Summit, OK is a small city located in Oklahoma County with a population of around 1,000 people. It is known for its low cost of living making it an attractive option for those looking to save money. The average two bedroom rent is just $720 compared to the US average of $1,430. Grocery costs are also low in Summit with an index score of 89 as compared to the US average of 100. This makes Summit a great place for those wanting to make their dollar go further. Local companies include Advanced Power Solutions which provides power solutions and services, Tandy Leather Factory which specializes in leather crafting tools and supplies, and Steel Technologies which offers steel processing services. All in all, Summit is an attractive place to live due to its low cost of living and local businesses.
Summit has an unemployment rate of 4.7%. The US average is 6.0%.
Summit has seen the job market decrease by -3.0% over the last year. Future job growth over the next ten years is predicted to be 23.9%, which is lower than the US average of 33.5%.
Tax Rates for Summit
- The Sales Tax Rate for Summit is 9.2%. The US average is 7.3%.
- The Income Tax Rate for Summit is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Summit
- The average income of a Summit resident is $35,984 a year. The US average is $37,638 a year.
- The Median household income of a Summit resident is $0 a year. The US average is $69,021 a year.