Is Oak Bay a Good Place to Live?
Based on current data, Oak Bay receives an overall livability score of 2.8 out of 5.0, earning a grade of C+. Key strengths include above-average household incomes, abundant sunshine, a low poverty rate. Areas to be aware of include high housing costs, above-average unemployment. Oak Bay has some notable strengths but also faces challenges that prospective residents should consider.
Economy & Jobs
The median household income in Oak Bay is $107,000, which is significantly higher than the national average — 42% above $75,149. This places Oak Bay among higher-income communities. The unemployment rate of 7.0% is somewhat elevated compared to the national rate of 3.6%. 8.0% of residents live in poverty, near the national average of 12.4%. Workers commute an average of 22 minutes.
Cost of Living & Housing
The median home value in Oak Bay is $1,400,000, making it a premium housing market at 397% above the U.S. median of $281,900. Renters pay a median of $1,300 per month. With a home price-to-income ratio of 13.1x, housing affordability is a significant challenge for many families.
Education
27.2% of residents hold a bachelor's degree, below the national average of 33.7%. 19.7% have completed high school.
Climate & Weather
Oak Bay experiences four distinct seasons with an average temperature of 52°F. Winters average 42°F in January while summers reach 66°F in July. The area gets 248 sunny days per year. Annual precipitation totals 32.0 inches, including 10.4 inches of snow.