Oklahoma City has a dynamic economy, inspiring art scene and is undergoing a renovation boom. With all the updates and the friendly neighbors, it’s easy to see why you’re interested in moving here.
Oklahoma City is a bustling metropolis of more than 643,000 people. Yet, there’s an interesting juxtaposition between the city and the natural beauty that surrounds it. Oklahoma City has somehow found a way to balance the two, giving residents the best of both worlds with plenty of shopping, dining and entertainment experiences, as well as beautiful scenery and a plethora of outdoor activities.
This city is also one of the gems where you can earn a lot but not spend it all on things like taxes, utilities and the average rent in Oklahoma City.
Overall, the cost of living in Oklahoma City is 12.8 percent lower than the national average. Since last year, that price has increased by 1.4 percent. Still, it’s a very affordable city for most people.
If you’re wondering if it’s right for you, take a look at the following factors that make up the cost of living in a city. As we dig deeper into each category, you’ll see just how many costs can sneak up on you and make a city more expensive than expected.
Housing costs in Oklahoma City
In 2020, Oklahoma City made the list of the top 25 cities with the lowest cost of living. Coming in at No. 25, the average rent in Oklahoma City is $872 per month. Overall, housing costs in Oklahoma City are 24 percent lower than the national average, an increase of 6.2 percent in the past year.
Rental prices vary by neighborhood, so you’ll pay a high average of $1,706 in Deep Deuce and Downtown Oklahoma City, and an average low of $775 in Wilshire Ridge and $563 in Oakcliff.
Average rent prices in cities near Oklahoma City
If you like living near Oklahoma City but don’t want to live directly in the city, consider a suburb or nearby city instead. Here are just a few to think about.
Home prices in Oklahoma City
Renting isn’t the only option for you in Oklahoma City. You can also purchase your own home. Nearly 60 percent of residents in this city own a home. The average home price is $225,000, according to Redfin, with a less than 5 percent increase in the past year.
Because home prices are so affordable, the current housing market is extremely competitive. Most (if not all) homes receive multiple offers and sell within 2 to 5 days. When they sell, homeowners typically get 1 to 4 percent more than the asking price.
As a new homeowner, you’ll pay a mortgage payment each month instead of the average rent in Oklahoma City. With a 30-year loan and 20 percent down ($45,000 on a $250,000 home), you’ll pay an average of $1,258 per month.
Food costs in Oklahoma City
On average, the food costs in this city are 10.5 percent less than the national average. Current prices are on par with those of the previous year.
It’s important to understand food costs because they can significantly increase the cost of living in Oklahoma City. Factors that can raise grocery/food costs include:
- How often you eat out
- Whether you only buy name-brand items
- If you’re a fan of delivery (groceries or meals)
Eating out obviously costs more because someone is making the food and serving you. Plus, it’s a privilege to dine out and you pay, in part, for the atmosphere. The median price for a single meal in an Oklahoma City restaurant is about $10. Of course, where you eat out has a bearing on how much you’ll spend — and residents of this city aren’t starving for choice. You can find:
- Upscale diner fare
- Mediterranean cuisine
- Classic French food
- Sushi
- Burgers
- Southern comfort food
- Pizza
To get an idea of what you’d spend on a trip to the grocery store, let’s look at some common items that might make it onto your shopping list.
- A dozen eggs: $1.23
- Half-gallon of milk: $1.98
- Tuna: $0.86
- Bread: $3.03
- Cereal: $3.47
- Sugar: $2.60
- Chicken: $1.21
- Total: $14.38. Elsewhere in the U.S., your grocery bill might be around $15.70
Utility costs in Oklahoma City
Utility costs are one area that will significantly increase the cost of living in Oklahoma City. While there are many cost categories in which the city is more affordable than the rest of the U.S., this is not one of them. Utilities here are nearly the same rate as the national average — there’s only a 2.8 percent difference. The average energy bill in this city is approximately $160.03, whereas the U.S. average is $161.20. Not a huge cost saving.
Other utilities to consider are:
- Internet
- Cable
- Cell phone
- Garbage pick-up
- Recycling pick-up
- Water (On average = $33 per month)
- Sewer (Average baseline rate of $30 per month)
In some cases, you can save some money by bundling certain utilities — like internet, cable and your cell phone service — thereby leaving more of your funds available to pay the average rent in Oklahoma City.
However, if you’re worried about how energy costs will impact your bottom line, remember that there are cities close to Oklahoma City that have a lower cost of living. Take Edmond, OK for example. This suburb is home to 90,000 people and is just over 20 minutes away from Oklahoma City. And yet, utility prices there are 25 percent lower than the national average.
Transportation costs in Oklahoma City
The best way to get around Oklahoma City is with your own vehicle. The city doesn’t have good walkability, public transit or bike scores (43, 22, 48, respectively). One reason for the low walkability and bike scores is because the city doesn’t have enough well-marked bike lanes or sidewalks.
You do have some public transportation options. Oklahoma City EMBARK is the local bus system, which offers:
- Park and ride
- Bus trips
- Access to ferry or streetcars
- Rideshare
- Bike share
A 3-day bus pass is $12, a 7-day unlimited pass is $14 and a 30-day unlimited pass is $50.
If you decide that you can afford a vehicle, as well as the average rent in Oklahoma City, remember that there are more costs associated with owning a car than just fuel (which is $2.38 per gallon compared to the U.S. average of $2.76).
You’ll also have to pay for a license, insurance and registration, as well as:
- Vehicle maintenance: A common vehicle maintenance expense is tire rotation and balancing. In Oklahoma City, the cost for this is $57.38, which is about $5 higher than the national average.
- Tolls: Depending on the turnpike, toll costs range from $0.65 to $6.20 with a PikePass or $0.85 to $7.75 if you’re paying with cash.
- Parking: Parking prices vary depending on the lot/garage in which you park, as well as whether you choose valet parking or not. Prices range from $4 to $27.15 for 2-hours.
Healthcare costs in Oklahoma City
It’s hard to determine an “average” when it comes to healthcare costs. Healthcare varies from person to person, family to family. Your needs will differ from your neighbors. You might have a condition that requires more trips to the doctor than someone else. Or, you might have more dependents than other folks and therefore, have to pay more for co-pays (or the full cost if you don’t have insurance).
In general, healthcare costs in Oklahoma City are 4.9 percent less than the national average. Here’s a breakdown of what that might look like:
- Eye exam: $106 here; $105
- Dental check-up: 101.67 in the city: $99.44
- Doctor’s visit: $100 in Oklahoma City; $112.81
Prescription medications average 8.25 percent cheaper, while over-the-counter medications are approximately 1.42 percent higher than the national average.
Since healthcare costs can be a major expense, it’s good to try to calculate how much you might have to pay in a new city. Doing so will help you determine if you can afford the average rent in Oklahoma City.
Goods and services costs in Oklahoma City
Another cost that can, again, dramatically raise the cost of living in Oklahoma City is how much you spend on miscellaneous goods and services.
These are the non-essentials, the items and services that aren’t required to survive like food, shelter and transportation.
How expensive it is to live in a city can depend on:
- The cost of these items
- How many you purchase
- How often you purchase them
Overall, the cost of goods and services in Oklahoma City is 10.1 percent lower than the U.S. average. That amount has decreased by 2.8 percent since 2020.
To get an idea of how easy it is for items in this category to add up and impact the cost of living in Oklahoma City, let’s look at what you might do on an average weekend day.
First, you get up and go to your favorite yoga class — it totally helps to set the mood for the day! Then, you’ll run to the mall to pick up some items. You and your son need some pants, and your husband needs a shirt. Then, you pick up some sundries you’re running low on, like toothpaste and shampoo. Finally, you pick up a pizza for the family, along with some adult beverages for you and your partner. Here’s how much you would spend compared to the national average.
- Yoga: $11.67 Oklahoma City; $15
- Women’s pants: $17.21 Oklahoma City; $30.37 – national average
- Boy’s pants: $14.97 Oklahoma City; $24.99 – national average
- Men’s shirt: $21.49 Oklahoma City; $29.56 – national average
- Toothpaste: $1.82 Oklahoma City; $2.19 – national average
- Shampoo: $0.98 Oklahoma City; $1.03 – national average
- Pizza: $11.99 Oklahoma City; $10.49 – national average
- Wine: $10.06 Oklahoma City; $9 – national average
- Total: $90.19 in Oklahoma City; $107.63 elsewhere in the U.S.
Taxes in Oklahoma City
Something else that can raise the cost of living in Oklahoma City is taxes. They’re necessary but can add up quickly.
The sales tax in Oklahoma state is 4.5 percent and the Oklahoma City sales tax is 4.13 percent, for a combined total of 8.625 percent. Let’s say you go to a furniture store and purchase $1,000 worth of items for your living room remodel. You’ll pay a total of 1085.25 with taxes included.
The property tax rate in this Oklahoma County is 1.06 percent. If you decide to purchase a home for $225,000 instead of paying the average rent in Oklahoma City, you’ll have to budget for the fact that you’ll owe $2,385 annually in property taxes.
In addition to sales, income and property taxes, you might also have to pay a use tax. This is a tax that’s due on goods that:
- You buy out of state
- Aren’t subject to sales tax
- You bring back into the state of Oklahoma
The use tax rate is 4.5 percent.
How much do you need to earn to live in Oklahoma City?
How much you need to earn to live in this city depends, in large part, on how much you plan to pay in rental fees.
The average rent in Oklahoma City is $872. If this accounted for 30 percent of your income (as many financial experts recommend), you’d need to earn $34,480 annually.
The median annual income in this city is $55,557. If you earn the average income, you can afford to pay not only the average rent in Oklahoma City, but you can afford to live in some of the pricier neighborhoods, depending on your financial circumstances. Thirty percent of $55,557 is $16,667.10 in rent per year, or $1,388.93 each month.
To find out how much rent you can afford, and which neighborhood will fit your financial needs, check out our free rent calculator.
Understanding the cost of living in Oklahoma City
When asked about the cost of living in a city, their first response is to tell you about rental fees. While the average rent in Oklahoma City makes up a large portion of residents’ budgets, there are so many other factors to consider. When you add in the cost of food, fuel, healthcare and utilities, the cost of living in Oklahoma City can start to look much different.
On the whole, though, Oklahoma City is one of the more affordable big cities in the country. If you’re ready to make the move, make sure to check out our listings to find apartments for rent in Oklahoma City. With our filter feature, you’re sure to find the rental of your dreams!
Cost of living information comes from The Council for Community and Economic Research.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory of two-bedroom apartments as of August 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Source: rent.com