Editor’s note: This story originally ran on VeloCityOKC.com.
Oklahoma City impressively climbed into the top 10 least expensive urban areas nationwide, according to the Q1 2024 Cost of Living Index (COLI) released by the Council for Community and Economic Research (C2ER). With a current cost-of-living index of 83.6, Oklahoma City continues to demonstrate its appeal as an affordable urban center.
Notably, in 2023, Oklahoma City held the No. 1 spot in the COLI, but this was specifically among 38 large cities with populations over 500,000. The latest data now positions Oklahoma City among the top 10 least expensive cities among 261 participating cities.
Historically, Oklahoma City has often ranked in the top quartile, typically between 20th and 30th, often without much attention. However, in the 2024 ranking, Oklahoma City has secured the 10th spot, with Ponca City, another Oklahoma City, claiming the 2nd position. This dual representation emphasizes the state’s prominence in terms of affordability alongside locations in Texas, Arkansas, Kansas, Indiana, and Illinois.
Oklahoma City’s overall composite index value is now 16.4 points below the national average, reflecting a slight decrease of 1.0 points from the 2023 Q1 index.
Oklahoma City’s category rankings are as follows:
Grocery: 94.7 (+1.7)
Housing: 63.0 (-4.5)
Utilities: 100.0 (+2.5)
Transportation: 90.3 (-6.0)
Health Care: 100.3 (-3.4)
Miscellaneous Goods & Services: 87.1 (+1.3)
COLI measures relative price levels for consumer goods and services in participating areas, providing an accurate gauge of living cost differences among urban areas. The index comprises two sections: the urban area index and average prices. The urban index includes each area’s composite index and six component indexes: grocery, housing, utilities, transportation, health care, and miscellaneous goods and services. Average prices for each item in the survey are reported for areas that participated in at least two of the three previous pricing periods.
