One of the most important things you have to know before moving to a new place is how much it will cost to live there. The cost of living is how much money you will need to sustain a certain lifestyle.
The price of services and goods differs from one place to another, so by calculating the cost of living, you can tell how affordable it will be to live in a particular area. Expenses that come under the cost of living include transportation expenses, housing affordability, food prices as well as entertainment costs. The cost of living is also tied to income because salary levels are measured against these expenses. Read on to learn more about the cost of living in Tulsa, Oklahoma!
Cost Of Living
The cost of living indices is based on a US average of 100. A number that is below 100 means that the place is cheaper to live in compared to the US average. Having a cost of living index above 100 means a place is more expensive to live in. The cost of living in Tulsa is 87.6, which means that it is relatively cheaper to live there.
Breakdown Of Cost Of Living
- Housing costs
According to statistics, the consumers pay the most each month for housing costs. Whether it is a mortgage or rent, a huge percentage of your salary goes toward your housing expenses every month. Home prices and property taxes vary from place to place. For homeowners, there are many more expenses to consider than just the monthly payment. You also have to think about maintenance, taxes, upgrades, and fees when deciding where to live.
- Transportation
Unless you are able to work from home, you have to include transportation costs when you want to decide where to live. Transportation is the second-largest expense consumers have to pay. For some people, these costs include taking public transport. For others, it involves driving the car, so it means factoring in gas, tolls, car repairs, and parking. Proximity to employment is a key consideration as it can drastically impact your cost of living.
- Food
Weekly trips to the grocery store can add up, especially if the food costs are high. Consumers average over $7,000 on food expenses per year. The price of groceries is going to greatly influence your cost of living.
- Entertainment
Getting a movie ticket or box seats at a baseball game will cost a different amount depending upon where you live. Americans spend nearly the same amount on entertainment as they do on health insurance.
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