The Midwest state with the lowest cost of living revealed – after its major city was ranked ‘cheapest place to rent’
Oklahoma has been named the state with the lowest cost of living after it was revealed that the largest city in the country is the cheapest city to rent a home.
Prices have risen rapidly since annual inflation rose to seven percent in 2021, and Americans are feeling the effects.
However, new research has found that Oklahoma has the lowest cost of living of all 50 states.
According to Statistics Netherlands (CBS), the annual costs for an average family are 14.8 percent lower than the national average. GOBanking rate.
This is evident from research showing that the average rent for an apartment in Oklahoma City is 46 percent lower than the national average.
Oklahoma has been ranked as the state with the lowest cost of living after the largest city in the country was revealed as the cheapest big city to rent in.
This comes after research showed that the average rent for an apartment in Oklahoma City (pictured) is 46 percent lower than the national average.
When looking at the average price of groceries, housing, and utilities, Oklahoma is the state with the lowest cost of living.
A family in the Midwestern state can expect to spend $62,900 a year on these basic necessities, nearly 15 percent lower than elsewhere in the country.
Oklahoma residents are spending six percent less on groceries and another two percent less on utilities.
But the biggest savings are being made in housing, the cost of which is almost a third lower than the national average.
Realtors in the region say Americans are attracted to low home prices because they can now work remotely.
Nearly 120,000 people moved to Oklahoma in 2022, making it one of the top 10 states with the most out-of-state movers.
Mississippi is the second least expensive state, with the average family spending $62,971 per year.
Hawaii is the most expensive, with a cost of living of $131,560, followed by Massachusetts and California, both at over $100,000.
New York and Alaska rank second on the list of states with the highest cost of living, at over $91,000.
The cost of living in Oklahoma’s neighboring states, Kansas, Arkansas and Texas, is 23 percent, 11 percent and 7.3 percent lower than the national average, respectively.
Oklahoma City is the cheapest large city in the country to rent a home, according to a new poll.
Data from the Council for Community and Economic Research’s Cost of Living Index shows that the average rent for an apartment is $839 per month, 46 percent lower than the national average.
In terms of affordable rents, Oklahoma City, with a population of 1,396,445, finished just above Birmingham, Alabama and nearby Tulsa, Oklahoma.
The list, which Kiplinger compiled based on U.S. metro areas with populations of more than 1 million, shows a large number of affordable cities in the South and West.
The average Oklahoma family’s annual homeownership costs are 14.8 percent lower than the national average, according to GOBankingRate. Pictured: Wichita Mountains Wildlife Refuge waterfall
A family in the Midwest state can expect to spend $62,900 a year on essentials, which is nearly 15 percent lower than anywhere else in the country
Nearly 120,000 people moved to Oklahoma in 2022, making it one of the top 10 states for out-of-state residents to move to
Earlier this year, it was revealed that it is now cheaper to rent than to buy a home in all 50 of America’s largest metropolitan areas, according to Realtor.com’s rental report.
While it was already more affordable to rent than to buy in most metro areas by 2023, higher mortgage rates and rising home prices are now having an impact on other markets as well.
Oklahoma City’s cost of living is comparable to other small cities, but Oklahoma City does have a variety of big-city amenities, including its own philharmonic orchestra, the National Softball Hall of Fame and Museum, and the Oklahoma City Thunder NBA basketball team.
Several major oil and gas companies have chosen Oklahoma City as their home base, while oil producers are major employers in the region.
Devon Energy, Chesapeake Energy and Continental Resources are all based in the city.
There are currently 12 cities in the state of Oklahoma that are among the cheapest small cities in America.