Cost of Living IndexAccording to the U.S. Bureau of Labor Statistics Division, the cost of living index "measures differences in the price of goods and services, and allows for substitutions to other items as prices change." This allows us to compare in simple terms the every day expenses required to reside in various areas of the country. For compiled lists, the national average is fixed at a score of 100.
As of summer 2010, Oklahoma City's cost of living index was 89, according to Kiplinger's look at the Bureau of Labor Statistics numbers. Of the 367 largest metropolitan areas examined, Fort Smith, Arkansas had the lowest cost of living index at 83 while New York came in at 400, well above the 2nd highest of Honolulu at 165.
For comparison, here is a look at the index scores of large, nearby metro areas:
- Tulsa, OK - 85
- Amarillo, TX - 89
- Dallas, TX - 92
- Wichita, KS - 90
- Kansas City, MO - 95
- Springfield, MO - 89
- Little Rock, AR - 87
Calculate Detailed Cost of Living ComparisonMany sites across the web have cost of living calculators in which you can compare two metropolitan areas. For example, one such calculator is provided by the Greater Oklahoma City Chamber of Commerce: here.
After choosing a base salary an another city, you get a detailed report analyzing the differences in a number of cost of living areas including groceries, housing, utilities, transportation and health. It even breaks down specific prices items and services.
For example, when running a comparison chart between the cost of living in Oklahoma City and Dallas, TX, we see that groceries cost 3.65% less in OKC and utilities are 19.963% less while housing is 16.69% more.