Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Oklahoma cities are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Oklahoma is worth $170,500. But across the 16 cities, towns and unincorporated communities in the state with populations of at least 25,000, median home values range from about $118,000 to over $300,000.

In any local market, home prices are often a reflection of what residents can afford. In Oklahoma, many of the least expensive cities for homebuyers are not high-income areas. Of the 16 places in Oklahoma with available data from the ACS, seven have a median home value that is less than the statewide median. In all but one of these places, the typical household earns less than the statewide median household income of $61,364. Similarly, most of Oklahoma’s more expensive housing markets have higher earning populations.

Why It Matters

Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.

These are the cheapest and most expensive housing markets in Oklahoma.

16. Muskogee

• Median home value: $118,300
• Homes worth over $1 million: 0.1%
• Homeownership rate: 55.8%
• Median household income: $46,825
• Total population: 36,933

15. Lawton

• Median home value: $125,500
• Homes worth over $1 million: 1.0%
• Homeownership rate: 44.7%
• Median household income: $51,561
• Total population: 91,023

14. Enid

• Median home value: $136,500
• Homes worth over $1 million: 0.3%
• Homeownership rate: 60.8%
• Median household income: $60,790
• Total population: 50,961

13. Shawnee

• Median home value: $141,300
• Homes worth over $1 million: 0.2%
• Homeownership rate: 56.2%
• Median household income: $50,695
• Total population: 31,391

12. Bartlesville

• Median home value: $146,700
• Homes worth over $1 million: 0.0%
• Homeownership rate: 69.6%
• Median household income: $58,230
• Total population: 37,314

11. Midwest City

• Median home value: $147,700
• Homes worth over $1 million: 0.5%
• Homeownership rate: 56.0%
• Median household income: $56,811
• Total population: 58,124

10. Moore

• Median home value: $170,300
• Homes worth over $1 million: 0.5%
• Homeownership rate: 70.0%
• Median household income: $73,285
• Total population: 62,685

9. Tulsa

• Median home value: $174,200
• Homes worth over $1 million: 2.1%
• Homeownership rate: 52.3%
• Median household income: $56,648
• Total population: 411,938

8. Oklahoma City

• Median home value: $196,700
• Homes worth over $1 million: 1.4%
• Homeownership rate: 59.5%
• Median household income: $64,251
• Total population: 681,088

7. Broken Arrow

• Median home value: $210,800
• Homes worth over $1 million: 0.7%
• Homeownership rate: 72.5%
• Median household income: $82,547
• Total population: 114,237

6. Stillwater

• Median home value: $213,100
• Homes worth over $1 million: 1.2%
• Homeownership rate: 37.4%
• Median household income: $39,998
• Total population: 48,644

5. Owasso

• Median home value: $218,400
• Homes worth over $1 million: 0.8%
• Homeownership rate: 64.5%
• Median household income: $79,183
• Total population: 38,134

4. Norman

• Median home value: $224,900
• Homes worth over $1 million: 0.9%
• Homeownership rate: 52.4%
• Median household income: $62,849
• Total population: 127,701

3. Jenks

• Median home value: $265,400
• Homes worth over $1 million: 2.2%
• Homeownership rate: 78.6%
• Median household income: $101,767
• Total population: 25,872

2. Bixby

• Median home value: $278,500
• Homes worth over $1 million: 0.8%
• Homeownership rate: 76.0%
• Median household income: $93,765
• Total population: 28,731

1. Edmond

• Median home value: $304,700
• Homes worth over $1 million: 3.6%
• Homeownership rate: 70.3%
• Median household income: $96,389
• Total population: 94,503

Rank	Places in Oklahoma with at least 25,000 residents	Median home value ($)	Homeownership rate (%)	Median household income ($)	Total Population
1	Edmond	304,700	70.3	96,389	94,503
2	Bixby	278,500	76.0	93,765	28,731
3	Jenks	265,400	78.6	101,767	25,872
4	Norman	224,900	52.4	62,849	127,701
5	Owasso	218,400	64.5	79,183	38,134
6	Stillwater	213,100	37.4	39,998	48,644
7	Broken Arrow	210,800	72.5	82,547	114,237
8	Oklahoma City	196,700	59.5	64,251	681,088
9	Tulsa	174,200	52.3	56,648	411,938
10	Moore	170,300	70.0	73,285	62,685
11	Midwest City	147,700	56.0	56,811	58,124
12	Bartlesville	146,700	69.6	58,230	37,314
13	Shawnee	141,300	56.2	50,695	31,391
14	Enid	136,500	60.8	60,790	50,961
15	Lawton	125,500	44.7	51,561	91,023
16	Muskogee	118,300	55.8	46,825	36,933

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