Housing

The Cheapest and Most Expensive Housing Markets in Oklahoma

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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

For Sale Real Estate Sign in Front of New House.
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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

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  • 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

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  • 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

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  • 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

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  • 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

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  • 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

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  • 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

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  • 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

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  • 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

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  • 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

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  • 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

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  • 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

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  • 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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