Edmond, Oklahoma’s cost of living

An interesting and fun tool that the EEDA provides access to is the Council for Community and Economic Research’s Cost of Living Calculator. The calculator provides comparisons of prices across product categories. This information comes from the Cost of Living Index, which measures regional differences in the cost of consumer goods and services and is based on more than 90,000 prices covering 60 different items for which prices are collected quarterly by various organizations in participating areas.

The index provides an overall composite average, as well as averages for six-component categories: grocery items, housing, utilities, transportation, health care, and miscellaneous goods and services.

More than 250 urban areas participate in the index, providing for a wide range of comparisons. For instance, Edmond had a Third Quarter 2021 composite average of 90.8 percent, while New York (Manhattan) had the highest average at 239.3 percent. The lowest average among participating areas belongs to Kalamazoo, Michigan with 76.5 percent. The national average is 100 percent.

Edmond consistently ranks below the national average in the composite index, as well as the six-component categories: grocery items (91.4 percent), housing (82.2 percent), utilities (97.0 percent), transportation (96.6 percent), health care (91.1 percent), and miscellaneous goods and services (94.1 percent). 

The information gathered during the quarterly Cost of Living Index is placed in the calculator. If someone was planning to move from New York (Manhattan) to Edmond, they could see how their cost of living would compare in each city. The calculator provides a salary comparison that shows you would only need to make $18,520 in Edmond to maintain the same standard of living that a $50,000 salary would provide in New York (Manhattan). Your monthly expenses would drop to $5,573 from $14,340.

Further cost comparisons are available for a number of consumer goods and services like toothpaste, bread, and haircuts. For anyone looking to move to Edmond, the calculator is a great resource for making an informed decision.

Special thanks to EEDA Office Manager Donna Young for putting in the time and effort to gather this data for Edmond each quarter. Also, thanks to the Edmond businesses that provide information for the survey, which helps to show potential residents and businesses how competitive Edmond’s cost of living is.