An Overview of Cost of Living in Edmond, OK
Are you thinking about relocating, but curious about the potential cost of living in Edmond? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Edmond stands at 106, making it 6% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
The cost of living in Edmond aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Edmond residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
When it comes to the cost of living in Edmond, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 30.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Edmond?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 11 locals to understand their opinions on the cost of living in Edmond. The results indicated that 64% found it reasonably priced with decreasing prices of goods and services, while 36% viewed it as quite expensive, with increasing prices.
Is Edmond Affordable?
Is Edmond an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Edmond is 37.2% higher than the national average, while the average monthly rent prices are 15.1% higher than average. The affordability of any location can also be influenced by median income levels. Edmond has a median household income of $84,223, which is 52.2% higher than the national average.
What Factors can Influence the Cost of Living in Edmond?
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Edmond, the prevailing sales tax rate starts at 4.5%, and income tax rates kick off at 0.25%.
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Edmond, the utilities index registers 3.2% lower than the national average.
Where is the Data From?
The Edmond cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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