This article looks at the best places to retire in Oklahoma. If you wish to skip our detailed analysis of retirement savings in America and retirement in Oklahoma, head over to the 5 Best Places to Retire in Oklahoma.
Retirement Savings in America
The oldest members of the Gen X cohort turn 59 this year, just a few years away from the conventional retirement age of 62. For some, retirement would be a warm relief, essentially a chance to spend the golden years of their lives in their dream house, living off the nest egg they have worked so tirelessly to build up. However, the harsh reality is that for many potential retirees, the odds of a comfortable retirement remain uncertain and discouraging.
According to a study by the National Institute on Retirement Security, the median Gen X household has stowed away just $40,000 for their retirement. Whilst the youngest members of this generation are still over a decade away from retiring, this figure indicates that they are lagging behind in the effort to accumulate adequate savings. In fact, the BlackRock, Inc. (NYSE: BLK) Read on Retirement report reveals only 56% of respondents believe they are on track with their retirement savings to retire with the “lifestyle” they desire.
These concerns are further aggravated by the threat of a retirement crisis. In his Annual Chairman Letter to Investors, BlackRock, Inc. (NYSE: BLK) CEO Larry Fink outlined the signs of an impending crisis which creates the need to rethink retirement. In this letter, Fink addressed how an increase in life expectancy increases the amount of income required by retirees to fund their retirement. However, currently there is no effort being made by public and private sector entities to address this ever-widening financial gap.
“We focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years…Today in America, the retirement message that the government and companies tell their workers is effectively: ‘You’re on your own.’”
-Larry Fink, CEO and Chairman, BlackRock, Inc. (NYSE: BLK)
In the presence of increased savings requirements and a lack of adequate savings, many retirees would have to rely on retirement incomes such as social security and 401Ks. However, many Americans are concerned regarding the sustainability of future social security payments. According to a survey by Nationwide among adults aged 50 and above, 75% believe that Social Security funds might be depleted during their lifetimes.
In the presence of such challenges, F&G Annuities & Life, Inc. (NYSE: FG) reports that 44% of U.S. retirees or former retirees have returned or are considering returning to work. Similarly, among pre-retirees, 64% are considering or have taken action to delay their retirement. According to F&G Annuities & Life, Inc. (NYSE: FG), concerns regarding having sufficient savings and concerns regarding inflation are the two main reasons pre-retirees are considering delaying retirement.
“Amid inflation, changing workforce dynamics post-COVID, and overall generational shifts, Americans are rethinking retirement and extending their time working or, for some retirees, unretiring altogether.”
– Chris Blunt, President & CEO, F&G Annuities & Life, Inc. (NYSE: FG).
Retirement in Oklahoma
Given a lack of savings and inadequate retirement income, one way of ensuring a comfortable retirement is to relocate. Our article on the 15 best states for retirement in the US in 2024 highlights how one of the largest financial burdens for retirees is housing expenses. Currently, Redfin Corporation (NASDAQ: RDFN) reports that the median home price in the US is approximately $411,000. However, this varies significantly across the country, meaning that it is entirely possible for Americans to relocate to locations that offer the right blend of affordable living & housing, tax friendliness, and quality of living.
One such state that retirees may consider is the state of Oklahoma. Per Redfin Corporation (NASDAQ: RDFN), Oklahoma has a median home price of just $237,000, approximately 58% of the national median. In addition, Oklahoma is one of the best states to retire in for taxes and cost of living. Best Places reports that the average cost of living in Oklahoma is 17.8% lower than the US average. It is also among the states which have no taxation on social security. Although sales tax in Oklahoma tends to be high, homeowners can relish the fact that property tax rates in Oklahoma are quite low.
Join us as we look at the Best Places to Retire in Oklahoma.
15 Best Places to Retire in Oklahoma
Methodology
To develop our list of best places to retire in Oklahoma, we initially picked out the most recommended places to retire in Oklahoma on the internet. We used 10+ sources including Our list of 15 Affordable Hidden Gem Southern Cities to Retire In, 30 Cheapest Places Across America Where You Will Want to Retire, and Movoto to develop a shortlist. Further research was narrowed down to these places only. Among these best places to retire in Oklahoma, we developed a scorecard using metrics such as livability scores, cost of living, and median home prices. Livability scores were sourced from Area Vibes while median home prices were obtained from Redfin Corporation (NASDAQ: RDFN). By standardizing these metrics on a linear scale, each place was scored, based on which we sorted our list in a descending order. The top 15 places were chosen as the best places to retire in Oklahoma.
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Here are 15 Best Places to Retire in Oklahoma:
15. Edmond
Insider Monkey Score: 8.45
Livability Score: 78
Median Home Price: $378,875
IM Cost of Living: 87.3
Although Edmond has a median home price significantly higher than the other destinations on our list, it is one of the best places to live in Oklahoma. In addition to excellent healthcare facilities, Edmond offers beautiful parks, rich culture, and numerous recreational activities. Moreover, for retirees interested in 55 plus communities in Oklahoma, the city is home to several assisted living facilities as well as neighborhoods exclusive to seniors.
14. Del City
Insider Monkey Score: 8.59
Livability Score: 66
Median Home Price: $150,470
IM Cost of Living: 83.8
Del City is located in the suburbs of Oklahoma City and is one of the most affordable destinations in Oklahoma. Its median home price is one of the cheapest on our list and just 37% of the national median. It is the perfect destination to settle into if you’re looking for a small-town retirement with access to big city amenities.
13. Claremore
Insider Monkey Score: 8.82
Livability Score: 72
Median Home Price: $210,000
IM Cost of Living: 87.6
Claremore is a small city located in Roger County. Its blend of affordability and small-town charm make it one of the best places to retire in Oklahoma. Claremore is located near the city of Tulsa and is home to Rogers State University, which adds to the city’s diverse culture.
12. Muskogee
Insider Monkey Score: 9.27
Livability Score: 61
Median Home Price: $140,000
IM Cost of Living: 75.9
Despite having the lowest livability score in our list, Muskogee makes it to our list of best places to retire in Oklahoma. One reason is its cost of living, which is 24% lower than the national average. Another is its home prices, which are are also some of the cheapest in the state. Muskogee also has a vibrant art and music culture as it features the Cherokee Natural History Museum and the Muskogee Art Centre.
11. Marlow
Insider Monkey Score: 9.53
Livability Score: 65
Median Home Price: $250,000
IM Cost of Living: 74.3
Marlow is a small town with the lowest cost of living out of all the places on our list. Retirees and seniors make up a significant proportion of the population. According to Area Vibes, the median age of the population is 45.2 years, 9 years higher than the state average. Although home prices are higher than the state median, they are still well short of the national median, making Marlow one of the best places to retire in Oklahoma.
10. Bartlesville
Insider Monkey Score: 9.85
Livability Score: 64
Median Home Price: $155,000
IM Cost of Living: 77.2
Bartlesville is located in Northern Oklahoma, just 18 miles from Kansas. The city features plenty of parks and attractions like the Price Tower Arts Center which retirees can enjoy. Moreover, with a median home price of just 155,000 and a very affordable cost of living, it is one of the best places to retire in the state.
9. Tulsa
Insider Monkey Score: 10.42
Livability Score: 75
Median Home Price: $220,000
IM Cost of Living: 86.2
Tulsa is one of Oklahoma’s largest cities and offers plenty of bustle and recreation that smaller towns lack. The city is home to several parks, zoos, and even art museums which provide a glimpse into the area’s rich and vibrant history. Despite being a major economic center for Oklahoma, it continues to offer plenty of affordable options for a comfortable retirement.
8. Broken Arrow
Insider Monkey Score: 10.46
Livability Score: 78
Median Home Price: $280,000
IM Cost of Living: 86.7
If the thought of living in a bustling metropolitan is too daunting, try one of Tulsa’s suburbs. Broken Arrow offers an excellent blend of recreation and small-city charm. Although median home prices are higher than the state median, spending those extra bucks will allow you to explore areas such as the Ray Harral Nature Park, one of Oklahoma’s most picturesque destinations.
7. The Village
Insider Monkey Score: 11.08
Livability Score: 77
Median Home Price: $220,250
IM Cost of Living: 86.8
One of the best places to retire in Oklahoma, The Village is located north of Nichols Hills, one of Oklahoma City’s most expensive suburbs. However, prices in The Village tend to be much cheaper than Nichols Hills, whilst also providing easy access to Oklahoma City’s recreation and healthcare amenities.
6. Ponca City
Insider Monkey Score: 11.76
Livability Score: 67
Median Home Price: $119,000
IM Cost of Living: 77.4
Ponca City is located on the banks of the Arkansas River and is one of the best places to retire in Oklahoma. It has the second cheapest home prices out of all the places on our list. Moreover, apart from natural beauty, the city is also home to attractions such as the Pioneer Woman Museum, dedicated to celebrating the historical influence of hardworking woman in development of Oklahoma.
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Disclosure: none. 15 Best Places to Retire in Oklahoma is originally published on Insider Monkey.