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 | Garfield County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,116 | $127,500 | $242,182 |
| Price Trend (Annual %) | -1.2% | 5.5% | 8.2% |
| Median Gross Rent | $915 | $979 | $1,342 |
| Rent Trend (Annual %) | 2.8% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Garfield County is about 54% lower than in Oklahoma. Rent is about 7% 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 Garfield County: home prices fell about 1.2% a year while rent rose about 2.8% a year. That is an unusual pattern worth watching.
Median rent in Garfield County rose about 26.0% between 2015 and 2023, from $726 to $915. Over the same span, rent in Oklahoma rose about 34.7%.
Affordability
On average, housing unit costs 0.9 yearly household incomes in Garfield County.
Buying the median-priced home in Garfield County costs roughly 5.3 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 Garfield County. The price-to-rent ratio in Oklahoma is about 10.9.
| Metric | Garfield County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,116 | $127,500 | $242,182 |
| Median Household Income | $66,907 | $63,953 | $78,145 |
| Price-to-Income Ratio | 0.9 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Garfield County fell about 31.3%, while median household income rose about 64.0% 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 | Garfield County | Oklahoma Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.6% | 57.6% | 58.2% |
| Rental Rate | 30.5% | 29.9% | 31.3% |
| Vacancy Rate | 13.9% | 12.5% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Garfield County has a homeownership rate of 55.6%, lower than the Oklahoma average of 57.6%. Its housing vacancy rate is 13.9%, compared with 12.5% in Oklahoma.
Housing Stock
| Metric | Garfield County | Oklahoma Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1969 | 1980 | 1978 |
| Median Number of Rooms | 5.6 | 5.5 | 5.5 |
The typical housing unit in Garfield County was built around 1969. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Garfield County, Oklahoma.
What is the median home price in Garfield County, Oklahoma?
The median home price in Garfield County, Oklahoma is $58,116, lower than the Oklahoma average of $127,500.
What is the average home price in Garfield 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 Garfield County, Oklahoma?
The median gross rent in Garfield County, Oklahoma is $915 per month, lower than the Oklahoma average of $979.
What was the median gross rent in Garfield County in 2020?
In 2020, the median gross rent in Garfield County, Oklahoma was $814 per month.
What is the price-to-rent ratio in Garfield County, Oklahoma?
The price-to-rent ratio in Garfield County, Oklahoma is about 5.3, meaning it would take roughly 5.3 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 Garfield County.
Are home prices or rent rising faster in Garfield County, Oklahoma?
Home prices and rent are moving in opposite directions in Garfield County: home prices fell about 1.2% a year while rent rose about 2.8% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Garfield County, Oklahoma?
55.6% of households in Garfield County, Oklahoma own their home, lower than the Oklahoma average of 57.6%.
What is the vacancy rate in Garfield County, Oklahoma?
The housing vacancy rate in Garfield County, Oklahoma is 13.9%, higher than the Oklahoma average of 12.5%.