Cost of Living in Colony, OK

With a cost of living index of 68, Colony, OK is one of the most affordable cities in the country. Living here is 32% cheaper than the national average and 3% below the Oklahoma state average of 71. Colony is a small community of 156 residents.

Housing costs are the biggest factor in Colony's cost of living. The median monthly rent is $727 (45% below the US median of $1,319), and the median home value sits at $176,100 (42% below the national median of $304,900). At current prices, the median home costs roughly 4.5x the median household income — a moderately affordable ratio by today's standards.

The median household income in Colony is $39,516, which is 47% lower than the national median of $75,149. Residents spend roughly 22% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.