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

How Useful is Oklahoma Cost of Living

For those considering relocating to Oklahoma, the cost of living can be appealing. Housing costs, in general, are lower in Oklahoma compared to many other states, making it an attractive option for those looking to save on rent or mortgage payments. Although housing costs can fluctuate depending on the city or region within the state, on average, those seeking affordable accommodation will likely find Oklahoma appealing.

In addition to housing costs, other factors such as utilities, healthcare, transportation, and groceries contribute to the overall cost of living in Oklahoma. Generally, these expenses are also considered to be on the lower end, making it feasible for residents to live comfortably without breaking the bank.

Furthermore, when considering the overall cost of living in Oklahoma, it’s essential to look at the state’s average income level compared to the national average. As with any state, the balance between cost of living and earning potential is crucial for individuals or families looking to make a move. Fortunately, Oklahoma’s median household income is relatively consistent with the national average, providing a fair assessment of one’s financial capabilities in the state.

Apart from the financial aspects, the quality of life in Oklahoma should also be factored into the cost of living equation. Oklahoma boasts a diverse range of cultural attractions, beautiful landscapes, and recreational activities for residents to enjoy. Considering the importance of work-life balance and overall well-being, these non-monetary factors play a substantial role in assessing the value of Oklahoma’s cost of living.

On the flip side, it’s essential to acknowledge the potential downsides or challenges that come with living in Oklahoma. Like any other state, there are drawbacks to living in Oklahoma, such as severe weather conditions, inconsistent public transportation, and limited job opportunities in certain industries. These factors can affect an individual’s overall satisfaction with their quality of life and ability to thrive financially in the state.

Ultimately, the usefulness of Oklahoma’s cost of living index lies in its ability to provide a comprehensive overview of what it’s like to reside in the state. By examining factors such as housing, utilities, income, and quality of life, individuals can make informed decisions about whether Oklahoma is a suitable place to call home. While there are undoubtedly pros and cons to consider, the overall affordability and lifestyle offerings of Oklahoma make it a viable option for many looking to establish roots in the heart of the United States.

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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