An Overview of Cost of Living in McAlester, OK
Understanding the cost of living in McAlester can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The McAlester cost of living index is 82, which is 18% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, McAlester stands out by reporting housing costs that are 40.3% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of McAlester can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.
Everyday essentials such as clothing, personal hygiene products and entertainment all contribute to your overall cost of living. The good news is that in McAlester, these goods and services come in at 10.9% less than the national average. This means you can enjoy the things you need and love without breaking the bank. With such savings, you have the opportunity to allocate more funds towards your savings or other financial goals, ultimately enhancing your financial well-being.
Is McAlester Affordable?
Is McAlester affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in McAlester, the median home price is 48% lower than the national average and monthly rent prices are 22.2% lower than the typical rates. Additionally, the median income levels play a role in affordability, with McAlester boasting a median household income of $43,174, 22% lower than the national average.
What Factors can Influence the Cost of Living in McAlester?
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
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 McAlester, the housing index is 40.3% lower than the national average.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In McAlester, the groceries index is 5% lower than the national average.
Where is the Data From?
The cost of living data in McAlester 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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