Oct

2025

Cost of Living in Kentucky

By Dana Jennings Jelter | mortgage | Comments Off

Cost of Living in Kentucky

Q: What’s the Average Cost of Living in Kentucky?

The average cost of living in Kentucky is $36,574 per person, according to the most recent personal consumption expenditure data from the Bureau of Economic Analysis’ latest Personal Consumption Expenditures data.

What’s the Average Cost of Living in Kentucky?

Average Cost of Living in Kentucky: $47,272 per year

The average cost of living in Kentucky is $47,272 per person, according to recent personal consumption expenditure data from the Bureau of Economic Analysis.

Living in Kentucky is generally very affordable; Kentucky was ranked the state with the seventh-lowest cost of living in the United States by U.S. News & World Report.

Here’s a breakdown of the average annual expenditures by category.

Category	Average Annual Per-Capita Cost in Kentucky
Housing and Utilities	$7,155
Health Care	$9,463
Food and Beverages (nonrestaurant)	$4,226
Gasoline and Energy Goods	$1,634
All Other Personal Expenditures	$24,793

Housing Costs in Kentucky

Average Housing Costs in Kentucky: $794 to $1,393 per month

Kentucky’s typical home value in February 2025 was $211,465, Zillow said. Compare that with the national median sales price of $357,138 for U.S. homes, according to Zillow.

Kentucky housing prices are more affordable than the rest of the country for both renting and owning.

However, Kentucky isn’t immune to the rising home prices seen around the country. Kentucky home prices rose 4.7% over the past year, which is actually faster than the average growth in U.S. home prices over that same period: 3.0%, according to Redfin.

Recent census data provides a sense of typical monthly housing costs.

• Median monthly mortgage cost: $1,393

• Median studio rent: $794

• Median one-bedroom rent: $797

• Median two-bedroom rent: $917

• Median three-bedroom rent: $1,078

• Median four-bedroom rent: $1,099

• Median five-bedroom (or more) rent: $1,309

• Median gross rent: $929

Housing costs will vary depending on your location. Take a look at the typical home values for major cities in Kentucky, according to Zillow February 2025 housing data.

Kentucky City	Average Home Value
Middlesboro	$99,771
Mayfield	$143,583
Maysville	$146,476
Madisonville	$154,302
Paducah	$169,429
London	$173,250
Murray	$174,403
Somerset	$184,989
Mount Sterling	$193,902
Owensboro	$193,977
Glasgow	$195,834
Campbellsville	$198,453
Danville	$231,135
Frankfort	$233,981
Louisville	$244,485
Bardstown	$246,878
Elizabethtown	$252,137
Bowling Green	$275,640
Richmond	$277,971
Lexington	$309,315

Utility Costs in Kentucky

Average Utility Costs in Kentucky: $359 per month

Utility expenses will take a bite out of your monthly budget. Here are some of the typical utility charges that Kentuckians pay every month.

Utility	Average Kentucky Bill
Electricity	$126
Natural Gas	$94
Cable & Internet	$106
Water	$33

Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Statista.com, “Average monthly residential utility costs in the United States by state”; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?

Groceries & Food

Average Grocery & Food Costs in Kentucky: $352 per person, per month

If Kentucky’s average monthly cost for nonrestaurant food and groceries is $4,226, that’s about $352 a month.

Of course, food costs will vary widely depending on where you live within the state. For example, food in Lexington can be more affordable when compared with other major cities in the south. On the same scale, a more cosmopolitan city like Louisville is more costly.

Below are the city rankings from the most recent report by the Council for Community and Economic Research for food costs in Kentucky and four of its neighboring states, Tennessee, Virginia, West Virginia, and North Carolina.

City/Urban Area	Grocery Items Index
Lynchburg, Virginia	94.3
Morristown, Tennessee	94.8
Salisbury, North Carolina	95.0
Blacksburg, Virginia	96.1
Winchester, Virginia-West Virginia	96.4
Chattanooga, Tennessee	96.6
Roanoke, Virginia	96.8
Winston-Salem, North Carolina	97.0
Charlottesville, Virginia	97.5
Danville, Virginia	97.5
Virginia Beach Metro	98.5
Asheville, North Carolina	98.8
Memphis, Tennessee	98.8
Charlestown, West Virginia	99.0
Louisville, Kentucky	99.1
Nashville-Murfreesboro, Tennessee	99.5
Knoxville, Tennessee	99.6
Richmond, Virginia	99.9
Lexington, Kentucky	100.5
Raleigh, North Carolina	100.6
Charlotte, North Carolina	101.1
Arlington, Virginia	112.1
Alexandria, Virginia	110.4

Transportation

Average Transportation Costs in Kentucky: $10,480 to $19,500 per year

Whether you’re commuting to work or making an annual pilgrimage to see the University of Kentucky’s Wildcats play, transportation costs can add up. What’s more, these figures will change depending on the size of your household.

Here’s a breakdown of transportation costs in Kentucky, according to the most recent data from MIT’s Living Wage Calculator.

Family Makeup	Average Annual Transportation Cost
One adult, no children	$10,480
Two working adults, no children	$12,128
Two working adults, three children	$19,500

Health Care

Average Health Care Costs in Kentucky: $9,463 per person, per year

According to the Bureau of Economic Analysis’ latest report, annual health care costs in Kentucky are typically around $9,463 per person. That works out to around $789 per person per month.

The total costs will vary depending on the quality of an individual’s health insurance and their medical needs.

Those looking for affordable health insurance in Kentucky can find more information through the Kentucky Health Benefit Exchange.

Child Care

Average Child Care Costs in Kentucky: $750 to $1,189 per child, per month

Child care costs can really put a dent in parents’ budgets. How much of a dent can depend on the type of care sought.

For parents unable to bear the full brunt, the state Child Care Assistance Program helps eligible families pay for child care.

Typical costs in Kentucky, according to CostofChildCare.org.

Type of Child Care	Average Cost Per Month, Per Child
Infant Classroom	$1,189
Toddler Classroom	$813
Preschooler Classroom	$750
Home-Based Family Child Care	$1,145

Taxes

Kentucky state income tax: 4.0%

Kentucky is one of 11 states with a single-rate income tax structure, meaning that all Kentucky residents pay the same income tax rate regardless of how much they earn.

Meanwhile, the majority of U.S. states employ graduated-rate income tax structures, as does the federal government.

A flat tax of 4.0% is levied on income earned in Kentucky as of January 1, 2025, which is slightly below the national average. However, local cities and counties can levy additional income taxes on top of the state tax.

According to the Tax Foundation’s State Tax Competitiveness Index, Kentucky ranks 22nd in terms of its effective tax rate, placing it in the lower-to-middle end of the country when it comes to tax burdens. Tax burden measures the total amount of taxes paid, including sales, income, and property taxes.

Miscellaneous Costs

Now that we’re done with everyday expenses, let’s take a look at the price tags on the local food and fun that Kentucky’s known for.

• General admission tickets to the Kentucky Derby: start at $75

• A “Hot Brown” open faced sandwich smothered in gravy at The Brown Hotel in Louisville: $31

• A 30-minute tour at the Jim Beam distillery in Clermont: $20 (adults 21+)

• A mint julep at The Silver Dollar in Louisville: $12

• Ticket to the Louisville Slugger Museum and Factory tour: $24 (ages 13-59), $23 (60+), $16 (6-12), Free (5 and younger).

Dressing up in Southern digs and attending the Kentucky Derby costs as little as $75, but choice seats for the Derby can easily cost thousands of dollars, and exclusive seats for the elite few can cost almost $300,000 for the most luxury of suites.

Whiskey aficionados will fit right in, as Kentucky happens to be the birthplace of bourbon; legend has it that Elijah Craig invented Kentucky bourbon using charred barrel-aging techniques. Today, 95% of the world’s bourbon is made and aged in Kentucky.

Connoisseurs who want to check out the bourbon production process can take the Kentucky Bourbon Trail, which tours some of Kentucky’s most famous distilleries. Admission to each distillery can cost anywhere from $5 to $20, and locations open to tours include household names like Buffalo Trace, Wild Turkey, and Maker’s Mark.

Whether you’re munching on a Hot Brown sandwich while sipping any kind of “coke,” or enjoying mint juleps at the Derby, the Bluegrass State has something for everyone.

A word about that nickname: It’s not about music; it’s about grass.

Recommended: Average Monthly Expenses for One Person

How Much Money Do You Need to Live Comfortably in Kentucky?

According to MIT’s Living Wage Calculator, the average single, childless individual working a standard 40-hour work week, 52 weeks a year, needs to earn $20.09 per hour, or approximately $41,787 a year, to qualify for a living wage.

As mentioned, Kentucky has the seventh-lowest cost of living in the United States, according to U.S. News & World Report’s Affordability Rankings. Within the Southeast, Kentucky has the third-lowest cost of living among 12 states.

MERIC ranks Kentucky a bit less affordable, placing the state 17th in its most recent Cost of Living data series. That means Kentucky is still among the 25 states with the lowest cost of living, in MERIC’s assessment.

Get matched with a local
real estate agent and earn up to
$9,500^‡ cash back when you close.

Pair up with a local real estate agent through HomeStory and unlock up to
$9,500 cash back at closing.^‡ Average cash back received is $1,700.

Connect with an agent

What City Has the Lowest Cost of Living in the Southeast?

To give you a sense of how the cost of living compares in Kentucky, here are two of its cities’ cost-of-living details, according to the Council for Community and Economic Research’s Cost of Living Index.

Lexington, Kentucky

With a COLI composite index score of 91.9, Lexington has a lower cost of living per the Council’s data. The Lexington-Fayette urban county area boasts 320,000 residents by last census estimates and is known as the Horse Capital of the World! It has horse farms as well as racetracks to enjoy, but if you’re not into the equine side of things, you can also enjoy live music, historical homes, and plenty of hiking trails nearby.

Louisville, Kentucky

Louisville is home to so much American history, from baseball bats to bourbon and beyond. Its cost of living is 94.1, per the Council’s latest data, still putting it in the affordable category compared to national averages. Even if you’re not around for the Derby in May, you’ll want to spend some time on the Bourbon Trail, which offers an easy route to visit multiple whiskey distilleries nearby. There are also unique outdoor adventures, like exploring the Louisville Mega Cavern or even floating aboard a historic paddleboat along the Ohio River.

SoFi Home Loans

Raise a mint julep or bourbon toast to Kentucky, where an affordable lifestyle awaits. Will your next home have a lawn of bluegrass?

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

View your rate

FAQ

Is it expensive to live in Kentucky?

Kentucky ranks as one of the more affordable states to live in, earning a ranking of 17th most affordable state by recent MERIC rankings, and 7th in affordability by the US News & World Report rankings.

What are the pros and cons of moving to Kentucky?

Kentucky comes in as one of the more affordable states to live in by most rankings, with home values on average mostly lower than national averages. But it also has many of the same issues as other, more affordable states. Urban areas where housing and employment options are more varied also have a higher cost of living than smaller, rural areas in the state.

How much money to live comfortably in Kentucky?

MIT Living Wage calculations for Kentucky show a childless adult will need at least $20.09 per hour at a full-time job to make a living wage in Kentucky, or $41,788 per year. However, a living wage will not pay all of your average expenses in Kentucky, which BEA estimates at $47,272 in the Bluegrass State.

Photo credit: iStock/benedek
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.

Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.

HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.

SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.

If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.

Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.

SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.

The trademarks, logos and names of other companies, products and services are the property of their respective owners.

SOHL-Q125-144

Oct

2025

Your Net Worth Is a Truthteller: See How You Stack Up

By Helen Reis | | Comments Off

This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

Do you know your net worth?

We know that Elon Musk’s topped $500 billion recently, but two-thirds of us don’t keep tabs on our own net worth, CreditKarma research suggests.

In fact, many Americans think net worth only applies to celebrities and other rich people.

In reality, no matter your circumstances, net worth is a valuable measure of your financial situation. Tracking it helps you gauge your progress in a way that your income or checking account balance doesn’t. And it can show you how you stack up against others at similar points in their lives.

But what exactly is net worth? Think of it as a snapshot of your total financial value, determined by adding up the value of everything you own (assets like cash, investments, and real estate) and then subtracting whatever you owe (liabilities like student loans, credit card debt, or a mortgage). It may change frequently, but generally the idea is to grow your net worth over your lifetime — at least until retirement.

The typical (median) net worth of Americans in their 30s is $24,247, according to August data from Empower, a large retirement plan firm. It jumps to $75,719 for people in their 40s, $191,857 for people in their 50s and $290,447 for those in their 60s before dropping to $233,085 for folks in their 70s — the age most people are using their retirement savings. (Note: If you’ve seen higher figures cited elsewhere, they’re likely averages rather than medians, which remove the effect of outliers.)

Since the pandemic boom in real estate values, homeownership has become a significant driver of net worth, as have rising stock prices. U.S. households’ combined net worth has shot up by more than $65 trillion since March 2020, reaching $176.3 trillion as of the second quarter of this year, according to the Federal Reserve. In just that final quarter, it climbed $7.1 trillion, or 4.2% — the biggest quarterly jump since 2021.

So what? Tracking your net worth can give you clarity and direction about your financial health that you may not get otherwise. While it can be easier to have a higher net worth when you have a higher income, your net worth is also a reflection of what you do with your income and assets and how much debt you take on.

Think about a high earner who’s also a big spender. Let’s say they choose to live beyond their means, racking up debt rather than investing in their future or building equity in a home that appreciates in value. (Four in 10 American workers earning over $300,000 consider themselves living paycheck-to-paycheck, according to a July survey from Goldman Sachs.)

Then consider someone with half as much income who saves more than they spend. They might prioritize their 401(k) match or fixing up a house they inherited from their parents.

Despite the vastly different incomes, the modest earner could actually have a higher net worth, putting them in a better position to send their kids to college, retire comfortably, or reach other long-term goals.

The bottom line: Even if your paycheck and credit card balance aren’t where you want them to be, make a point to calculate your net worth on a regular basis. (An online calculator like SoFi’s can help). And if you’re young and it’s negative — meaning you have more debts (e.g. student loans) than assets — that’s not necessarily a bad thing. What matters more is that your net worth is heading in a positive direction.

Monitoring your net worth can reinforce healthy habits, motivating you to budget your spending, pay down debt, and make the most of your savings. (Maybe you put savings into a high-yield account, invest it, or establish passive income streams, for example.) And measuring your progress can be a real confidence-booster, too. You might even discover your net worth is higher than you think.

Jumbo Mortgage Rates in Florida

By Dana Paltao | Uncategorized | Comments Off

Florida Jumbo loan RATES TODAY

Current jumbo loan rates in

Florida.

View your rate

Viewing your rate won’t affect your score.

Compare Jumbo loan rates in Florida.

Key Points

• Jumbo loan rates are influenced by economic factors such as inflation and bond market dynamics.

• A mere 1% drop in the Jumbo loan rate can translate to hefty savings on interest.

• Opting for a 15-year mortgage could be a smart move, helping you save on interest in the long run, even if the monthly payments are a bit steeper.

• Some borrowers refinance out of or into adjustable-rate mortgages. These typically have lower initial refinance rates and could be a good option for those who plan to move or refinance in the near future.

• Homeowners can request a mortgage recast to lower monthly payments without changing the Jumbo loan rate. The typical cost is $100 to $500.

Introduction to Jumbo loan Rates

A Jumbo loan is the process of replacing your existing home loan with a new one. The terms of the new mortgage can be different, but the most common goal is to secure a lower interest rate and reduced monthly mortgage payments. The type of refinance you choose will determine your interest rate. This guide will help you understand how current mortgage rates are set and how you can get the best available rate. By the end, you’ll have a better understanding of what to expect and how to make an informed decision about refinancing your home.

Where Do Mortgage Rates Come From?

The Federal Reserve, aka the Fed, sets the short-term interest rates that banks use. Although home loan rates aren’t directly tied to Fed rates, they follow the same economic trends. So when the Fed’s interest rate is high, chances are mortgage rates will be too.

Other mortgage rate influencers include the bond market, inflation, and the unemployment rate. We’ll get into those more below.

How Interest Rates Affect Home Affordability

Mortgage rates have a bigger impact on home affordability than you may realize. Consider the national median home price of $412,300 for Q2 2024. With a 30-year fixed mortgage at 3.00%, the monthly payment is approximately $1,390. However, if the interest rate increases to 6.00%, the monthly payment jumps to $1,977. Such an increase — more than 40% — can affect affordability for many buyers.

Should Homebuyers Wait for Interest Rates to Drop?

The burning question, especially if you’re buying your first home, is: Should I jump in now or wait? All else being equal, the answer is probably don’t wait. Although mortgage rates have been higher than they were during the pandemic, they’re actually close to the 50-year average. And when rates do drop, the housing market will be flooded by buyers who have been sitting on the sidelines.

While it’s always tempting to wait for lower rates, your personal circumstances are more important. If you’re ready financially and need a new home, higher interest rates shouldn’t deter you. After all, a mortgage refinance could still lower your rate later.

Understand Trends in Florida Mortgage Interest Rates

Understanding historical mortgage rate trends can provide valuable insights into the future. In Florida, mortgage rates have experienced significant fluctuations over the past two decades. From a high of 7.96% in 2000, rates steadily declined to 5.78% by 2003. While rates have risen in recent years, they remain below historical highs. Experts predict that Florida mortgage rates will likely stay above historical lows for the foreseeable future.

Below you’ll find the average annual interest rate for Florida and the United States for 2000 through 2018. (The FHFA stopped reporting the data in 2018.)

Historical U.S. Mortgage Interest Rates

Looking at a much longer span of time, a half-century, can give you perspective on the rates that are now available. As you can see from the graphic below, it’s pretty rare for rates to dip as low as they did in 2020 and 2021. By keeping an eye on these trends, you can make an informed decision about whether to pursue your Jumbo loan, and when.

Historical Interest Rates in Florida

Florida Jumbo loan rates have seen their share of ups and downs, for the most part trailing the national average just slightly. The chart below shows Florida rates from 2000 to 2018, when the Federal Housing Finance Agency stopped tracking state-specific averages.

Year	Florida Rate	National Rate
2000	8.03	8.14
2001	7.01	7.03
2002	6.61	6.62
2003	5.81	5.83
2004	5.94	5.95
2005	5.98	6.00
2006	6.71	6.60
2007	6.54	6.44
2008	6.15	6.09
2009	5.04	5.06
2010	4.76	4.84
2011	4.52	4.66
2012	3.59	3.74
2013	3.80	3.92
2014	4.08	4.24
2015	3.79	3.91
2016	3.66	3.72
2017	3.98	4.03
2018	4.57	4.57

Source: Federal House Finance Agency

Factors Affecting Mortgage Rates in Florida

As mentioned above, many factors influence mortgage rates in Florida and nationwide. Some of those are economic, but others are entirely within the homebuyer’s control. Here’s how they break down:

Economic Factors

• The Fed: The federal funds rate serves as a benchmark for other interest rates, including mortgage rates.

• Inflation: When inflation rises, the purchasing power of money decreases, making it more expensive for lenders to lend money. As a result, they may increase interest rates to compensate.

• Unemployment rate: Lower unemployment can result in higher mortgage rates. A low unemployment rate indicates a strong economy, which typically leads to increased demand for housing. This increased demand puts upward pressure on home prices and, not surprisingly, mortgage interest rates.

Consumer Factors

• Credit score: A higher credit score generally results in a lower mortgage interest rate. Lenders view borrowers with higher credit scores as less risky, making them more likely to offer favorable rates.

• Down payment: Increasing your down payment may reduce your mortgage rate. A larger down payment lowers the loan-to-value ratio (LTV), the portion of the home’s value financed by the loan. A lower LTV reduces the lender’s risk and may result in a lower interest rate.

• Income and assets: A steady income is important to lenders, who will check your employment history as well as your salary. Assets like investments and emergency savings also reassure lenders that you could still pay your mortgage in the case of a job loss or other financial setback.

• Type of mortgage loan: Certain types of mortgages tend to have lower rates. For instance, adjustable rate mortgages typically offer lower initial rates than fixed-rate mortgages. Some government-backed loans, like VA mortgages, can also have lower rates. And a shorter loan term usually comes with a lower rate than longer terms.

💡 Recommended: What Is the Average Down Payment On a House?

Current mortgage rates by state.

Compare current home interest rates by state and find a mortgage rate that suits your financial goals.

Select a state to view current rates:

Mortgage Options for First-Time Homebuyers in Florida

An important step in deciding how to refinance your mortgage is selecting the type of loan you will refinance into. These are some of the most common types.

Conventional Refi

A conventional refinance, also known as a rate-and-term refinance, allows you to change your interest rate, loan term, or both. These loans typically offer higher rates than government-backed loans from the FHA or VA, for example. But a conventional refinance could be a good option if you’re looking to lower your interest rate, change your loan term, or both.

15-Year Mortgage Refi

Some people refinance into a loan with a shorter term than their original mortgage. It’s common to go from a 30-year term to a 15-year one. This means higher monthly payments in the short term, but it’s a savvy move that can slash the total interest you pay over the loan’s lifetime. And if you combine a shorter term with a lower interest rate, you might not even feel such a burden from the larger monthly payments. Some people like the fact that shortening the term helps them get rid of mortgage debt before retirement. (Of course other people might refi from a 15-year loan into a 30-year one. Choosing a term is based on your personal financial circumstances.)

Adjustable-Rate Mortgage Refi

Adjustable-rate mortgages (ARMs) offer a low initial interest rate and so might be attractive to some borrowers — especially those who know they plan to sell the home before the rate on their new loan begins to adjust. Some borrowers prefer to adjust out of an ARM and into a fixed-rate loan because they want their monthly payments to be steady and predictable.

Cash-Out Refi

This type of refinance is a powerful financial tool that allows you to leverage your home equity. By refinancing your mortgage for more than you currently owe, you can access a lump sum of cash that can be used for home improvements or debt consolidation, for example. Although a cash-out refinance typically carries a higher Jumbo loan rate than a traditional refinance, it’s one of the more cost-effective ways to borrow a large sum of money.

FHA Refi

FHA loans, backed by the Federal Housing Administration, often offer attractive Jumbo loan rates, making them a popular choice for homeowners. For those with existing FHA loans, the FHA Simple Refinance and FHA Streamline Refinance are designed to simplify the process and potentially reduce your rate. If you don’t have an FHA loan, you may still benefit from an FHA cash-out refinance or FHA 203(k) refinance. The latter is designed for home renovations.

VA Refi

VA loans, guaranteed by the United States Department of Veterans Affairs, are known for offering some of the best Jumbo loan rates. To refinance with a VA interest rate reduction refinance loan (IRRRL), you’ll need to have a VA loan in the first place. There is also a VA cash-out refinance, and anyone who qualifies for a VA loan can use this to take advantage of their home equity in a refinance.

Compare Mortgage Refi Interest Rates

Once you know what type of refinance you’re going to pursue, it’s time to secure a competitive Jumbo loan rate. Here’s what to do:

• Compare rates and fees from multiple lenders.

• Look at the loan’s annual percentage rate (APR), which includes interest and fees. These and other closing costs are part of the total picture of your mortgage refinancing costs.

• Weigh the cost of discount points against long-term savings, and decide whether or not you will purchase points.

A refinance calculator can help you estimate your savings and make an informed decision.

Use an Online Refinance Calculator

Online refinance calculators are a great way to get an estimate of what your new monthly payment may be and to compare different refinance options. You probably used a similar calculator during your home purchase process. Many online refinance calculators will also show you how much you could save by refinancing, which can help you decide if refinancing is the right choice for you.

Run the numbers on your home loan.

Mortgage calculator

Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.

Calculate
Down payment calculator

Enter a few details about your home loan and we’ll provide your monthly mortgage payment.

Calculate
Home affordability calculator

Provide us with a few details and see how much you can afford to spend on a home purchase.

Calculate

Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.

The Takeaway

Refinancing your mortgage can be a smart financial move, but it requires some careful consideration and planning. Whether you’re looking to get a lower Jumbo loan rate, tap into your home’s equity, or consolidate debt, it’s important to understand the different types of refinances and the requirements for each. By taking steps to strengthen your credit score and lower your debt-to-income ratio, and by comparing offers from multiple lenders, you can help ensure that you get the best rate and terms for your situation.

SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.

A mortgage refinance could be a game changer for your finances.

View your rate

FAQ

How much would a 1% drop in interest rate affect your monthly payment?

You may be surprised at how much a 1% reduction in your Jumbo loan rate can impact your monthly budget. Let’s say you have a $300,000, 30-year mortgage. If you’re currently paying 7.00% interest and can refinance to 6.00%, you could see your monthly payment amount drop by $197. Over time, that seemingly small change can add up to big savings. And of course the larger your loan amount, the larger your savings as well.

Can I lower my interest rate without refinancing?

It might be difficult to lower your mortgage interest rate without refinancing, but you can reduce your monthly payments by undertaking a mortgage recast. A mortgage recast involves making a lump-sum payment toward your principal balance. (Make sure you tell your lender the money is to be credited to the principal you owe.) You can request that your lender then “recast” your monthly payment amount to reflect the reduced principal. Of course, this only works if you have a lump sum on hand. If you’re facing financial hardship, you could also ask your lender about a loan modification. Your lender will have a formal request process for this type of adjustment.

Is there a fee to recast your mortgage?

The fee to recast your mortgage ranges from $150 to $500, which is far less than the cost of a refinance. To determine if recasting your mortgage is worth it, look at how the interest saved over the remaining life of your loan compares to the earnings or savings you might enjoy if you used that lump sum in another way — for example, to pay off some other form of debt, or to make investments.

How many times can you refinance your home loan?

There’s no official rule on how many times you can refinance your home. But, each time you do, there are closing costs to consider and a potential impact on your credit score. Take a step back and weigh the benefits of a lower Jumbo loan rate against these costs and impacts. Before you make a decision, consider the current interest rate climate, your financial situation, and your long-term goals. Refinancing can be a savvy financial move, but it’s important to make sure it’s the right move for you.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOHL-Q125-198

Browse other Florida home guides.

More jumbo loan resources.

Jumbo Loan Requirements: How to Qualify for a Jumbo Loan

Learn more
Pros and Cons of Jumbo Loans: What to Know

Learn more
What Are Jumbo Loan Limits?

Learn more

Apply online or call for a complimentary mortgage consultation.

Oct

2025

Cost of Living in North Carolina

By Dana Jennings Jelter | mortgage | Comments Off

Cost of Living in North Carolina

That’s right: You don’t need to give up city life to raise a family. U.S. News found that Raleigh, Durham, and Hickory, North Carolina are some of the best places for families to live in the entire country. It happens to be a pretty affordable state, too. Keep reading to learn more about the North Carolina cost of living.

What’s the Average Cost of Living in North Carolina?

Average Cost of Living in North Carolina: $51,081 per year

North Carolina residents will find that they aren’t spending drastically more or less than they would in other states. According to MERIC data gathered in 2024, North Carolina has the 28th-lowest cost of living in the United States. Residents of South Carolina can expect to spend even less, as the state came in two spots ahead of North Carolina when MERIC computed the least expensive states to live in. It can be hard to visualize what these rankings mean, so let’s take a closer look at data from the Bureau of Economic Analysis. The total personal consumption cost in North Carolina is $51,081 per year. Here’s how that breaks down.

Category	Average Annual Per-Capita Cost in North Carolina
Housing and Utilities	$8,860
Health Care	$8,166
Food and Beverages (nonrestaurant)	$4,271
Gasoline and Energy Goods	$1,399
All Other Personal Expenditures	$28,384

All told, North Carolinians may need about $4,256 per person, per month.

Housing Costs in North Carolina

Average Housing Costs in North Carolina: $1,109 to $2,219 per month

There are plenty of housing units available in North Carolina (4.9 million, 2024 census data shows), which may explain why housing is fairly affordable in the Tar Heel State. Zillow gave a typical North Carolina home value of $328,101 in March 2025.

Here’s what you can expect housing in North Carolina to cost on a monthly basis, according to census data:

• Median monthly mortgage cost: $1,561

• Median studio rent: $1,109

• Median one-bedroom rent: $1,224

• Median two-bedroom rent: $1,199

• Median three-bedroom rent: $1,279

• Median four-bedroom rent: $1,670

• Median five-bedroom (or more) rent: $2,219

• Median gross rent: $1,245

Because the location of your home greatly influences its price, let’s look at the typical home values in 20 major North Carolina cities, according to Zillow, as of December 2024.

North Carolina City	Typical Home Price
Charlotte	$377,403
Raleigh	$439,131
Greensboro	$252,355
Winston	$263,872
Durham	$405,566
Fayetteville	$241,330
Asheville	$427,573
Hickory	$249,814
Wilmington	$427,120
Jacksonville	$272,375
Greenville	$239,923
Burlington	$278,901
Rocky Mount	$195,842
Lumberton	$135,724
Goldsboro	$172,255
New Bern	$248,649
Pinehurst	$401,134
Shelby	$196,784
Wilson	$207,652
Mount Airy	$222,290

Utility Costs in North Carolina

Average Utility Costs in North Carolina: $328 per month

No matter where you live, you’ll need to cover the costs of basic utilities.

Utility	Average North Carolina Bill
Electricity	$128
Natural Gas	$63
Cable & Internet	$115
Water	$22

Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Statista.com, “Average monthly residential utility costs in the United States, by state”; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?

Groceries & Food

Average Grocery & Food Costs in North Carolina: $356 per person, per month

While your dietary preferences can play a big role in how much you spend on food per month, so can where you live. North Carolina’s average annual food cost per person is estimated to be $4,271, according to the Bureau of Economic Analysis. That’s about $356 per person, per month. The area of North Carolina you live in can also play a role in your grocery costs. The Council for Community and Economic Research, outlined the grocery costs in major North Carolina cities as of 2024. Here are those annual average rankings.

North Carolina City	Grocery Items Index
Raleigh	100.6
Asheville	98.8
Charlotte	101.1
Winston-Salem	97.0
Durham	102.0
Salisbury	95.0
Chapel Hill	100.8

Transportation

Average Transportation Costs in North Carolina: $9,887 to $18,397 per year

Whether you’re commuting to bustling downtown Raleigh or spending a weekend relaxing in the Outer Banks, getting around North Carolina costs money.

How much money you expect to spend can vary based on what your household looks like. Here are a few examples of average transportation costs for different family structures from MIT’s Living Wage Calculator, based on data as of February 2025.

Family Makeup	Average Annual Transportation Cost
One adult, no children	$9,887
Two working adults, no children	$11,442
Two working adults, three children	$18,397

Health Care

Average Health Care Costs in North Carolina: $8,166 per person, per year

The Bureau of Economic Analysis Personal Consumption Expenditures by State report found that the average per-capita cost of health care in North Carolina is $8,166 per year.

Location, the type of coverage you have, and how often you need care will influence your bottom-line expense.

Child Care

Average Child Care Costs in North Carolina: $732 to $1,170 or more per child, per month

The cost of child care is a large but necessary expense for most parents, though there is some wiggle room depending on what kind of care you’re seeking.

If you’re struggling to afford child care costs, it’s worth looking into the Child Care Subsidy program for eligible families in North Carolina.

According to data from CostofChildCare.org, these are the average child care costs in North Carolina.

Type of Child Care	Average Cost Per Month, Per Child
Infant Classroom	$1,155
Toddler Classroom	$1,038
Preschooler classroom	$732
Home-Based Family Child Care	$1,170

Taxes

Tax Rate in North Carolina: 4.25%

In North Carolina, estimating what you’ll owe in state income tax is pretty simple, since this state has a single rate tax of 4.25% instead of a graduated rate. As seen on the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2025, North Carolina’s rate of 4.25% is close to nearby states’ rates. In South Carolina, the top marginal tax rate is 6.2%, while Virginia to the north has a top rate of 5.75% and Kentucky tops out at 4%. North Carolina’s neighbor on its western border, Tennessee, however, does not charge residents any income tax.

Miscellaneous Costs

Once you pay all of your bills, it’s understandable if you want to treat yourself to a little fun. If each North Carolinian spends about $28,384 a year on personal expenditures, some of these cheap thrills could factor in (costs accurate as of March 2025):

• A day at the North Carolina Zoo in Asheboro: $11 per child (under 2 years old are free) and $15 per adult

• Entrance to the Wright Brothers National Memorial in Kill Devil Hills: $10 per person

• Breakfast at the beloved Biscuit Head restaurant in Asheville: $12 for the “Full Breakfast”

• A kite at Kitty Hawk Kites on the Outer Banks: $4.99 to $2,049.99

• Tickets to see a production of The Lost Colony play in Manteo: Range from $0 (kids 5 and under) to $44 (adults), depending on seat location and other discounts.

• A chopped BBQ plate at Lexington Barbecue: $12.90

Museum lovers will appreciate that the North Carolina Museum of Natural Sciences in Raleigh has free general admission.

How Much Money Do You Need to Live Comfortably in North Carolina?

While we all have varying definitions of what it means to live comfortably, U.S. News & World Report’s Affordability Rankings can give you a good idea of how achievable that concept is in each state. North Carolina came in 24th in terms of basic affordability. According to MERIC, North Carolina takes the 28th spot, sandwiched between Mississippi on the low end and Hawaii on the high end, when it comes to cost of living. So it looks like the state is pretty much in the middle, which could mean comfortable to many.

Get matched with a local
real estate agent and earn up to
$9,500^‡ cash back when you close.

Pair up with a local real estate agent through HomeStory and unlock up to
$9,500 cash back at closing.^‡ Average cash back received is $1,700.

Connect with an agent

What City Has the Lowest Cost of Living in North Carolina?

All states have their more expensive and more affordable spots to live in. If you have your eye on North Carolina, these are three of the major cities and metro areas with the lowest cost of living, according to the Council for Community and Economic Research’s Cost of Living Index for 2024.

Salisbury

Salisbury (cost-of-living index of 91.2) is a part of historic Rowan County, which is home to 11 National Register districts, five local historic districts, and many museums. If you want to get a feel for the town’s history, you can’t miss the Salisbury Heritage Walking Tour and the Salisbury History & Art Tour. Fun fact: It’s the birthplace of local favorite cherry-flavored soft drink, Cheerwine, created in 1917.

Winston-Salem

With a composite index cost-of-living score of 93.4, Winston-Salem comes in as the second cheapest major city to live in. It boasts many historical homes, museums, public gardens, and event spaces like Tanglewood Park. It also hosts many annual events, including ATP Tour tournament the Winston-Salem Open at Wake Forest University.

Raleigh

The third-most-affordable major North Carolina city to make the list is Raleigh, with a cost-of-living index of 97.2. This major city has an estimated population of 482,295. It’s the home of Carolina’s NHL team, the Hurricanes, the state’s longest hiking trail, and the state fair (held in October, to beat the heat). Raleigh has 10 traditional universities and colleges and an international airport. If you want a big-city lifestyle on a monthly budget, Raleigh may be the right fit for you.

SoFi Home Loans

The North Carolina cost of living falls in the middle of U.S. rankings. With millions of acres of forest as well as modern amenities and educational, medical, and research innovation, the Tar Heel State could prove enticing.

View your rate

Photo credit: iStock/Darwin Brandis

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SOHL-Q125-140

Oct

2025

Cost of Living in Oklahoma

By Dana Jennings Jelter | mortgage | Comments Off

Cost of Living in Oklahoma

What’s the Average Cost of Living in Oklahoma?

Average Cost of Living in Oklahoma: $44,398 per year

Oklahoma has the second-lowest cost of living in the United States, behind only West Virginia, according to MERIC’s 2024 Cost of Living Index.

The Bureau of Economic Analysis’ Personal Consumption Expenditures data shows that the average cost of living in Oklahoma is $44,398 per year, which also happens to be the lowest average total expenditure for the entire Southwest region, encompassing Texas, New Mexico, and Arizona.

Here is how the annual costs break down for the average Oklahoman.

Category	Average Annual Per-Capita Cost in Oklahoma
Housing and Utilities	$7,304
Health Care	$8,381
Food and Beverages (nonrestaurant)	$3,274
Gasoline and Energy Goods	$1,735
All Other Personal Expenditures	$23,703

That annual cost of living translates to average monthly expenses of $3,700 per person.

Housing Costs in Oklahoma

Average Housing Costs in Oklahoma: $788 to $1,479 per month

In June 2024, Zillow gave a typical home value in Oklahoma of $203,806. That’s almost half the national median sale price of $355,328 that Zillow reported for U.S. homes.

Homes in Oklahoma are cheaper than in the rest of the country, and they also fare better in terms of price appreciation. Like much of the country, Oklahoma’s average home values have been increasing since 2021.

Below are the median mortgage and rental costs for homes in Oklahoma, according to census data.

• Median monthly mortgage cost: $1,479

• Median studio rent: $788

• Median one-bedroom rent: $834

• Median two-bedroom rent: $998

• Median three-bedroom rent: $1,202

• Median four-bedroom rent: $1,472

• Median five-bedroom rent: $1,446

• Median gross rent: $1,020

Home values vary widely in Oklahoma. For example, a home in Oklahoma City can cost twice as much as one in a smaller city like Muskogee.

City in Oklahoma	Typical Home Price*
Oklahoma City	$230,229
Tulsa	$231,831
Lawton	$137,249
Stillwater	$216,466
Shawnee	$175,481
Muskogee	$145,877
Enid	$127,827
Ardmore	$177,379
Bartlesville	$168,944
Tahlequah	$193,719
Ponca City	$102,542
McAlester	$136,424
Duncan	$131,482
Ada	$171,626
Miami	$131,478
Weatherford	$160,266
Altus	$108,895
Woodward	$118,086
Elk City	$137,087
Guymon	$151,381

*data as of December 2024

Utility Costs in Oklahoma

Average Utility Costs in Oklahoma: $355 per month

Below is a snapshot of the typical monthly utility costs that Oklahoma residents can expect to pay.

Actual results will depend on what type of property you own and where it’s located.

Utility	Average Oklahoma Bill
Electricity	$129
Natural Gas	$71
Cable & Internet	$112
Water	$43

Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Statista.com, “Average monthly residential utility costs in the United States, by state”; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?

Groceries & Food

Average Grocery & Food Costs in Oklahoma: $273 per person, per month

Oklahoma actually has the lowest food and beverage costs of any state in the country, according to the Bureau of Economic Analysis’ latest personal consumption expenditures data. Oklahomans pay an average of $273 per month, or $3,274 per year on nonrestaurant food and beverages.

Where you live affects average food costs. For example, you can buy a frozen meal at a supermarket for $4.05 in Muskogee, but that same item on average would cost you $3.15 in Ardmore.

Let’s chew on grocery costs in Oklahoma cities. The rankings are based on price data obtained from the Council for Community and Economic Research’s Cost of Living Index.

City in Oklahoma	Grocery Items Index
Edmond	95.4
Oklahoma City	95.4
Enid	96.8
Lawton	93.1
Tulsa	97.7
Muskogee	97.4
Broken Arrow	97.7
Ponca City	94.3
Ardmore	93.8

Transportation

Average Transportation Costs in Oklahoma: $10,792 to $20,082 per year

Oklahoma used to be a thruway for the famed Route 66 when it was still in service; today it remains a popular destination for road warriors from all over.

You’ll want to keep an eye on transportation costs if you’re thinking about moving to Oklahoma, especially since its auto insurance rates run high.

Transportation costs will vary depending on your commute and the size of your family. Here are costs from MIT’s Living Wage Calculator for different family sizes, based on data from February 2025.

Family Makeup	Average Annual Transportation Cost
One adult, no children	$10,792
Two working adults, no children	$12,490
Two working adults, three children	$20,082

Health Care

Average Health Care Costs in Oklahoma: $8,381 per person, per year

Oklahomans spend an average of $8,381 per year on health care, according to the Bureau of Economic Analysis. Compared with Texas, Arizona, and New Mexico, Oklahoma’s health care costs are at the top of the pack.

If you’re looking for affordable health insurance in Oklahoma, you can shop for and compare health insurance plans using the federal marketplace at HealthCare.gov.

Child Care

Average Child Care Costs in Oklahoma: $739 to $1,318 per child, per month

Child care costs take up a healthy chunk of any family’s monthly budget, and the costs can change depending on the age of a child and the setting.

Oklahoma families that need help paying for child care can apply for aid through the Oklahoma Department of Human Services. The table below shows typical monthly child care costs in Oklahoma, according to CostofChildCare.org.

Type of Child Care	Average Cost Per Month, Per Child
Infant Classroom	$1,318
Toddler Classroom	$884
Preschooler Classroom	$739
Home-Based Family Child Care	$930

Taxes

Highest Marginal Tax Rate in Oklahoma: 4.75%

Oklahoma has a progressive income tax, which adjusts your rate based on your income bracket.

The highest marginal tax rate in Oklahoma is 4.75% for both single filers who earn over $7,200 and joint filers who earn over $14,400 a year, the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2025 notes.

When factoring in property, sales, and use taxes, Oklahoma has a below-average tax burden, with an effective state-local tax rate of 9%. It ranks 10th best on TaxFoundation.org’s rankings of local tax burdens by state; “tax burden” measures the aggregate impact of all taxes levied by state and local governments, as recorded by the U.S. Census Bureau.

Oklahoma had a lower tax burden than nearby New Mexico and Arizona, but its southern neighbor, Texas, came out a few ranks ahead, at the 6th best with a slightly lower effective tax rate of 8.6%.

Miscellaneous Costs

Now that we’ve tackled the everyday expenses for living in Oklahoma, let’s take a look at the costs of some of the state’s greatest attractions.

• Pay for an adult admission to the National Cowboy & Western Heritage Museum in Oklahoma City: $20 (senior and military tickets are $17, students and kids 6-17 cost $12, and children 5 and younger get in free.)

• Get a pair of cowboy boots at Langston’s Western Wear in Harrah: $109 to $470

• Tickets to the Lawton Rangers Rodeo: $10 to $20 (depending on day of event and special deals)

• Get a boot shine at Oklahoma City’s Sole Brothers Shine Parlor: $10 (basic), $12 (spit shine), muddy boots (by in-store estimate only)

• Chicken fried steak at Clanton’s Cafe in Vinita along Route 66: $12.99 (dinner)

If you’ve always been a fan of the Lone Ranger, Will Rogers, or Ben Johnson, you can buy your very own set of cowboy boots and Stetson hat and live out your cowboy fantasies at the rodeo in Guthrie.

While wandering out yonder, you might want to stop for a plate of the official state meal: chicken fried steak, fried okra, cornbread, barbecue pork, sausage and gravy, grits, squash, corn, black-eyed peas, strawberries, and pecan pie. Oklahoma state law actually codified this combination in 1988.

How Much Money Do You Need to Live Comfortably in Oklahoma?

MIT’s Living Wage Calculator lists the “living wage” for a single individual with no kids in Oklahoma as $42,141 per year, or $20.26 per hour. Obviously this figure will vary depending on personal consumption habits.

The Southwest, including Oklahoma, Texas, Arizona, and New Mexico, has some of the lowest personal consumption expenditures in the nation. Of this contingent, Oklahoma has the lowest expenditure of the bunch.

If you’re looking for an affordable state, Oklahoma might be the perfect place for you, as U.S. News & World Report’s Affordability Rankings actually ranked it the sixth-most-affordable state in the union. Thanks to its open plains and low population per square mile, Oklahoma does well on housing, grocery, and health care costs.

Get matched with a local
real estate agent and earn up to
$9,500^‡ cash back when you close.

Pair up with a local real estate agent through HomeStory and unlock up to
$9,500 cash back at closing.^‡ Average cash back received is $1,700.

Connect with an agent

What City Has the Lowest Cost of Living in Oklahoma?

Data from the Council for Community and Economic Research’s 2024 Cost of Living Index helps compare expenses across major cities in Oklahoma. The two most affordable cities are below.

Ponca City

The town of Ponca City has the lowest cost of living in Oklahoma with a composite score of 80.0, according to CCER’s data. A city with a population of around 24,306, Ponca City sits on the western edge of the Osage Reservation northwest of Tulsa. It’s close to the near 40,000 acre Joseph H. Williams Tallgrass Prairie Preserve, home to grazing bison and scenic trails.

Oklahoma City

Oklahoma City is the capital of Oklahoma. The city is equidistant between New York City and Los Angeles, and has the largest population in the state at an estimated 702,767 per the latest census data. OKC can also be considered as the Oklahoma City Metropolitan Statistical Area (MSA) which comprises seven counties, covering 6,359 square miles and includes more than 1.4 million residents. The city itself is host to many visitors on a daily basis, including at the world’s largest livestock market, open every Monday and Tuesday for live cattle auctions. This big city, dubbed “the Big Friendly,” has the second-lowest cost of living in Oklahoma with a composite cost-of-living index score of 82.2.

SoFi Home Loans

Oklahoma embraces the traditional cowboy mystique, true grit, and, yes, grits. That vibe and the low cost of living in Oklahoma beckon newcomers. If you’re an Okie in the making, you may need a mortgage.

SoFi Mortgages: simple, smart, and so affordable.

View your rate

Photo credit: iStock/Tiago_Fernandez
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SOHL-Q125-139

SoFi Blog

Tips and news—for your financial moves.

Cost of Living in Kentucky

On this page:

On this page:

What’s the Average Cost of Living in Kentucky?

Average Cost of Living in Kentucky: $47,272 per year

Housing Costs in Kentucky

Utility Costs in Kentucky

Groceries & Food

Transportation

Health Care

Child Care

Taxes

Miscellaneous Costs

How Much Money Do You Need to Live Comfortably in Kentucky?

Get matched with a local real estate agent and earn up to $9,500‡ cash back when you close.

What City Has the Lowest Cost of Living in the Southeast?

Lexington, Kentucky

Louisville, Kentucky

SoFi Home Loans

FAQ

Is it expensive to live in Kentucky?

What are the pros and cons of moving to Kentucky?

How much money to live comfortably in Kentucky?

Related Reading

Compare Jumbo loan rates in Florida.

Apply online or call for a complimentary mortgage consultation today.

Apply online or call for a complimentary mortgage consultation today.

Apply online or call for a complimentary mortgage consultation today.

Introduction to Jumbo loan Rates

Where Do Mortgage Rates Come From?

How Interest Rates Affect Home Affordability

Should Homebuyers Wait for Interest Rates to Drop?

Understand Trends in Florida Mortgage Interest Rates

Historical U.S. Mortgage Interest Rates

Historical Interest Rates in Florida

Factors Affecting Mortgage Rates in Florida

Economic Factors

Consumer Factors

Current mortgage rates by state.

Mortgage Options for First-Time Homebuyers in Florida

Conventional Refi

15-Year Mortgage Refi

Adjustable-Rate Mortgage Refi

Cash-Out Refi

FHA Refi

VA Refi

Compare Mortgage Refi Interest Rates

Use an Online Refinance Calculator

The Takeaway

FAQ

How much would a 1% drop in interest rate affect your monthly payment?

Can I lower my interest rate without refinancing?

Is there a fee to recast your mortgage?

How many times can you refinance your home loan?

More jumbo loan resources.

Cost of Living in North Carolina

On this page:

On this page:

What’s the Average Cost of Living in North Carolina?

Average Cost of Living in North Carolina: $51,081 per year

Housing Costs in North Carolina

Utility Costs in North Carolina

Groceries & Food

Transportation

Health Care

Child Care

Taxes

Miscellaneous Costs

How Much Money Do You Need to Live Comfortably in North Carolina?

Get matched with a local real estate agent and earn up to $9,500‡ cash back when you close.

What City Has the Lowest Cost of Living in North Carolina?

Salisbury

Winston-Salem

Raleigh

SoFi Home Loans

Cost of Living in Oklahoma

On this page:

On this page:

Tips and news—
for your financial moves.

Get matched with a local
real estate agent and earn up to
$9,500^‡ cash back when you close.

Apply online or call for a complimentary
mortgage consultation today.

Apply online or call for a complimentary
mortgage consultation today.

Apply online or call for a complimentary
mortgage consultation today.

Get matched with a local
real estate agent and earn up to
$9,500^‡ cash back when you close.

Get matched with a local
real estate agent and earn up to
$9,500^‡ cash back when you close.