Housing Market in OKC

[Edmond Hausfrau]

It's also possible that younger persons don't want the hassle of homeownership. Especially if you move for work or better quality of life, owning a home ties up a lot of your liquidity. It's one thing if you live in a hot market and plan to make $ when you move on, but in OKC you'll likely lose money if you don't stay put at least 4 years. I bought my first home 15 years and if I could swing losing the mortgage deduction, I'd rather rent in a higher density city and use the cash out to invest in REITs. I hate being my own landlord. Maybe Okies don't have to move as often as other places? More families?

[gjl]

The problem with that comparison is that for a $158,000 house (which I agree would be considered entry-level today) you need a $30,000 down payment. That can be a pretty hefty amount for a 23 year old, especially with student loans. I'm also not sure that starting salaries have risen at the same pace as the cost of housing.

How is that different than my $3500 down payment for a 23 year old in 1978? Or the 9.5% interest rate I had to pay? Even in 1996 when I bought my 2nd house on a 15 year mortgage I paid a 7.125% interest rate. For years young people could get mortgages for 3-4%. Maybe less on refinances. I chuckle when I hear complains about rates approaching 7% now. Welcome to how buying a house was except for the last 15-20 years or so.

[oklip955]

I wished that I was able to have had a 9.5% interest rate on my first house. I was 3 months on the job at the Edmond Fire Dept in 1981. That 700 sq ft house on 2 ac was $42,000. I did have a decent down payment but when you understand that I was the third woman that attempted to work as a firefighter and the first two only lasted a very short time, one does not want to go over their head in debt and the mortgage company. I made it 27yrs and as I posted sold it 2 yrs later at a nice profit. Some times your first place is far from your dream place but you have to look long term.Start small, save and later get a better place.

[Jersey Boss]

Median income for OKC is $31,450. Couple that with student loans and it is easy to see homes out of reach. I'd be curious as to available properties for someone making 31,450 and a payment of 30% of take home

[oklip955]

At that income level i would think it would be challenging to get an apartment that is not about to fall down, has black mold, has drug problems etc. As you said someone with that income, take out taxes, SS, other deductions. Then take out student debt. Sounds like they better move back in with their parents or other family. Housing is out of reach for them. Maybe they could rent a room and mow the grass for an older person.

[gjl]

Median income for OKC is $31,450. Couple that with student loans and it is easy to see homes out of reach. I'd be curious as to available properties for someone making 31,450 and a payment of 30% of take home

Oh please. Anyone with student loan debt should have a degree and be making well above the median income.

[oklip955]

Yah, anyone with any kind of decent degree or even without that wants to work can find something that will pay more then that. I guess if you received your degree in computer gaming (not game programming and yes there is such a degree that requires no history, science, math etc I guess you do have limited options to use it. How i know, a friend in another state has a daughter that got that one and so did her boy friend, its basically how to get the top score in computer games)

[oklip955]

other lower cost housing options, buy a small house in Guthrie, Luther or a mobile on a half ac and save save save. Work 2 jobs. Dont spend money on just stuff. Work save, have a cheap to own and drive small car. Again save. Minimal clothing that fits ones job. Have nothing fancy for a number of years and take your lunch, do low cost meals. Save save save. Ok then move up. Stay far away from debt.

[Teo9969]

Median income for OKC is $31,450. Couple that with student loans and it is easy to see homes out of reach. I'd be curious as to available properties for someone making 31,450 and a payment of 30% of take home

I would be interested to know where that number came from? I've almost always seen >$50k for median in OKC and even Oklahoma at large. That's a pretty huge discrepancy.

[gjl]

https://www.google.com/search?q=okla...client=gws-wiz

https://www.google.com/search?q=okla...t=gws-wiz-serp

[Jersey Boss]

I would be interested to know where that number came from? I've almost always seen >$50k for median in OKC and even Oklahoma at large. That's a pretty huge discrepancy.

2020 US Census Bureau
The number you cite is for household.(56,456)

[Jersey Boss]

Oh please. Anyone with student loan debt should have a degree and be making well above the median income.

See post #225 where the poster ( at age 28)had optimal factors regarding health, no children, no student loans and good employment opportunities. Not typical for most.

[gjl]

See post #225 where the poster ( at age 28)had optimal factors regarding health, no children, no student loans and good employment opportunities. Not typical for most.

You are the one coupling someone with student loan debt with being a median income earner. And it was tough for me at times back in 1978 when I bought my first home. Lots of things I did without so I could be a home owner and not a renter.

[Ryan]

My father was able to go to pay for college, and buy an Oldsmobile 442 and still save for a home in 1971. By working nights as a janitor at the old wonderbread plant. My wife and I are in our 40’s we pay $2500/monthly for student loans. While our mortgage is $875 for our 1200 sq ft home in Coronado heights. Boomers are completely out of touch with the struggles of todays income earners

[Ryan]

My father was able to go to pay for college, and buy an Oldsmobile 442 and still save for a home in 1971. By working nights as a janitor at the old wonderbread plant. My wife and I are in our 40’s we pay $2500/monthly for student loans. While our mortgage is $875 for our 1200 sq ft home in Coronado heights. Boomers are completely out of touch with the struggles of todays income earners

I mean we have it so much better than they did back then with massive jobs programs like the WPA slapping everyone in the face with generous wages and training. My situation is much better than what they had with that giant albatross around their necks

[GoGators]

You are the one coupling someone with student loan debt with being a median income earner. And it was tough for me at times back in 1978 when I bought my first home. Lots of things I did without so I could be a home owner and not a renter.

Everyone prioritizes certain things over others and goes without. It is tough for everyone at times. This is not the unique experience of people over a certain age.

[gjl]

Everyone prioritizes certain things over others and goes without. It is tough for everyone at times. This is not the unique experience of people over a certain age.

That was in response to Jersey Boss wanting me to look at post # 225 where with all the thing that person had going for him how he was struggling at times.

[GoGators]

That was in response to Jersey Boss wanting me to look at post # 225 where with all the thing that person had going for him how he was struggling at times.

In 25 years the current generation that is now being called entitled and spoiled will be telling the new generation how hard they had it and how much they had to sacrifice. They will also claim that the music kids listen to today is nothing like the "real music" they had in the 2020s. Just like every generation did before them. It's all just silly.

[Rover]

I mean we have it so much better than they did back then with massive jobs programs like the WPA slapping everyone in the face with generous wages and training. My situation is much better than what they had with that giant albatross around their necks

Are you even aware of what WPA was and who it went to? And that it was even before the boomers were born? That is was an employment program, building infrastructure. Was for unemployed uneducated starving people? Have you read nothing about the great depression?

[Soonerinfiniti]

Only 4 cities where average Americans can afford a starter home: Detroit, Tulsa, Oklahoma City and Memphis.
https://www.yahoo.com/video/only-4-c...100000182.html

[OKC Guy]

Question: Is our rapid growth causing ripple effect problems with housing? I do wonder if we can sustain the growth. Here’s some notes from an article on the KOKH website posted Thu:

OKC sees the fastest rent increase in the nation. OKC is one of only 2 metros to see increases of greater than 20% year over year ( National is up avg of almost 9%}. OKC increased 24.1%. Oklahoma as a state rose 20.8% YOY.

This amount of increase hurts the lowest income earners the most and it slows down their ability to save to buy a house.

[Ryan]

Are you even aware of what WPA was and who it went to? And that it was even before the boomers were born? That is was an employment program, building infrastructure. Was for unemployed uneducated starving people? Have you read nothing about the great depression?

IÂ’m sitting in a WPA built building actually. The new deal continued to effect the jobs market Decades after the boomer were born. Sub living wages were unfathomabke to Employers and employees alike until the 1980Â’s. Which continued until the 1980Â’s. Enter insane pay disparities.

[TheTravellers]

Are you even aware of what WPA was and who it went to? And that it was even before the boomers were born? That is was an employment program, building infrastructure. Was for unemployed uneducated starving people? Have you read nothing about the great depression?

Pretty sure he forgot to use the sarcasm font.

[Ryan]

Look all I’m saying is boomers inherited the greatest economy and job market ever to grace the planet since idk the Roman Empire. (Actually I don’t know that for fact) but I seriously have no time boomer arguments about paying their way through college and buying a home, starting a family at 23. That is not a plausible reality in the last 25 years

[Cocaine]

Maybe just maybe the solution is for people to buy fixer upper homes in the inner city. There are plenty of affordable homes on the east side, south side and NW S. of 23rd and east of the fairgrounds. It might take some work but people could afford.

This actually reminded of an incredibly privileged friend of mind well she thinks she privileged but she isn't. She was basically complaining that she couldn't find a decently priced house in the suburbs when she did she would get out bid. The only places she could find a house was in poor neighborhoods.

So maybe the solution is two fold. Maybe there needs to be higher density housing in the inner city and people just starting out need to buy older homes. There may still be decent hud houses on the market.