Oklahoma – Better Bang for Your Buck?
With only the Red River sitting between it and Texas, you would think that some of Texas’ economic success would have rubbed off on Oklahoma.
But, unfortunately, that’s not the case – at least, it wasn’t during the recession.
After the housing bubble burst, Oklahoma went on to lose more than 94,000 jobs. The biggest chunk came from the construction industry. And if you lose thousands of construction workers, you can’t have a bunch of new homes going up!
So, what’s the story with homes for sale in Oklahoma today?
Oklahomans are ready for better days in 2013!
Perhaps the best measure of Oklahoma’s housing market can be found in Oklahoma City. After all, that’s the state’s capital and biggest city. There, you’ll find an inventory at 5.1 months. Realtors in Oklahoma generally consider an inventory of about six months – or the time it would take to sell all of the houses on the market, without adding any new ones – to be healthy. So, the inventory here is much better than it is in other parts of the country. In fact, some areas of the country only have an inventory of a month or two!
And, remember, Oklahoma’s economy revolves around oil, livestock, and natural gas – things that people have to buy, regardless of what the economy is doing. So, the economy here should be able to remain stable, meaning that the people here should be able to go out and buy homes if they want to.
If they decide to head out and buy, they’ll have new homes to choose from, too. Despite the hit that Oklahoma’s construction sector took during the recession, builders are still building. In fact, by the end of 2012, the number of permits applied for in Oklahoma City was up almost 30%.
One thing that could make a big difference? Dollars and cents. A recent study found that it’s actually cheaper to buy a home in Oklahoma City than it is to rent one!
Realtors in Tulsa, on the other hand, are keeping their eyes peeled on a local business deal. If AMR Corp. – the parent company of American Airlines – merges with US Airways Group Inc., it could mean big changes for the Tulsa operation. If jobs are lost in the deal, it could have a big impact on the local housing market.
Down in Norman, where college students play a much larger role in the housing market, thanks to the University of Oklahoma, rent prices are also much higher. Here, apartments for rent will cost you, on average, $767. That’s quite a bit for a college town! In fact, that’s actually a little higher than Oklahoma City!
Bottom line – if you plan on settling down in Oklahoma, take a long look at the homes for sale here. Your wallet may breathe a big sigh of relief!