There are numerous things you must consider as you prepare for retirement. One of the main considerations you should think about is the cost of living in your city of choice. Fortunately, Oklahoma City is incredibly affordable for a big city.
According to Forbes’s latest numbers, the cost of living in Oklahoma City is 0.4 percent less than the nationwide average. But, what does this mean for expenses older adults commonly face? How does OKC compare to the rest of the country?
Rent costs and housing prices currently exhibit a healthy upward trend in Oklahoma City, and this is unlikely to end anytime soon as job growth remains strong and new residents continue to stream into the city. The median home value in Oklahoma City is $129,300 according to July 2015 numbers from Forbes. The average cost to rent a one-bedroom apartment in Oklahoma City is $759 per month. For two bedrooms, it will cost you an average of $963.
Oklahoma City has some of the lowest food prices in the United States. In fact, groceries are an average of 8.6 percent cheaper in Oklahoma City than the nationwide average. How does this translate to the costs of everyday items? According to figures from July of 2016, a gallon of milk will run you about $3.97, a dozen eggs cost $2.51, and you can expect to pay an average of $3.10 for a pound of boneless, skinless chicken breasts.
Transportation is also less expensive in Oklahoma City. On average, residents spend two percent less for transportation than the national average. And, you can expect to save even more if you do not have a daily commute. The price of gas in Oklahoma City ranges from $1.34 per gallon to $2.39. While most transportation costs are low in Oklahoma City, auto insurance rates are not. On average, you can expect to pay $1,458 per year for car insurance. This is well above the national average of $1,099. However, you can usually get lower rates if you are a good driver and live in a safer area of the city.
For the most part, senior care costs in Oklahoma City are lower than what you would find elsewhere in the US. The only exception is home health care, which costs just about the same as the national median. Adult day health care in Oklahoma City is $2,000 cheaper per year than the nationwide average. A private bedroom in an assisted living facility costs an average of $38,850 per year versus $43,539 nationally. And, semi-private and private rooms in nursing homes cost $53,838 and $64,788 respectively in Oklahoma City. This compares to $82,125 and $92,378 nationally.
When you comparison shop for housing in Oklahoma City, you are sure to get the most out of your nest egg.
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