B+
6%
Overall NAT. AVG.
10%
Goods & Services NAT. AVG.
34%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Okemos Michigan National
Cost of living10689100
Goods & Services9093100
Groceries9599100
Health care9493100
Housing13474100
Transportation9597100
Utilities102101100

An Overview of Cost of Living in Okemos, MI

Knowing the cost of living in Okemos allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Okemos stands at 106, marking it 6% higher than the national average.

The cost of living in Okemos closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Okemos can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Housing costs significantly influence the Okemos cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 33.7%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Okemos Affordable?

Is Okemos 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 Okemos, the median home price is 43.1% higher than what most folks pay across the country, and monthly rent prices are 11.7% higher than the usual rates. Income levels in Okemos come in at $78,596, which is 42.1% higher than the national average.

What Factors can Influence the Cost of Living in Okemos?

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Okemos comes in at 2.3% higher than the national average.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Okemos, the transportation index is 5.1% lower than the national average.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Okemos, the baseline sales tax rate begins at 6%, and income tax rates start at 4.25%.

Where is the Data From?

The Okemos cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Okemos is 18% higher than the Michigan average
  • The cost of living in Okemos is 6% higher than the national average
  • Okemos housing is 34% higher than the national average
  • Michigan general sales tax is 18% higher than the national average
  • Michigan state income tax is 64% higher than the national average

Most Affordable Places to Live in and Around Okemos

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Compare Okemos, MI Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$123,563$10,297$2,883$3,707
      Renters$37,668$3,139$879$1,130
      A good indicator of the general affordability of housing in Okemos, MI, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Okemos, the median monthly income is $123,563 for those who own their own homes. Under the standard rule, that income level would allow for $2,883 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $37,668, per the median income in the area. That would allow for renters to spend up to $879 on monthly rental expenses.

      Michigan Sales Tax

      State General Sales Tax With Max Surtax
      Michigan 6% 6%

      Michigan Income Tax

      State Income Tax (Low) Income Tax (High)
      Michigan 4.25% 4.25%

      Goods & Services

      Item Okemos National avg. Difference
      Haircut $24.53$24.261.1%
      Beauty Salon $56.27$45.5623.5%
      Toothpaste $3.64$3.701.8%
      Shampoo $1.40$1.289.1%
      Movie $11.22$12.137.5%
      Bowling $22.17$18.0023.1%

      Groceries

      Item Okemos National avg. Difference
      Ground Beef $5.51$5.845.7%
      Fried Chicken $1.69$1.577.7%
      Milk $4.84$4.673.6%
      Potatoes $4.77$4.933.3%
      Pizza $10.99$12.099.1%
      Beer $9.38$10.419.9%

      Health Care

      Item Okemos National avg. Difference
      Optometrist $91.40$125.6827.3%
      Doctor $139.14$135.782.5%
      Dentist $120.35$113.296.2%
      Ibuprofen $10.88$10.652.1%
      Lipitor $504.80$468.607.7%

      Housing

      Item Okemos National avg. Difference
      Home Price $264,300.00$184,700.0043.1%
      Avg. Mortgage Payment $2,520.64$2,346.697.4%
      Apartment Rent $1,060.00$949.0011.7%

      Transportation

      Item Okemos National avg. Difference
      Gasoline $3.42$3.461.2%
      Tire Balancing $60.57$59.921.1%

      Utilities

      Item Okemos National avg. Difference
      All Electricity $180.47$193.997.0%
      Phone $184.98$192.253.8%
      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.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Morrice, MI1,4538811.9%
      Lansing, MI117,4888416.5%
      Edgemont Park, MI2,4138614.4%
      Webberville, MI1,238919.2%
      Eaton Rapids, MI5,2298613.9%
      Okemos, MI24,2951065.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Harvey, IL24,2959010.1%
      Palmetto Bay, FL24,30815353.3%
      Avon Lake, OH24,3091088.0%
      Papillion, NE24,3101021.9%
      Elmwood Park, IL24,27411414.4%
      Okemos, MI24,2951065.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.