Cost of Living in Oakdale, MN

An Overview of Cost of Living in Oakdale, MN

Understanding the cost of living in Oakdale can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Oakdale cost of living index is 105, which is 5% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

The cost of living in Oakdale is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Housing costs are a major factor in the Oakdale cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 22.9% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Oakdale Affordable?

Is Oakdale affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Oakdale, the median home price is 26.1% higher than the national average and monthly rent prices are 15.6% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Oakdale boasting a median household income of $74,303, 34.3% higher than the national average.

What Factors can Influence the Cost of Living in Oakdale?

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Oakdale, the general sales tax rate starts at 6.875%, and income tax rates begin at 5.35%.

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.

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 Oakdale, healthcare costs are 0.7% higher than the national average.

Where is the Data From?

The cost of living in Oakdale, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.