After three years of fast-rising prices, the federal government reported Thursday that prices fell 0.1% from May to June , the first meaningful monthly decline since May 2020.
Since the annual inflation rate jumped to 7% in 2021, American consumers have been feeling the pinch some more than others depending on where they live.
New research published this week shows Oklahoma has the lowest overall cost of living among the 50 states.
Total annual expenditures for the average family in Oklahoma is $62,900 or 14.8% lower than the national average, according to the report from GOBankingRate.
The analysis looked at the cost of groceries, housing and utilities, among other factors, for the average family as defined by the Bureau of Labor Statistics.
Oklahomans pay 6% less than the national average on groceries and 2% less on utilities, but the savings are huge when it comes to housing.
Housing costs in the Sooner State are nearly one-third (31.5%) less than the national average, according to the report.
Local real estate agents say that affordability has been drawing homebuyers from other states for the past few years, especially employees who can keep their job on the coasts and work remotely.
In 2022, roughly 117,800 new people moved to Oklahoma, according to the U.S. Census Bureau, far outpacing the 85,000 who left. It has been reported Oklahoma is among the 10 states receiving the most out-of-state new residents.
The GOBankingRate study used data from the BLS and the Missouri Economic Research and Information Center to determine the cost-of-living index in each state compared to the overall national average. The study included costs associated with six categories: housing, utilities, groceries, health care, transportation and miscellaneous expenses. The information was current as of May 23.
Mississippi is a close second to Oklahoma’s lowest cost of living with the average family’s annual total expenditures at $62,971.
States with the highest cost of living are Hawaii at $131,560; Massachusetts and California, both at more than $100,000; and New York and Alaska, both at more than $91,000.
Among Oklahoma’s neighboring states, Colorado has the highest cost of living at 16th. The cost of living in Colorado is 5.1% above the national average. Housing costs are 13.6% above average, but residents pay 9.7% less for utilities.Healthcare costs are 4% lower than average.
Here’s how Oklahoma’s other neighbors ranked when it comes to the highest cost of living:
31. New Mexico . With a cost of living that’s 6% lower than the national average, New Mexico is the 20th cheapest state in the country. Utilities are around 7% less expensive than average, and housing is almost 23% lower.
32. Texas. The overall cost of living in Texas is 7.3% lower than the national average, which puts the state in America’s 20 cheapest. Housing leads the way at 16.9% lower. Healthcare costs are 5.1% lower, and groceries cost 4.3% less. And there’s no state income tax.
44. Arkansas. Arkansas is the 7th cheapest state in America. You can expect to pay 11% less there to maintain your lifestyle than the average American. The biggest savings are in housing, where the state’s average is 25.4% lower than the rest of the country.
45. Missouri. The Show-Me State, is the sixth-cheapest state in America. Housing there is 23% cheaper than the national average. All the rest of the expenses are within five to 10 percentage points less than the rest of the nation.
48. Kansas. Kansas residents spend about 23% less than the average American to get by, making it the third-cheapest state in the country. Although life is cheaper across the board, housing costs are a full 32.6% lower than average.
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