Mustang cost of living index

The above illustration supplies generalized information for the Mustang, OK cost of living index. Compared to other cities in Oklahoma and cities across the country, the cost of living index in Mustang, OK is 88, which is equal to the Oklahoma average and 12% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Mustang, OK are 6% lower than the average for Oklahoma and 9% lower than the rest of the country.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in Mustang, OK to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Mustang, OK, you have to earn a higher income in order to still have the same standard of living. To operate the Mustang, OK salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

The affordability of the housing market in Mustang, OK as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Mustang, OK homeowners, the median income is $73,984. This indicates that a monthly maximum of $1,726 should be spent by homeowners on all housing related costs. Renters have a median income of $42,910. This indicates that renters should have a maximum of $1,001 used for their rent related monthly costs.

Oklahoma Sales Tax

Oklahoma Income Tax

The Oklahoma sales tax and Oklahoma income tax rates should definitely be considered when determining the overall cost of living in Mustang, OK. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Oklahoma sales tax is 4.5% and the maximum surtax is 11%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Oklahoma income tax rates range from 0.5% to 5%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

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Source: The Mustang, OK cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.