If you’re considering Oklahoma City as your next place to call home, understanding the cost of living is essential. From housing to utilities and education expenses, this article will explore the various elements that contribute to the overall cost of living in Oklahoma City.

Exploring the Cost of Housing in Oklahoma City

One of the most significant factors affecting the cost of living in Oklahoma City is housing expenses. As of 2021, the median home price in Oklahoma City is around $200,000. However, the price can vary depending on the location and property type. For instance, single-family homes located in popular neighborhoods can cost significantly higher than properties located in the suburbs. The rental prices in Oklahoma City range from $600 to $1,500 per month, depending on the size of the apartment and location. Overall, the cost of housing in Oklahoma City is relatively affordable compared to the national average.

It is worth noting that the cost of housing in Oklahoma City has been steadily increasing over the past few years. In 2016, the median home price was around $150,000, which means that there has been a significant increase in just a few years. This trend is expected to continue as the city’s population grows and the demand for housing increases. However, despite the rising costs, Oklahoma City still remains an affordable place to live compared to other major cities in the United States.

The Price of Food and Groceries in Oklahoma City

The cost of food and groceries in Oklahoma City is moderately priced. The average cost of a meal in an inexpensive restaurant is around $15, while a three-course meal for two in a mid-range restaurant can cost approximately $50. Groceries for a family of four can cost nearly $700 per month, including meat, dairy, and fresh produce. Factors like supermarket chains and store brands can affect prices, but overall prices in Oklahoma City fall below the national average.

In addition to the cost of food and groceries, it is worth noting that Oklahoma City has a thriving local food scene. Farmers markets and community-supported agriculture programs offer fresh, locally grown produce at competitive prices. Additionally, many restaurants in the city prioritize using locally sourced ingredients, which not only supports the local economy but also provides customers with high-quality, fresh food options.

Understanding Healthcare Costs in Oklahoma City

Oklahoma City has numerous medical facilities and healthcare providers, including hospitals and clinics. The average cost of healthcare is relatively affordable and falls below the national average. However, the cost can vary depending on the type of medical service and location.

It is important to note that healthcare costs in Oklahoma City can also be influenced by insurance coverage. Some healthcare providers may not accept certain insurance plans, which can result in higher out-of-pocket costs for patients. Additionally, patients may need to pay for additional services or procedures that are not covered by their insurance plan. It is recommended that patients research their insurance coverage and healthcare provider options to ensure they receive the best care at an affordable cost.

The Transportation Costs of Living in Oklahoma City

Transportation expenses include the cost of owning a car, public transport, and gas prices. Oklahoma City has a reliable public transport system, and a standard bus fare costs around $1.75. The average cost of gas is around $2.50 per gallon, and the yearly cost of vehicle ownership can vary depending on the car, but averages around $7,000. Overall, the transportation costs in Oklahoma City are lower than the national average.

In addition to the affordable transportation costs, Oklahoma City also has a growing bike-sharing program. The program, called Spokies, has over 20 stations throughout the city, making it easy and convenient for residents to rent a bike for short trips. The cost is only $3.50 for a 30-minute ride, and annual memberships are available for frequent users.

Another factor to consider when it comes to transportation costs in Oklahoma City is the availability of parking. Unlike larger cities where parking can be scarce and expensive, Oklahoma City has ample parking options, including free street parking in many areas. This can save residents money on parking fees and reduce the stress of finding a parking spot.

Comparing Utility Expenses in Oklahoma City

Utility expenses include electricity, water, gas, and internet services. The average cost of electricity for a 900 square feet apartment is around $150 per month, while the cost of gas for heating and cooking is around $20-$40 per month. The average cost of water bill is approximately $70 per month, and internet services can average around $60 per month. The overall utility expenses in Oklahoma City fall below the national average.

It is important to note that utility expenses can vary depending on the location and size of the apartment. For example, larger apartments may have higher electricity and water bills. Additionally, some apartment complexes may include certain utilities in the monthly rent, such as water or internet services. It is always recommended to research and compare utility expenses before signing a lease agreement to ensure that you are getting the best deal possible.

Education Expenses for Families Living in Oklahoma City

Oklahoma City is home to several universities, public and private schools, and vocational institutions. The tuition and fees costs vary by school type and range from a few thousand dollars to over $30,000 per year. The Oklahoma City Public Schools require a school uniform, which may add additional expenses for families. However, there are several scholarships and financial aid options available to help ease the cost of education for students and families.

In addition to tuition and fees, families in Oklahoma City may also incur additional expenses related to textbooks, transportation, and extracurricular activities. Textbooks can cost several hundred dollars per semester, and transportation costs can add up quickly, especially for families who live far from their child’s school. Extracurricular activities, such as sports teams or music lessons, may also require additional fees.

It’s important for families to research and compare the costs of different schools and programs before making a decision. Some schools may offer lower tuition rates or more financial aid options than others. Additionally, families can look into community resources, such as local libraries or after-school programs, that may offer free or low-cost educational opportunities for their children.

The Impact of Taxes on the Cost of Living in Oklahoma City

The state of Oklahoma has a tax rate of 4.5%, and Oklahoma City has an additional local sales tax rate of 4.25%. Property taxes are also determined based on the location and value of the property. The overall tax rate in Oklahoma City is slightly higher than the national average.

Despite the slightly higher tax rate, Oklahoma City still has a relatively low cost of living compared to other major cities in the United States. This is due to the affordable housing market and low transportation costs. Additionally, the state of Oklahoma offers tax incentives for businesses, which can attract new companies and create job opportunities for residents.

It is important to note that taxes can vary depending on the individual’s income and spending habits. For example, Oklahoma has a progressive income tax system, meaning that higher earners may pay a higher percentage of their income in taxes. However, there are also deductions and credits available for certain expenses, such as education and charitable donations.

Also read: cost of living in Omaha

How to Budget for Living in Oklahoma City

Planning a budget is crucial for preparing for the cost of living in Oklahoma City. It is essential to consider monthly expenses such as housing, food, and utilities, as well as any other expenses such as healthcare, transportation, and education. Tracking expenses can help identify areas where costs can be reduced, such as grocery shopping at a lower-priced store or choosing a more affordable car model.

Is It Affordable to Live in Oklahoma City on a Minimum Wage Salary?

The minimum wage in Oklahoma is currently $7.25 per hour, which is the same as the federal minimum wage. While the cost of living can be challenging on a minimum wage salary, it is possible to live in Oklahoma City with budgeting and cost-saving strategies. Affordable housing options and financial assistance programs can help make living in Oklahoma City more manageable for individuals and families on a minimum wage salary.

The Average Salary and Income Levels in Oklahoma City

The average salary in Oklahoma City is around $60,000 per year, with some jobs paying higher than others. The top-paying jobs in Oklahoma City include healthcare professionals, managers, engineers, and technology experts. Understanding the various job opportunities and pay scales can help individuals prepare for living expenses and future financial goals.

Tips for Saving Money While Living in Oklahoma City

Living in Oklahoma City doesn’t have to be expensive. There are several ways residents can save money, including grocery shopping at discount stores, cooking meals at home, using public transportation, and taking advantage of coupons and deals. Additionally, taking advantage of free or low-cost events and activities in the city can help residents save on entertainment expenses. Controlling expenses and tracking spending habits can help individuals maintain a balanced budget and save money over time.

Exploring Neighborhoods with Affordable Cost of Living in Oklahoma City

Oklahoma City has several neighborhoods with affordable living options. These neighborhoods offer low-cost housing options as well as proximity to public transportation and shopping centers. Some of the most affordable neighborhoods in Oklahoma City include Edmond, Perkins, and Midwest City. Researching and exploring different neighborhoods can help individuals find affordable housing options and make living in Oklahoma City more manageable.

Why Retirees Are Choosing to Settle Down in Oklahoma City

Oklahoma City is becoming an increasingly popular destination for retirees due to its affordable cost of living and warm climate. Retirees can take advantage of several living options in the city, from low-cost housing to active communities and assisted living facilities. Additionally, Oklahoma City offers several healthcare providers and medical facilities, making it an appealing destination for retirees with healthcare needs.

The Pros and Cons of Living in a Low-Cost-of-Living Area Like Oklahoma City

Living in a low-cost-of-living area like Oklahoma City comes with several benefits, such as affordable housing, a low tax rate, and lower healthcare expenses. Additionally, living in Oklahoma City means residents can enjoy a vibrant culture, active entertainment scene, and numerous job opportunities. However, there are also several drawbacks, such as the potential for lower-paying jobs and limited access to certain amenities. Overall, living in a low-cost-of-living area like Oklahoma City can be an attractive option for individuals seeking affordable living and a family-friendly atmosphere.

Conclusion

Understanding the cost of living in Oklahoma City is essential for individuals and families considering a move. Factors such as housing, food, healthcare, transportation, and education expenses can affect the overall cost of living. However, with careful budgeting, cost-saving strategies, and exploring affordable neighborhoods, living in Oklahoma City can be an affordable and enjoyable experience.