What’s the cost of living in Oklahoma?

1 min read by Rachel Carey Last updated January 18, 2024

Wondering about the cost of living in Oklahoma? This article summarizes everything you need to know, from tax rates to healthcare costs.

When considering a move to a new state, understanding the cost of living is vital for effective budgeting and financial planning. If Oklahoma is at the top of your list, here are some current statistics related to the cost of living in the state that could help you make up your mind.    

The average cost of living in Oklahoma 

Nearly 4 million people call Oklahoma home. The state boasts one of the lowest cost of living in the country.  

According to data gathered in 2022 from MERIC, the Missouri Economic Research and Information Center, the state ranks 2nd in a list of states with the lowest to the highest cost of living. 

While to the Bureau of Economic Analysis 2021 Personal Consumption Expenditures, data shows that Oklahoma's average cost of living is $38,650 per year. This is the lowest average total expenditure for the entire Southwest region, encompassing Texas, New Mexico, and Arizona. 

Housing costs in Oklahoma 

As of March 2023, the average home value in Oklahoma is estimated to be around $188,453, according to the Zillow Home Value Index as of March 2023.  

It’s important to note that housing prices can significantly differ across various regions within the state. Here are some examples of typical home prices based on Zillow's data: 

CityAverage Home Value
Oklahoma City $199,385
Tulsa $191,984
Norman $240,137
Broken Arrow $263,013
Lawton $122,295

The average price of rental apartments nationwide is $1,702, while the average monthly rent in Oklahoma City, OK is $960. 

Utility costs in Oklahoma 

Utility costs play a significant role in Oklahoma's overall cost of living. According to Forbes, the average monthly cost is around $407.  

UtilityAverage cost in Oklahoma
Energy bill $119.69
Monthly water bill $35
Internet $20
Natural gas $71
Phone bill $114
Streaming $48

Grocery and food costs in Oklahoma 

When it comes to groceries and food costs, Oklahoma generally aligns with prices found elsewhere in the United States.   

According to Zippia, those in Oklahoma City pay $346 on average each month.   

According to 2021 data from the Bureau of Labor Statistics, the average spending on food at home is $5,259 annually, or about $438 per month for US households.   

Transportation costs in Oklahoma 

Transportation costs, including gas prices and vehicle maintenance, impact Oklahoma's overall cost of living.  

According to MIT, a single adult with no children can expect to pay upwards of $5,400. 

Gas prices in Oklahoma are typically in and around the national average. Oklahoma was lower than the national average at the time of writing. These prices fluctuate over time.   

It is also worth noting that prices can vary across different regions within the state.  

Healthcare costs in Oklahoma 

Understanding healthcare expenses is crucial when considering the cost of living.  

The specific healthcare costs in Oklahoma can vary depending on factors such as insurance coverage and individual circumstances. Therefore, it is advisable to research and consult with healthcare providers and insurance companies to obtain accurate cost estimates. 

MIT estimates:  

ScenarioAnnual healthcare expenditure
One adult, no children $2,991
One adult, one child $10,128
One adult, two children $10,138
Two adults (one working), no children $7,371
Two adults (one working), one child $10,138
Two adults (one working), two children $10,063
Two adults (two working), no children $7,371
Two adults (two working), one child $10,138
Two adults (two working), two children $10,063

Childcare costs in Oklahoma 

Families in Oklahoma currently pay around $7,896 per year for childcare for one child. This figure doubles for two children.   

However, it's important to note that this figure can vary across the state.  

Taxation in Oklahoma 

Oklahoma’s state income tax operates on a progressive system. The rates range between 0.25% and 4.75%. 

Here's a comparison of income tax rates among some neighboring states:  

StateIncome Tax Rates
Oklahoma 0.25% - 4.75% (progressive tax rate)
Texas No state income tax
Arkansas 0.9% - 6.6% (progressive tax rate)
Missouri 1.5% - 5.4% (progressive tax rate)
Kansas 3.1% - 5.7% (progressive tax rate)

The sales tax rate in Oklahoma is 4.5%. However, it's important to note that sales tax rates can vary by city and county in Oklahoma. In addition to the state sales tax, local sales taxes may be imposed by municipalities and counties. The combined sales tax rate, including state and local taxes, can range from 4.5% to 11%, depending on the location. 

The bottom line

The amount of money needed to live comfortably in Oklahoma can vary depending on location, lifestyle, family size, and personal preferences. However, as the most expensive state in the US, you may need more than you first think. 

It's essential to consider these factors, along with personal circumstances and preferences, when evaluating the cost of living in Oklahoma. In addition, consulting with a financial advisor can provide valuable insights and assistance in managing expenses and financial planning. 

Whether you’re retirement planning or considering relocating to chase a new career, Unbiased can assist you with your move's financial ins and outs. Find the right advisor for your needs today. 

Senior Content Writer

Rachel Carey

Rachel is a Senior Content Writer at Unbiased. She has nearly a decade of experience writing and producing content across a range of different sectors.