A+
6%
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 Mustang Oklahoma National
Cost of living9486100
Goods & Services8791100
Groceries9394100
Health care10593100
Housing9969100
Transportation9893100
Utilities9798100

An Overview of Cost of Living in Mustang, OK

Knowing the cost of living in Mustang 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 Mustang stands at 94, marking it 6% lower than the national average.

The cost of living in Mustang 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 Mustang 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 Mustang, 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 Mustang Affordable?

Is Mustang 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 Mustang, for instance, where the median home price falls 6.1% lower than the national average, and monthly rent rates are 11.6% higher than usual. Additionally, median income levels contribute to the equation, with Mustang flaunting a median household income of $74,980, 35.5% higher than the national norm.

What Factors can Influence the Cost of Living in Mustang?

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Mustang, healthcare costs are 4.6% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including 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 farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Where is the Data From?

The Mustang cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Mustang is 10% higher than the Oklahoma average
  • The cost of living in Mustang is 6% lower than the national average
  • Mustang housing is 1% lower 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 Mustang

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Compare Mustang, 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$87,097$7,258$2,032$2,613
      Renters$43,103$3,592$1,006$1,293
      The affordability of the housing market in Mustang, OK as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Mustang homeowners, the median income is $87,097. This indicates that a monthly maximum of $2,032 should be spent by homeowners on all housing related costs. Renters have a median income of $43,103. This indicates that renters would have a maximum of $1,006 for their rent related monthly costs.

      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 Mustang 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 Mustang 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 Mustang 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 Mustang National avg. Difference
      Home Price $173,400.00$184,700.006.1%
      Avg. Mortgage Payment $1,463.20$2,346.6937.6%
      Apartment Rent $1,059.00$949.0011.6%

      Transportation

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

      Utilities

      Item Mustang 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.
      Valley Brook, OK9047722.8%
      Pocasset, OK1337921.2%
      Minco, OK1,8017920.8%
      El Reno, OK19,5398515.3%
      Warr Acres, OK10,1698515.0%
      Mustang, OK22,228945.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Mont-Royal, QC22,238n/a 
      Hudson, OH22,24912626.2%
      Watertown, SD22,249918.6%
      Prairie Village, KS22,25511515.1%
      Clinton, UT22,19111313.5%
      Mustang, OK22,228945.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.