Oklahoma is a great place to live, offering affordable housing, low taxes, and a variety of entertainment options. With programs like Tulsa Remote bringing new life to the state's metropolitan areas, many people wonder what the benefits of moving to the Sooner State are. But how much does it cost to live in Oklahoma?
The cost of living in Oklahoma is lower than the national average, making it an excellent option for those looking to save money. According to the Missouri Economic Research and Information Center, Oklahoma's overall cost of living is 7.9% lower than the national average. This means that the cost of living in Oklahoma is relatively low compared to other states. This equates to around $34,533 annually on average.
A Closer Look at Average Prices in Oklahoma
Overall, the cost of living in Oklahoma is relatively low compared to other states. With affordable housing, low taxes, and various entertainment options, Oklahoma is a great place to live for those looking to save money. In the following section, you will find a wealth of information about what to expect for ordinary expenses if you move to Oklahoma.
Housing Prices in Oklahoma
Housing is one of the most significant factors in determining the cost of living in Oklahoma. The median home price in Oklahoma is $142,000, which is significantly lower than the national median home price of $235,000. Rent is also relatively affordable in Oklahoma, with the median rent for a two-bedroom apartment being $845 monthly.
Food Prices in Oklahoma
The cost of food in Oklahoma is also relatively low. The average cost of groceries in Oklahoma is approximately $3,764 per year, which is lower than the national average of $4,444 per year. Eating out is also less expensive in Oklahoma than in other states, with an average meal at a mid-range restaurant costing $15 per person.
Utility Costs in Oklahoma
Utilities are also relatively affordable in Oklahoma. The average cost of electricity in Oklahoma is $120 per month, which is lower than the national average of $139 per month. Natural gas is also relatively affordable in Oklahoma, with the average cost of natural gas being $66 per month.
Tax Rates in Oklahoma
Tax rates in Oklahoma vary depending on the type of tax, with the highest rate being the state income tax. Oklahoma's income tax rate ranges from 0.5% to 5.5%, with most taxpayers paying a rate of 5%. Oklahoma also has a sales tax rate of 4.5%, with counties and cities allowed to add additional rates that range from 0.125% to 8.517%.
Property taxes are also collected in Oklahoma, with homeowners paying an average of 0.87% of the assessed value of their homes. Finally, Oklahoma has an excise tax of 14 cents per gallon of gasoline, along with several other taxes, fees, and charges.
How Can I Learn More About Moving to Oklahoma?
Moving to Oklahoma can be an exciting experience, but it's important to research before you move. By learning more about the local economy, neighborhoods, culture, and laws, you can ensure that you're making an informed decision and that you're prepared for your new life in Oklahoma. Here are some tips to help you get started.
Research the Local Economy
Researching the local economy is one of the most critical steps in preparing to move to Oklahoma. Look at the job market, the cost of living, and the types of industries thriving in the area. You can find this information online or contact the Oklahoma Department of Commerce for more detailed information.
Explore Different Neighborhoods
Once you've decided which area of Oklahoma you'd like to move to, it's time to explore the different neighborhoods. Take some time to research the schools, crime rates, and amenities in each area. You can also visit the neighborhoods in person to get a better feel for the area.
Check Out the Local Culture
Oklahoma is known for its vibrant culture and friendly people. Before you move, take some time to learn more about the local culture. Check out festivals and events, explore the local cuisine, and get to know the people who live in the area. This will help you better understand what life in Oklahoma is like.
Learn About the Laws
Finally, it's important to learn about Oklahoma's laws and regulations before you move. Ensure you understand the state's tax laws and any licensing or registration requirements for certain professions. It would be best to learn about the state's gun laws and other laws that may affect your daily life.
Are You Considering a Move to Oklahoma?
Living comfortably in Oklahoma can be done with an appropriate budget and careful planning. With an average cost of living lower than many surrounding states, Oklahoma provides an excellent opportunity to live a comfortable lifestyle without breaking the bank.
Share your tips for someone looking into moving to Oklahoma in the comments!