Why We Love Oklahoma City

Oklahoma City (OKC) is one of the top hottest housing markets in the nation. With an existing shortage of housing supply, when the pandemic crept up in March 2019, many sellers took their properties off the market. As a result, supply took a deeper nose dive while demand remained high.

According to Zillow, home values in Oklahoma state are up 12% year-over-year, while in OKC, they grew by 14%. Despite the rising home price, the real estate market here remains highly affordable compared to most booming housing markets in the U.S.

If you have been thinking about diversifying your portfolio with real estate, here are reasons why now is a great time to own single-family rentals in OKC:

1. OKC is ranked number 25 as the best city in the nation for jobs, according to Glassdoor.
2. The population growth is at 1.07% annually, as more individuals choose to move to large metro areas for work. Most recently, the population grew by 14% between the census taken in 2010 and 2020 (US Census).
3. OKC contains a great mix of renters and homeowners, a great balance where the market is not oversaturated by rentals yet.
4. Real estate tax rate in Oklahoma is 0.90% (versus Texas at 1.80%) (SmartAsset).
5. US News ranked Oklahoma as the 2nd most affordable state in the nation to live, evidenced by the increase in renters to the state and long-term home value appreciation.
6. According to the Missouri Economic Research and Information Center, the cost of living in Oklahoma is 12.1% lower than the average nationwide.
7. The average rental price by Zumper for a 2-bedroom in the city is $1,000 with a 1% month-over-month and 12.4% year-over-year.
8. OKC is also the #1 easiest place in North America to do business, making itself attractive to many industries such as biosciences - employing at least 51,000 workers nationwide, followed by the aerospace industry with more than 36,600 workers in greater OKC. While federal, state, and local governments remain the largest employers, the oil and natural gas sector has also contributed to job growth here.

Many love OKC for its ultra-stable market with a steady increase in property valuation. This means there is a likelihood of growth in appreciation, strong neighborhood rating, and consistent, reliable cash flow income. Whether residents are looking for housing to attend nearby well-ranked universities or starting a family with more space but cannot afford to purchase a home, OKC is home to multiple pockets where buy-and-hold investors could tap into a large pool of renters.

At Doorvest, we acquire investment homes in Oklahoma City with profiles such as:

Average Home Price: $220,000

Average Monthly Cash Flow: $150