Cost Of Living in Spencer, OK

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	Spencer	Oklahoma	National
Cost of living	79	86	100
Goods & Services	87	91	100
Groceries	93	94	100
Health care	105	93	100
Housing	47	69	100
Transportation	98	93	100
Utilities	97	98	100

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Cost Of Living Quick Facts

The cost of living in Spencer is 9% lower than the Oklahoma average
The cost of living in Spencer is 21% lower than the national average
Spencer housing is 53% 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

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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	$53,713	$4,476	$1,253	$1,612
Renters	$21,384	$1,782	$499	$642

A good indicator of the general affordability of housing in Spencer, OK, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Spencer, the median monthly income is $53,713 for those who own their own homes. Under the standard rule, that income level would allow for $1,253 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $21,384, per the median income in the area. That would allow for renters to spend up to $499 on monthly rental expenses.

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	Spencer	National avg.	Difference
Haircut	$21.23	$24.26	12.5%
Beauty Salon	$25.86	$45.56	43.2%
Toothpaste	$3.53	$3.70	4.7%
Shampoo	$1.30	$1.28	1.6%
Movie	$9.91	$12.13	18.4%
Bowling	$11.09	$18.00	38.4%

Groceries

Item	Spencer	National avg.	Difference
Ground Beef	$5.98	$5.84	2.4%
Fried Chicken	$1.41	$1.57	10.2%
Milk	$4.59	$4.67	1.7%
Potatoes	$4.94	$4.93	0.1%
Pizza	$12.95	$12.09	7.2%
Beer	$10.20	$10.41	2.0%

Health Care

Item	Spencer	National avg.	Difference
Optometrist	$97.18	$125.68	22.7%
Doctor	$94.89	$135.78	30.1%
Dentist	$112.76	$113.29	0.5%
Ibuprofen	$10.13	$10.65	4.9%
Lipitor	$443.26	$468.60	5.4%

Housing

Item	Spencer	National avg.	Difference
Home Price	$86,700.00	$184,700.00	53.1%
Avg. Mortgage Payment	$1,463.20	$2,346.69	37.6%
Apartment Rent	$0.00	$949.00	100.0%

Transportation

Item	Spencer	National avg.	Difference
Gasoline	$3.16	$3.46	8.8%
Tire Balancing	$45.14	$59.92	24.7%

Utilities

Item	Spencer	National avg.	Difference
All Electricity	$192.91	$193.99	0.6%
Phone	$194.09	$192.25	1.0%

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, OK	904	77	22.8%
Arcadia, OK	135	81	19.0%
Smith Village, OK	73	79	20.9%
Del City, OK	21,762	82	17.6%
McLoud, OK	3,988	85	15.4%
Spencer, OK	3,985	79	21.5%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Planada, CA	3,984	103	2.7%
Goodland, KS	3,986	92	7.8%
Cleveland, GA	3,983	97	2.7%
Manchester, GA	3,982	87	12.9%
Wahneta, FL	3,988	82	18.1%
Spencer, OK	3,985	79	21.5%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Spencer, OK