An Overview of Cost of Living in Tulsa, OK
Are you thinking about relocating, but curious about the potential cost of living in Tulsa? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Tulsa stands at 90, making it 10% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
What Do Locals Say About the Cost of Living in Tulsa?
The real experts on a city are its residents. That's why we reached out to 18 locals to get their views on the cost of living in Tulsa. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 50% found it budget-friendly with decreasing prices, while 50% said it's simply not affordable as prices have continued to rise.
Is Tulsa Affordable?
Wondering if Tulsa 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 Tulsa, for example, the median home price is 22.4% lower than what folks pay nationally, and monthly rent is 11.6% lower than the usual rates. Plus, income levels matter too, with Tulsa boasting a median household income of $49,474, which is 10.6% lower than the national average.
What Factors can Influence the Cost of Living in Tulsa?
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Tulsa, the groceries index is 5.6% lower than the national average.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Tulsa, the housing index is 19.1% lower than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Tulsa, the standard sales tax rate starts at 4.5%, and the income tax rates commence at 0.25%.
Where is the Data From?
The cost of living in Tulsa, 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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