Cost of Living in Goodwell, OK

With a cost of living index of 66, Goodwell, OK is one of the most affordable cities in the country. Living here is 34% cheaper than the national average and 5% below the Oklahoma state average of 71. Goodwell is a small community of 1,271 residents.

Housing costs are the biggest factor in Goodwell's cost of living. The median monthly rent is $826 (37% below the US median of $1,319), and the median home value sits at $122,000 (60% below the national median of $304,900). At current prices, the median home costs roughly 1.4x the median household income — well within traditional affordability guidelines.

The median household income in Goodwell is $85,982, which is 14% higher than the national median of $75,149. Residents spend roughly 12% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

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.