How Much Money Do You Need to Earn to Live Comfortably in Oklahoma?

The amount of money needed to live comfortably in Oklahoma can vary significantly based on factors such as location, lifestyle, and family size. This article provides a comprehensive guide to help you understand the costs and income requirements for differentliving scenarios in the state.

Understanding the Cost of Living in Oklahoma

Oklahoma generally has a relatively low cost of living compared to the national average. As of 2023, the overall cost of living index in Oklahoma is around 85-90, where 100 is the national average. This means that many expenses are lower here, making it a more affordable choice for those looking to settle down.

Housing Costs in Oklahoma

Living costs, particularly housing expenses, can vary widely across Oklahoma. Here are some general figures to help you gauge the costs:

Rent

A one-bedroom apartment in Oklahoma City might cost around $1,000 per month. In smaller towns, you can find similar properties starting at around $600 per month.

Home Prices

The median home price in Oklahoma is approximately $200,000. However, prices can vary significantly depending on the city or area you are considering. For example, a home in a trendy neighborhood in Oklahoma City might be more expensive, while rural areas might offer more affordable options.

Utilities and Other Expenses

Monthly utility costs can range from $150 to $300, depending on usage and season. Groceries and transportation expenses also need to be considered, which can add another $300-$600 to your monthly budget.

Income Requirements for Comfortable Living

To live comfortably in Oklahoma, it is recommended that your housing costs do not exceed 30% of your income. A single person would need to earn around $40,000 annually to meet this guideline. For a family, the requirements are more substantial:

Single Individual

At a minimum, a single adult would need to earn around $15-$20 per hour, which translates to an annual income of approximately $31,200 to $41,600.

Family Requirements

For a family of three, the annual income requirement increases. A rough estimate for a single individual could range from $30,000 to $50,000 per year, while a family may need upwards of $50,000 to $70,000 annually to cover expenses such as:

Housing Food Transportation Healthcare Other necessities

Personal Circumstances and Lifestyle Choices

Ultimately, the specific amount needed will depend on personal circumstances, including lifestyle choices and financial obligations. Factors such as whether you are single, married, or have children, and where you choose to live within Oklahoma, can significantly impact your monthly expenses and income requirements.

A Personal Perspective

“I live high on the hog on roughly $20,000 per year. It just depends on where you live (Oklahoma City) and the number of people living in the dwelling. My family of three gets by with less, but it’s certainly a more modest lifestyle.”

This statement highlights the flexibility and variability in living costs within the state. While $20,000 can sustain a family of three, more substantial income is required for a higher standard of living.