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Oklahoma City holds top spot as most affordable large city in 2024
This story originally ran on VeloCityOKC.com.
Oklahoma City is holding steady as the most affordable large city in the U.S., according to the 2024 annual Cost of Living Index (COLI) from the Council for Community and Economic Research (C2ER). Among cities with populations over 500,000, Oklahoma City ranks #1 for the lowest cost of living.
The city’s composite cost-of-living index is 82.3, 17.7 points below the national average of 100. This reflects a 3.0-point decrease from the 2023 COLI, placing Oklahoma City in the lowest quartile and among the six least expensive cities nationwide out of 264 surveyed.
Breakdown for Oklahoma City (2024 vs. 2023)
- Composite: 82.3 (-3.0)
- Grocery: 94.9 (+1.7)
- Housing: 60.1 (-7.6)
- Utilities: 96.8 (+0.8)
- Transportation: 91.3 (-6.9)
- Health Care: 103.9 (-0.8)
- Misc. Goods and Services: 86.0 (-0.8)
To illustrate Oklahoma City’s affordability, consider how it stacks up against New York (Manhattan), the No. 1 most expensive city. According to C2ER’s calculator, a household earning $44,000 after taxes in Manhattan would need only about $15,684 in Oklahoma City to maintain a similar standard of living. The biggest difference is housing, which costs about 88% less in Oklahoma City. Groceries, utilities, transportation and health care are also significantly cheaper.
Below is a snapshot of how Oklahoma City and Manhattan compare, using the national average of 100 as a baseline:
|
Category |
Manhattan (NY) |
Oklahoma City (OK) |
|
Composite |
230.6 |
82.2 / 82.3* |
|
Grocery |
118.0 |
94.9 |
|
Housing |
500.6 |
60.1 |
|
Utilities |
115.1 |
96.8 |
|
Transportation |
117.0 |
91.3 |
|
Health |
145.5 |
103.9 |
|
Miscellaneous Goods & Services |
127.1 |
86.0 |
While Oklahoma City and Manhattan are vastly different in size and economy, this comparison helps put the cost-of-living differences into perspective, offering a tangible look at how far a dollar stretches in each city.
Oklahoma City isn’t the only place in the state offering a low cost of living. Ponca City ranks No. 2 on the list of least expensive urban areas, with an index of 80.0. This reinforces Oklahoma’s position as a state where affordability is a major advantage. Other low-cost cities include Decatur, Illinois (79.1), and Richmond, Indiana (81.1).
C2ER’s Cost of Living Index measures prices for 61 consumer goods and services to show how costs vary from one city to another. The information helps residents and businesses decide where their money goes further. For more details on the 2024 Cost of Living Index and its methods, see the full media release or visit the C2ER website.
