DECEMBER 12TH, 2018

Oklahoma Mortgages

The state of Oklahoma is comprised of a mix of the new and the old. As an agricultural state, it maintains many of the ideals that made it great, as well as incorporating expansions into the markets that come with an increase in urban centers. The housing market has benefited from this mixture of old and new, and despite the moderate size has weathered the national trends without fluctuating alarmingly. The 2002 US census listed the total number of housing units in Oklahoma as 1,541,518. The state has continued to build and grow since then, although construction has not outgrown population influx and native growth. The price of homes in Oklahoma is inviting, and the home buyers dollar stretches to purchase more home than in other comparable state markets. In 2000, the census showed that Oklahoma had a median value of owner occupied housing units that stood at $70,700. This is a little more than half the national average median value that year, which was $119,600. The inclination to purchase a home, as well as the exceptionally low value of homes in the state, combined to make a home ownership rate of 68.4% in 2000. This was marginally higher than the national average that year of 66.2%.

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Home ownership in Oklahoma looks set to keep increasing. For those looking to live in an urban center, living and playing in Oklahoma City is a bargain. A recent salary/cost-of-living survey by salary.com shows that Oklahoma City is ranked18th for affordability among the 188 biggest metropolitan areas in America. Additionally, the city is very attractive for people looking to do business in the area, as Forbes Magazine currently ranks Oklahoma City 36th on their list of “best places to do business”.

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The bull market for housing prices is currently in its 15th year and showing few signs of slowing down. Although some markets are hotter than others, real estate prices are climbing all across the country. Beginning in 1991, the U.S. Office of Federal Housing Enterprise Oversight has charted a constant rise in housing prices, even during the last recession time period in the United States economy.

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