A+
5%
Overall NAT. AVG.
13%
Goods & Services NAT. AVG.
1%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Choctaw Oklahoma National
Cost of living9586100
Goods & Services8791100
Groceries9394100
Health care10593100
Housing10169100
Transportation9893100
Utilities9798100

An Overview of Cost of Living in Choctaw, OK

Knowing the cost of living in Choctaw allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Choctaw stands at 95, marking it 5% lower than the national average.

The cost of living in Choctaw closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Choctaw can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Everyday items like clothes, personal care products and fun activities all add up to what it costs to live. The thing is, in Choctaw, these goods and services are 13.1% cheaper than what people pay on average across the country. That means you can enjoy what you need and like without going broke. With these savings, you can stash more cash in your savings or use it for other money goals, which can really boost your financial health.

Is Choctaw Affordable?

Is Choctaw affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Choctaw, for instance, where the median home price falls 1.2% lower than the national average, and monthly rent rates are 7.4% higher than usual. Additionally, median income levels contribute to the equation, with Choctaw flaunting a median household income of $77,219, 39.6% higher than the national norm.

What Factors can Influence the Cost of Living in Choctaw?

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Choctaw, healthcare costs are 4.6% higher than the national average.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Choctaw, the housing index comes in at 1.3% higher than the national average.

Where is the Data From?

The cost of living data in Choctaw displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Choctaw is 10% higher than the Oklahoma average
  • The cost of living in Choctaw is 5% lower than the national average
  • Choctaw housing is 1% higher than the national average
  • Oklahoma general sales tax is 12% lower than the national average
  • Oklahoma state income tax is 90% lower than the national average

Most Affordable Places to Live in and Around Choctaw

See all the best places to live around Choctaw

Compare Choctaw, OK Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$83,775$6,981$1,955$2,514
      Renters$57,348$4,779$1,338$1,721
      A good way to judge both the affordability of the housing and the cost of living in Choctaw is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Choctaw has a median income of about $83,775 for people who own homes. Based on that number, a maximum of $1,955 should be spent on expenses related to housing. Renters have a slightly different median income, which is $57,348. Based on this average, renters should spend no more than $1,338 on all rental costs if they want to maintain a non-impoverished standard of living.

      Oklahoma Sales Tax

      State General Sales Tax With Max Surtax
      Oklahoma 4.5% 11%

      Oklahoma Income Tax

      State Income Tax (Low) Income Tax (High)
      Oklahoma 0.25% 4.75%

      Goods & Services

      Item Choctaw National avg. Difference
      Haircut $21.23$24.2612.5%
      Beauty Salon $25.86$45.5643.2%
      Toothpaste $3.53$3.704.7%
      Shampoo $1.30$1.281.6%
      Movie $9.91$12.1318.4%
      Bowling $11.09$18.0038.4%

      Groceries

      Item Choctaw National avg. Difference
      Ground Beef $5.98$5.842.4%
      Fried Chicken $1.41$1.5710.2%
      Milk $4.59$4.671.7%
      Potatoes $4.94$4.930.1%
      Pizza $12.95$12.097.2%
      Beer $10.20$10.412.0%

      Health Care

      Item Choctaw National avg. Difference
      Optometrist $97.18$125.6822.7%
      Doctor $94.89$135.7830.1%
      Dentist $112.76$113.290.5%
      Ibuprofen $10.13$10.654.9%
      Lipitor $443.26$468.605.4%

      Housing

      Item Choctaw National avg. Difference
      Home Price $182,400.00$184,700.001.2%
      Avg. Mortgage Payment $1,463.20$2,346.6937.6%
      Apartment Rent $1,019.00$949.007.4%

      Transportation

      Item Choctaw National avg. Difference
      Gasoline $3.16$3.468.8%
      Tire Balancing $45.14$59.9224.7%

      Utilities

      Item Choctaw National avg. Difference
      All Electricity $192.91$193.990.6%
      Phone $194.09$192.251.0%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Warwick, OK184955.2%
      Valley Brook, OK9047722.8%
      Spencer, OK3,9857921.5%
      Arcadia, OK1358119.0%
      Smith Village, OK737920.9%
      Choctaw, OK12,467955.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Marysville, CA12,46711312.9%
      Lakeland South, WA12,46713635.9%
      Glen Carbon, IL12,4681011.2%
      Bonita, CA12,47017676.1%
      Boone, IA12,4709010.3%
      Choctaw, OK12,467955.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.