-economic condition of the state.

oklahoma

LLCBuddy editorial team did hours of research, collected all important statistics on Oklahoma Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start an Oklahoma LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Oklahoma Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

Top Oklahoma Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 35 Oklahoma Cost Of Living Statistics on this page 🙂

Oklahoma Cost Of Living “Latest” Statistics

  • Oklahoma City was named the least expensive city to do business among 13 midsized us cities according to a study by KPMG.[1]
  • Oklahoma claims to have the third lowest gas costs among the 50 states, according to industry tracker GasBuddy.com, which monitors gasoline prices at more than 150,000 gas stations nationwide.[1]
  • With a cost index of 955, Oklahoma City’s company expenses were 4.5% lower than the U.S. national baseline of 100.0.[1]
  • In terms of total home affordability, Oklahoma City comes in third among all U.S. states.[1]
  • Oklahoma City climbed to the top 14% of all 200 metro areas evaluated because to its robust economy, low cost of doing business, increasing income, and proximity to four colleges on Forbes’ list of the best colleges.[1]
  • The Oklahoma City metro region is the most costly in the state, with prices for goods and services 2.3% more than the statewide average and 9.3% lower than the national average.[2]
  • Oklahoma’s average cost of living is 34,533 annually making the state the third lowest cost of living in the United States behind only Kansas and Mississippi according to MERIC’s 2021 Cost of Living Index.[3]

Oklahoma Cost Of Living “Price” Statistics

  • Data from the Bureau of Economic Analysis show that Oklahoma City’s prices for products and services are 11.6% lower than the national average.[2]
  • According to Kiplinger, Oklahoma City has the 10th cheapest home prices in the U.S., with housing expenses 28.8% lower than the national average.[1]
  • Oklahoma City’s house prices have grown by 13.1%, almost double the growth of Denver, which came in second.[1]

Oklahoma Cost Of Living “Be” Statistics

  • Oklahoma has a below average tax burden with an effective state-local tax rate of 8.2% when property sales and use taxes are taken into account.[3]
  • In terms of the increase of private jobs between 2010 and 2011, Oklahoma City was rated seventh nationwide by the U.S. Bureau of Economic Analysis.[1]
  • According to VeteransUnited.com, Oklahoma City is the best state for veterans to reside in the U.S.[1]
  • Oklahoma City had the sixth-highest percentage rise in private sector employment from November 2009 to the same month a year later after analyzing fresh data from the U.S. Bureau of Labor Statistics.[1]
  • With a population growth rate of 12%, the Forbes 2015 list of America’s fastest-growing cities included Oklahoma City.[1]
  • Oklahoma City was placed third overall and first among big markets in terms of the percentage change in real GDP, with a staggering 14.5% rise in metro production between 2008 and 2009.[1]
  • According to a recent SmartAsset survey, Oklahoma City is the 8th best city for millennial house ownership.[1]

Oklahoma Cost Of Living “Other” Statistics

  • A survey revealed that businesses may save 20 to 25% by locating their headquarters in cities like Oklahoma City.[1]
  • When it comes to project growth in the U.S., Oklahoma City rose in the rankings from 22nd place the previous year thanks to a 17% increase in employment.[1]
  • The sooner state was one of the top three states with the biggest percentage wage increase since 2009, according to statistics recently examined by the bureau of economic analysis.[1]
  • Oklahoma City is recovering its housing market faster than 350 other U.S. metro areas, placing it third overall in the country.[1]
  • Due to the need to transport most items to the island, groceries are also 50% more expensive than the national average.[4]
  • The EPI report shows that the typical single adult in Oklahoma City spends $10,465 on transportation per year.[2]
  • Approximately 77% of companies in Oklahoma are owned by veterans, according to the U.S. Department of Veterans Affairs, U.S. Department of Labor, and U.S. Census Bureau.[1]
  • Oklahoma City’s income grew 24.10% from 2000 to 2005 making it the 6th strongest metropolitan area for income growth in the nation.[1]
  • According to research, Oklahoma City outperformed other top-performing cities by at least 3 points and outperformed the national job creation score by 12 points, with a score of 25 on the job creation index.[1]
  • Oklahoma City is one of the top 5 areas in America to work for a small company, according to the online publication WalletHub.[1]
  • Oklahoma City residents had the 3rd shortest commutes to and from work among the top 52 cities in the nation.[1]
  • According to recent research by New Geography, Oklahoma City is in the top 10 big metro areas for a yearly rate of rise from migration.[1]
  • According to statistics, the average age of first-time business owners in Oklahoma City was 39.2 years old.[1]
  • The Business Journals recently published statistics showing that Oklahoma City is in the top 10% of all metro areas for employment in the arts and entertainment.[1]
  • According to statistics from Insure.com, Oklahoma’s average vehicle insurance rate is $1,123 less than the $1,517 national average.[2]
  • Oklahoma is the world’s top location for oil and gas investment.[1]
  • According to a recent research by the U.S. Bureau of Labor Statistics, Oklahoma is rated 4th in terms of percentage growth in leisure and hospitality employment and 9th in terms of raw job change from 2005 to 2010.[1]
  • According to Tax Foundation, oklahoma’s top marginal tax rate is 5% for individuals making over $7200 and joint filers making over $12,200 annually.[3]

Also Read

  • New Jersey Cost Of Living Statistics
  • New Mexico Cost Of Living Statistics
  • New York Cost Of Living Statistics
  • North Carolina Cost Of Living Statistics
  • North Dakota Cost Of Living Statistics
  • Oklahoma Cost Of Living Statistics
  • Oregon Cost Of Living Statistics
  • Pennsylvania Cost Of Living Statistics
  • Rhode Island Cost Of Living Statistics
  • South Carolina Cost Of Living Statistics
  • Tennessee Cost Of Living Statistics
  • Texas Cost Of Living Statistics
  • Utah Cost Of Living Statistics
  • Vermont Cost Of Living Statistics
  • Virginia Cost Of Living Statistics
  • Washington Cost Of Living Statistics
  • West Virginia Cost Of Living Statistics
  • Wyoming Cost Of Living Statistics
  • District of Columbia Cost Of Living Statistics

How Useful is Oklahoma Cost of Living

On the surface, the relatively low cost of living in Oklahoma seems like a clear advantage. Housing prices are often touted as far more affordable compared to major metropolitan areas, and essentials like groceries and fuel are also typically cheaper. This can make Oklahoma an appealing option for individuals and families looking to stretch their budget and make their dollars go further.

However, it’s important to consider the bigger picture when evaluating the true value of the cost of living in Oklahoma. While lower expenses may seem like a boon, it’s essential to look beyond the numbers and consider the overall quality of life that these lower costs afford.

For example, while housing prices may be lower in Oklahoma, this can sometimes come with trade-offs in terms of amenities and infrastructure. Subpar public transportation, fewer entertainment options, and limited access to quality healthcare services can all impact the overall value of living in the state.

Additionally, while groceries and fuel may be cheaper, other expenses like utilities, insurance, and property taxes can quickly add up. It’s crucial to look at the full range of expenses associated with living in Oklahoma in order to get a clear picture of the true cost of residing in the state.

Another factor to consider is the job market and earning potential in Oklahoma. While the cost of living may be lower, if job opportunities and wages are also significantly lower, this can offset any potential savings. It’s important to weigh the cost of living against earning potential in order to determine whether the financial benefits of living in Oklahoma truly outweigh the potential drawbacks.

Ultimately, the usefulness of the Oklahoma cost of living metric depends on the individual and their personal priorities. For those looking to save money and live more frugally, the state’s lower costs may be a major draw. However, for individuals seeking a higher quality of life, access to amenities and services, and better job opportunities, the cost of living in Oklahoma may not be enough to offset these other factors.

In conclusion, while the cost of living in Oklahoma can be a useful starting point for determining affordability, it’s essential to look beyond this metric and consider the full range of factors that contribute to a high quality of life. By thoroughly evaluating the overall value and potential trade-offs of living in the state, individuals can make informed decisions about whether Oklahoma is the right fit for their needs and goals.

Reference

  1. okcchamber – http://www.okcchamber.com/accolades/
  2. 247wallst – https://247wallst.com/state/cost-of-living-in-oklahoma/
  3. sofi – https://www.sofi.com/cost-of-living-in-oklahoma/
  4. worldpopulationreview – https://worldpopulationreview.com/state-rankings/cost-of-living-index-by-state

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