Oklahoma Cost Of Living Statistics


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Steve Goldstein
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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

On the surface, a low cost of living in Oklahoma may seem like a great advantage. Housing, groceries, and other expenses may be more affordable compared to other states. This can be appealing for individuals and families looking to stretch their dollar further. Lower costs also mean that salaries may go further in Oklahoma, potentially allowing residents to save more for the future.

However, a low cost of living should not be the sole factor when considering where to live. While expenses may be lower in Oklahoma, there are other important considerations to keep in mind. For example, job opportunities, education, healthcare, and overall quality of life contribute significantly to one’s happiness and well-being.

Oklahoma’s cost of living may be low, but if job opportunities are scarce and salaries are not competitive, the savings on expenses may not outweigh the lost potential income. Education is another critical factor to consider, especially for families with children. Are schools in Oklahoma providing high-quality education that will prepare children for success in the future?

Healthcare is another essential consideration. Are there adequate healthcare facilities and providers in Oklahoma to meet the needs of residents? Access to quality healthcare is crucial for maintaining physical and mental well-being.

Additionally, the overall quality of life in Oklahoma should not be overlooked. What is the culture like? Are there recreational activities, restaurants, shopping centers, and social opportunities that will enrich your life and provide a sense of community?

While a low cost of living can be a significant advantage, it should not be the only consideration when deciding where to live. It is important to weigh all factors and find a balance that meets your needs and preferences. Oklahoma’s cost of living may be useful for some individuals and families, but it should not be the sole determinant of where to plant your roots.

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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