Ada’s Cost of Living Index is Available for First Time
7/18/2011 by Ada Jobs
Tags: Cost of Living
Ada Jobs Foundation Staff with the assistance of the Ada Area Chamber of Commerce and area retailers recently completed and compiled the first cost of living index for the Ada area.
This cost of living index utilized a small cities program available from the Council for Community and Economic Research, which currently conducts a national cost of living index for cities and metropolitan areas across the United States. A cost of living index measures relative price levels for consumer goods and services in participating areas. The average for all participating areas equals 100, and each place’s index is read as a percentage of the average for all places.
For the first quarter of 2011, Ada’s composite cost of living index is 90.3, which means the cost of living is 90.3% of national average. For example a person making $35,000 in Ada would have to earn at least $4,390 more a year to maintain the same standard of living in Denver. Housing would cost approximately 30% more in Denver and healthcare would cost roughly 12% more.
A person earning $50,000 in Ada would have to maintain an annual salary of at least $118,000 in New York, where groceries would cost 74% more, and housing would cost 376% more than in Ada.
When compared to the other 11 communities in Oklahoma that participate in the national survey, Ada ranks roughly in the middle of the group. The composite indexes for these communities range from a low of 85.5 in Muskogee to a high of 99.0 in Lawton.
Ada has some of the lowest costs for Housing, Utilities, and Transportation among cities that participated in Oklahoma. Ada was among the highest costs in Oklahoma communities for Healthcare, Groceries, and Miscellaneous Goods and Services indexes. Overall Ada has a low cost of living and ample job opportunities, which makes our community an ideal place to live and work.