Oklahoma City cost of living
Cost of living remains low in Oklahoma City
According to a recent cost of living survey conducted by the American Chamber of Commerce Researchers Association (ACCRA), Oklahoma City remains one of the least expensive major metropolitan areas in which to live. The cost of living index measures the differences in costs of 59 consumer goods and services, excluding taxes, across 302 other cities nationwide.
Low housing costs are the principal reason Oklahoma City's
cost of living remains relatively low.
- 1st Quarter of 2001: Oklahoma City's composite cost of living was 5.9% below the national average.
- 4th Quarter of 2003: Oklahoma City's composite cost of living was 7.9% below the national average.
- 4th Quarter of 2006:Oklahoma City's composite cost of living was 7.7% below the national average. Low housing costs are the principal reason Oklahoma City's cost of living remains relatively low. With a housing index value of 84.5, Oklahoma City's housing market is 15.5 percent below the national average.
National news stories recently broke the welcome news to transferring families around the world. Oklahoma City ranks #1 as the nation's most Affordable Metropolitan Housing Markets for the 3rd year in a row!
Oklahoma City's overall cost of living is among the lowest of all major metropolitan areas in the country. Out of 351 cities surveyed, ours was recognized as the 46th best place to live. And, although we rank as one of the largest cities in the world (608.2 square miles), we're virtually free from the overcrowding seen in other similar-sized cities. (Source: Greater Oklahoma City Chamber of Commerce.)
Alice says, "On average, those relocating to Oklahoma City will spend just 16.1% of their gross income for housing. The same family would spend 43% for a home in San Francisco." Alice says, "When it comes to stretching the family housing dollar, Greater Oklahoma City is a wonderful place to be!"
"Relocation to Oklahoma City continues to be very, very strong and people are delighted about moving here. Our local economy is growing, good jobs are available, and the overall cost of living and housing remains low. It is wonderful to have such fine news for the family bank account. Add this to our friendly southwestern lifestyle and we're hard to beat." Alice credits Oklahoma City's unusually diversified industrial base as the core economic element in the sound employment and housing markets.
Many more Oklahoma City homes are on the market than last year. "Market value" average selling price is up four to five thousand dollars. Mortgage interest rates are the lowest in years.
"Would-be sellers are beginning to recognize a stronger equity basis in their homes than before and seeing that this will enable them to make their next move "up" [to a home of higher value]. They're pocketing more at closing and, with the wonderful interest rates, have mortgage payments much lower than expected," Alice concludes.
Cost of Living Index for Selected Metro Areas
Cities below the national average
7.9% - Oklahoma City
11.8% - Amarillo
8.4% - Houston
7.0% - Tulsa
3.2% - Dallas
4.5% - Kansas City
Cities above the national average
2.4% - Albuquerque
4.8% - Denver
48.8% - Los Angeles
36.9% - Boston
[Source: ACCRA Cost of Living Index as published in Oklahoma City Economic Trends, April 2004.]
Source: Alice Dahlgren, OKC Chamber of Commerce, ACCRA
