Cost of Living in Nichols Hills, OK

With a cost of living index of 146, Nichols Hills, OK is one of the most expensive cities in the United States. Living here is 46% more expensive than the national average and 75% above the Oklahoma state average of 71. Nichols Hills is a small community of 3,838 residents.

Housing costs are the biggest factor in Nichols Hills's cost of living. The median monthly rent is $1,444 (9% above the US median of $1,319), and the median home value sits at $855,300 (181% above the national median of $304,900). At current prices, the median home costs roughly 4.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Nichols Hills is $203,750, which is 171% higher than the national median of $75,149. Residents spend roughly 9% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Everyday prices in the Oklahoma City, OK (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.