Is It Expensive to Live in Oklahoma City, OK?

The cost of living in Oklahoma, particularly in Oklahoma City (OKC), is relatively low compared to many major cities across the United States. This makes it an attractive destination for both retirees and younger individuals looking for a cost-effective place to call home. According to Kiplinger, OKC is one of the least expensive cities for people to retire to. Housing costs are notably below the national average, and the overall cost of living for retired individuals is significantly lower by nearly 14%.

Cost of Living in OKC vs. National Average

OKC's cost of living index is currently at 91.5, which is below the US national average of 100. This ranking indicates that residents of OKC can enjoy a higher standard of living with the same amount of money. When comparing median home values, OKC stood at $148,000 in 2018, notably below the national average of $240,000. In a city with a budget-conscious mindset, you can afford to live quite comfortably without breaking the bank.

Areas of Affordability

While Oklahoma City offers a lower cost of living, the affordability varies depending on where you choose to live. For those willing to settle in a more modest neighborhood, the local price for goods and services is surprisingly low. However, living in an upscale neighborhood could be more expensive. The key to maintaining affordability lies in making strategic choices about where to live.

Transportation Costs in Oklahoma City

A significant challenge for those considering OKC is the lack of public transportation. The city primarily functions on the basis of car ownership. This means that you must factor in the costs associated with insurance and vehicle maintenance. Fortunately, Oklahoma City residents can benefit from some of the lowest gasoline prices in the country, making transportation costs more manageable. However, in the absence of public transportation, owning a vehicle might be the primary means of getting around.

Homeowner’s Insurance and Other Expenses

Homeowner’s insurance can be a notable expense, often running closer to $2,000 annually, which might be higher than other regions. However, other common expenses, such as utilities, groceries, clothing, dining out, and entertainment, are generally affordable and even cheaper than in cities of similar population sizes. For a metro area with a population of over 1.5 million, the affordability is commendable and can offer a high quality of life with surprisingly low costs.

Conclusion: Oklahoma City offers a unique blend of affordability and convenience, making it an attractive option for a wide range of residents. Whether you are a retiree, a young professional, or a family, you can enjoy a comfortable quality of life in OKC without worrying too much about the cost. However, for those relying heavily on public transportation, the current state of transportation infrastructure might be a consideration.