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: Counties in Oklahoma
Housing Market Overview
| Metric | Oklahoma | US Average |
|---|---|---|
| Median Home Price | $127,500 | $242,182 |
| Price Trend (Annual %) | 5.5% | 8.2% |
| Median Gross Rent | $979 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Oklahoma is about 47% lower than in US. Rent is about 27% lower than the US average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Oklahoma, up about 5.5% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Oklahoma rose about 34.7% between 2015 and 2023, from $726 to $979. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Oklahoma.
Buying the median-priced home in Oklahoma costs roughly 10.9 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 Oklahoma. The price-to-rent ratio in US is about 15.0.
| Metric | Oklahoma | US Average |
|---|---|---|
| Median Home Price | $127,500 | $242,182 |
| Median Household Income | $63,953 | $78,145 |
| Price-to-Income Ratio | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Oklahoma rose about 47.8%, while median household income rose about 52.7% 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 | Oklahoma | US Average |
|---|---|---|
| Homeownership Rate | 57.6% | 58.2% |
| Rental Rate | 29.9% | 31.3% |
| Vacancy Rate | 12.5% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 |
Oklahoma has a homeownership rate of 57.6%, lower than the US average of 58.2%. Its housing vacancy rate is 12.5%, compared with 10.6% in US.
Housing Stock
| Metric | Oklahoma | US Average |
|---|---|---|
| Average Household Size | 2.51 people | 2.54 people |
| Median Structure Built Year | 1980 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 |
The typical housing unit in Oklahoma was built around 1980. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Oklahoma.
What is the median home price in Oklahoma?
The median home price in Oklahoma is $127,500, lower than the US average of $242,182.
What is the average home price in 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 Oklahoma?
The median gross rent in Oklahoma is $979 per month, lower than the US average of $1,342.
What was the median gross rent in Oklahoma in 2020?
In 2020, the median gross rent in Oklahoma was $817 per month.
What is the price-to-rent ratio in Oklahoma?
The price-to-rent ratio in Oklahoma is about 10.9, meaning it would take roughly 10.9 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 Oklahoma.
Are home prices or rent rising faster in Oklahoma?
Both home prices and rent are rising in Oklahoma, up about 5.5% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Oklahoma?
57.6% of households in Oklahoma own their home, lower than the US average of 58.2%.
What is the vacancy rate in Oklahoma?
The housing vacancy rate in Oklahoma is 12.5%, higher than the US average of 10.6%.