| Index | Oconomowoc | Wisconsin | National |
| Cost of living | 109 | 96 | 100 |
| Groceries | 100 | 99 | 100 |
| Health care | 97 | 98 | 100 |
| Housing | 137 | 89 | 100 |
| Transportation | 94 | 98 | 100 |
| Utilities | 101 | 101 | 100 |
| Lifestyle & Entertainment | 95 | 98 | 100 |
| Household Items | 101 | 99 | 100 |
| Education & Childcare | 94 | 98 | 100 |
Understanding the cost of living in Oconomowoc 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 Oconomowoc cost of living index is 109, which is 9% higher 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.
The cost of living in Oconomowoc aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, household expenses, health care and utility bills are priced at a level consistent with the average in similar urban areas. Oconomowoc 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 Oconomowoc, 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 37.1% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Is Oconomowoc 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 Oconomowoc is 50.6% higher than the national average, while the average monthly rent prices are 5.7% higher than average. The affordability of any location can also be influenced by median income levels. Oconomowoc has a median household income of $143,522, which is 76.5% higher than the national average.
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 Oconomowoc, the prevailing sales tax rate starts at 5%, and income tax rates kick off at 3.54%.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Oconomowoc, the transportation index is 5.6% lower than the national average.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Oconomowoc, the groceries index registers 0.4% lower than the national average.
The cost of living data for Oconomowoc shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
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| Groceries index | |
| Health care index | |
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| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $172,973 | $14,414 | $4,036 | $5,190 |
| Renters | $76,373 | $6,364 | $1,782 | $2,291 |
| State | General Sales Tax | With Max Surtax |
| Wisconsin | 5% | 6.75% |
| State | Income Tax (Low) | Income Tax (High) |
| Wisconsin | 3.54% | 7.65% |
| City | Population | Cost of Living Index | National Avg. |
| Clyman, WI | 364 | 89 | 10.9% |
| Neosho, WI | 660 | 94 | 5.9% |
| Watertown, WI | 24,039 | 95 | 4.6% |
| Helenville, WI | 252 | 97 | 3.4% |
| Lebanon, WI | 100 | 100 | 0.2% |
| Oconomowoc, WI | 17,299 | 109 | 9.5% |
| City | Population | Cost of Living Index | National Avg. |
| Lansdale, PA | 17,300 | 109 | 9.0% |
| Bull Run, VA | 17,295 | 118 | 17.6% |
| Phoenixville, PA | 17,310 | 112 | 11.9% |
| Knightdale, NC | 17,266 | 109 | 8.6% |
| Stafford, TX | 17,266 | 103 | 3.4% |
| Oconomowoc, WI | 17,299 | 109 | 9.5% |
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