An Overview of Cost of Living in Stillwater, OK
Are you thinking about relocating, but curious about the potential cost of living in Stillwater? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Stillwater stands at 95, making it 5% lower 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.
In Stillwater, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Stillwater will resemble that of an average city, contributing to a manageable cost of living.
What Do Locals Say About the Cost of Living in Stillwater?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 5 locals to understand their opinions on the cost of living in Stillwater. The results indicated that 60% found it reasonably priced with decreasing prices of goods and services, while 40% viewed it as quite expensive, with increasing prices.
Is Stillwater Affordable?
Is Stillwater an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Stillwater, the median home price is 0.3% higher than what most folks pay across the country, and monthly rent prices are 13% lower than the usual rates. Income levels in Stillwater come in at $34,906, which is 36.9% lower than the national average.
What Factors can Influence the Cost of Living in Stillwater?
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Stillwater, the housing index is 3.7% lower than the national average.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall 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 Stillwater, the utilities index registers 3.2% lower than the national average.
Where is the Data From?
The cost of living data in Stillwater displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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