In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
The above illustration supplies generalized information for the Elk City, OK cost of living index. Compared to other cities in Oklahoma and cities across the country, the cost of living index in Elk City, OK is 90, which is 3% higher than the Oklahoma average and 10% 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 Elk City, OK are 3% lower than the average for Oklahoma and 6% lower than the rest of the country.
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The cost of living in Elk City is 3% higher than the Oklahoma average.
The cost of living in Elk City is 10% lower than the national average.
The cost of housing in Elk City is 17% lower than the national average.
Oklahoma general sales tax is 12% lower than the national average.
Oklahoma state income tax is 78% lower than the national average.
Compare Elk City, OK Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
Use the salary calculator to compare your current salary in Elk City, OK to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Elk City, OK, then you would need to earn more income in order to maintain the same standard of living. To use the Elk City, OK salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
One can approximate the cost of living and the housing affordability in Elk City, OK by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Elk City, OK have a median income of $68,274. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,593 per month to avoid calamity and poverty. The renters in the city have an income of about $34,312, which would make their monthly maximum allowable rental costs $801.
Oklahoma Sales Tax
General Sales Tax
With Max Surtax
Oklahoma Income Tax
Income Tax (Low)
Income Tax (High)
When assessing the complete cost of living in Elk City, OK, the Oklahoma income tax and the Oklahoma sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Oklahoma maximum surtax is 11%, and the Oklahoma sales tax is 4.5%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 0.5% to 5% in Oklahoma.
Goods & Services
Avg. Mortgage Payment
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.