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 | Major County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $48,441 | $127,500 | $242,182 |
| Price Trend (Annual %) | 7.0% | 5.5% | 8.2% |
| Median Gross Rent | $619 | $979 | $1,342 |
| Rent Trend (Annual %) | 1.0% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Major County is about 62% 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
Both home prices and rent are rising in Major County, up about 7.0% and 1.0% a year respectively. Home prices are changing faster.
Median rent in Major County rose about 8.7% between 2015 and 2023, from $569 to $619. Over the same span, rent in Oklahoma rose about 34.7%.
Affordability
On average, housing unit costs 0.7 yearly household incomes in Major County.
Buying the median-priced home in Major County costs roughly 6.5 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 Major County. The price-to-rent ratio in Oklahoma is about 10.9.
| Metric | Major County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $48,441 | $127,500 | $242,182 |
| Median Household Income | $68,094 | $63,953 | $78,145 |
| Price-to-Income Ratio | 0.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Major County rose about 27.8%, while median household income rose about 57.0% 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 | Major County | Oklahoma Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.8% | 57.6% | 58.2% |
| Rental Rate | 17.4% | 29.9% | 31.3% |
| Vacancy Rate | 13.8% | 12.5% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Major County has a homeownership rate of 68.8%, higher than the Oklahoma average of 57.6%. Its housing vacancy rate is 13.8%, compared with 12.5% in Oklahoma.
Housing Stock
| Metric | Major County | Oklahoma Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1975 | 1980 | 1978 |
| Median Number of Rooms | 5.9 | 5.5 | 5.5 |
The typical housing unit in Major County was built around 1975. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Major County, Oklahoma.
What is the median home price in Major County, Oklahoma?
The median home price in Major County, Oklahoma is $48,441, lower than the Oklahoma average of $127,500.
What is the average home price in Major 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 Major County, Oklahoma?
The median gross rent in Major County, Oklahoma is $619 per month, lower than the Oklahoma average of $979.
What was the median gross rent in Major County in 2020?
In 2020, the median gross rent in Major County, Oklahoma was $602 per month.
What is the price-to-rent ratio in Major County, Oklahoma?
The price-to-rent ratio in Major County, Oklahoma is about 6.5, meaning it would take roughly 6.5 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 Major County.
Are home prices or rent rising faster in Major County, Oklahoma?
Both home prices and rent are rising in Major County, up about 7.0% and 1.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Major County, Oklahoma?
68.8% of households in Major County, Oklahoma own their home, higher than the Oklahoma average of 57.6%.
What is the vacancy rate in Major County, Oklahoma?
The housing vacancy rate in Major County, Oklahoma is 13.8%, higher than the Oklahoma average of 12.5%.