Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Alfalfa County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $68,547 | $127,500 | $242,182 |
| Price Trend (Annual %) | 5.5% | 5.5% | 8.2% |
| Median Gross Rent | $613 | $979 | $1,342 |
| Rent Trend (Annual %) | -1.0% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Alfalfa County is about 46% lower than in Oklahoma. Rent is about 37% lower than the Oklahoma average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Alfalfa County: home prices rose about 5.5% a year while rent fell about 1.0% a year. That is an unusual pattern worth watching.
Median rent in Alfalfa County fell about 3.9% between 2015 and 2023, from $638 to $613. Over the same span, rent in Oklahoma rose about 34.7%.
Affordability
On average, housing unit costs 1.0 yearly household incomes in Alfalfa County.
Buying the median-priced home in Alfalfa County costs roughly 9.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Alfalfa County. The price-to-rent ratio in Oklahoma is about 10.9.
| Metric | Alfalfa County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $68,547 | $127,500 | $242,182 |
| Median Household Income | $70,576 | $63,953 | $78,145 |
| Price-to-Income Ratio | 1.0 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Alfalfa County rose about 10.8%, while median household income rose about 78.0% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Alfalfa County | Oklahoma Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.0% | 57.6% | 58.2% |
| Rental Rate | 16.2% | 29.9% | 31.3% |
| Vacancy Rate | 23.8% | 12.5% | 10.6% |
| Median Tenure (years) | 17.0 | 14.0 | 15.0 |
| Median Year Moved In | 2009 | 2012 | 2011 |
Alfalfa County has a homeownership rate of 60.0%, higher than the Oklahoma average of 57.6%. Its housing vacancy rate is 23.8%, compared with 12.5% in Oklahoma.
Housing Stock
| Metric | Alfalfa County | Oklahoma Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1962 | 1980 | 1978 |
| Median Number of Rooms | 5.9 | 5.5 | 5.5 |
The typical housing unit in Alfalfa County was built around 1962. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Alfalfa County, Oklahoma.
What is the median home price in Alfalfa County, Oklahoma?
The median home price in Alfalfa County, Oklahoma is $68,547, lower than the Oklahoma average of $127,500.
What is the average home price in Alfalfa County, Oklahoma?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Alfalfa County, Oklahoma?
The median gross rent in Alfalfa County, Oklahoma is $613 per month, lower than the Oklahoma average of $979.
What was the median gross rent in Alfalfa County in 2020?
In 2020, the median gross rent in Alfalfa County, Oklahoma was $579 per month.
What is the price-to-rent ratio in Alfalfa County, Oklahoma?
The price-to-rent ratio in Alfalfa County, Oklahoma is about 9.3, meaning it would take roughly 9.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Alfalfa County.
Are home prices or rent rising faster in Alfalfa County, Oklahoma?
Home prices and rent are moving in opposite directions in Alfalfa County: home prices rose about 5.5% a year while rent fell about 1.0% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Alfalfa County, Oklahoma?
60.0% of households in Alfalfa County, Oklahoma own their home, higher than the Oklahoma average of 57.6%.
What is the vacancy rate in Alfalfa County, Oklahoma?
The housing vacancy rate in Alfalfa County, Oklahoma is 23.8%, higher than the Oklahoma average of 12.5%.