A
4%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
1%
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 Owasso Oklahoma National
Cost of living9686100
Goods & Services9591100
Groceries9494100
Health care8793100
Housing10169100
Transportation8993100
Utilities9598100

An Overview of Cost of Living in Owasso, OK

Knowing the cost of living in Owasso 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 Owasso stands at 96, marking it 4% lower than the national average.

In Owasso, 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 Owasso will resemble that of an average city, contributing to a manageable cost of living.

Is Owasso Affordable?

Wondering if Owasso is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Owasso, for example, the median home price is 2.5% lower than what folks pay nationally, and monthly rent is 10.5% higher than the usual rates. Plus, income levels matter too, with Owasso boasting a median household income of $66,897, which is 20.9% higher than the national average.

What Factors can Influence the Cost of Living in Owasso?

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Owasso, the transportation index stands at 11% lower than the national average.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Owasso, the general sales tax rate starts at 4.5%, and income tax rates begin at 0.25%.

Where is the Data From?

The cost of living in Owasso, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Owasso is 12% higher than the Oklahoma average
  • The cost of living in Owasso is 4% lower than the national average
  • Owasso housing is 1% higher than the national average
  • Oklahoma general sales tax is 12% lower than the national average
  • Oklahoma state income tax is 90% lower than the national average

Most Affordable Places to Live in and Around Owasso

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Compare Owasso, OK 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$84,053$7,004$1,961$2,522
      Renters$47,422$3,952$1,106$1,423
      A good indicator of the general affordability of housing in Owasso, OK, 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 Owasso, the median monthly income is $84,053 for those who own their own homes. Under the standard rule, that income level would allow for $1,961 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $47,422, per the median income in the area. That would allow for renters to spend up to $1,106 on monthly rental expenses.

      Oklahoma Sales Tax

      State General Sales Tax With Max Surtax
      Oklahoma 4.5% 11%

      Oklahoma Income Tax

      State Income Tax (Low) Income Tax (High)
      Oklahoma 0.25% 4.75%

      Goods & Services

      Item Owasso National avg. Difference
      Haircut $20.72$24.2614.6%
      Beauty Salon $34.47$45.5624.4%
      Toothpaste $3.65$3.701.3%
      Shampoo $1.14$1.2811.1%
      Movie $10.90$12.1310.2%
      Bowling $15.28$18.0015.1%

      Groceries

      Item Owasso National avg. Difference
      Ground Beef $5.87$5.840.5%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.55$4.672.5%
      Potatoes $4.76$4.933.5%
      Pizza $12.07$12.090.1%
      Beer $10.02$10.413.7%

      Health Care

      Item Owasso National avg. Difference
      Optometrist $108.05$125.6814.0%
      Doctor $103.03$135.7824.1%
      Dentist $97.69$113.2913.8%
      Ibuprofen $10.27$10.653.6%
      Lipitor $493.24$468.605.3%

      Housing

      Item Owasso National avg. Difference
      Home Price $180,100.00$184,700.002.5%
      Avg. Mortgage Payment $1,770.41$2,346.6924.6%
      Apartment Rent $1,049.00$949.0010.5%

      Transportation

      Item Owasso National avg. Difference
      Gasoline $3.20$3.467.4%
      Tire Balancing $48.16$59.9219.6%

      Utilities

      Item Owasso National avg. Difference
      All Electricity $176.35$193.999.1%
      Phone $194.96$192.251.4%
      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.
      Avant, OK2897624.1%
      Turley, OK2,8177821.6%
      Sperry, OK1,1458218.4%
      Oakhurst, OK2,4358415.5%
      Skiatook, OK8,0368712.7%
      Owasso, OK36,395964.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      West Fargo, ND36,4061043.7%
      Benton, AR36,360955.3%
      Moorpark, CA36,44317676.0%
      Kearns, UT36,45711110.7%
      Phenix City, AL36,461919.2%
      Owasso, OK36,395964.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.