Oklahoma Continues to be a Haven of Affordable Living
This article originally appeared on Velocity OKC
By Kelly Dexter
A new report found Oklahoma stands out as one of the nation’s most affordable places to live. The data comes from doxo, a bill payment website. The doxo report offers a comprehensive analysis of the U.S. consumer bill pay market, encompassing over 97% of U.S. zip codes. It examines the 10 most common household bill payment categories, including mortgage, rent, auto loan, utilities, internet, and mobile phone.
American bill landscape
The report reveals that the average American household spends approximately $2,046 per month on essential bills, amounting to $24,557 annually. This represents a significant portion of the median U.S. household income of $70,784, equivalent to 35%.
Oklahoma’s affordable living
Here in Oklahoma, the cost of living paints a different picture. Our average monthly bill costs are $1,705, an impressive 17% below the national average. This means that Oklahomans spend less of their hard-earned income on essential bills compared to people living in many other states.
The impact of inflation
These statistics are particularly relevant today as households across the nation grapple with the effects of inflation. Another doxo report found that 73% of consumers feel that inflation is impacting their ability to pay bills. In addition, 86% expressed concerns about how inflation will affect their financial health in the future, with 72% believing it will take at least six months for their financial situation to improve.
An attractive destination
While the national economic landscape continues to evolve, Oklahoma shines as a beacon of affordability, offering residents a better chance to maintain their budgets. The recent findings are just one more reason Oklahoma is the perfect place to live a better life.