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Thread: OKC has the cheapest median rent among the 50 largest metro areas

  1. #1

    Default OKC has the cheapest median rent among the 50 largest metro areas

    Realtor.com® January Rental Report: Only One Major Market Remains Below $1,000 Threshold
    Feb 24, 2023, 06:00

    SANTA CLARA, Calif., Feb. 24, 2023 /PRNewswire/ -- The financial pain of shelling out sky-high rent is a reality for many, with median prices in some U.S. metro areas at nearly $3,000 a month. Yet, in certain metros among the country's 50 largest markets, renters can still find relative affordability, according to the Realtor.com® Monthly Rental Report released today.

    Oklahoma City, Okla. is the only metro among the 50 largest in the nation where renters can find a median-priced apartment for less than $1,000 a month. The report showed that Oklahoma City offered the lowest monthly rental price in January, at $982.

    There are 10 markets where median monthly rents are lower than $1,300, according to the report. Half are in the Midwest, four are in the South, and one is in the Northeast. None are in the West.

    The least expensive markets are:

    Oklahoma City, Okla. - $982
    Louisville, Ky. - $1,167
    Birmingham, Ala. - $1,178
    Rochester, N.Y. - $1,235
    Columbus, Ohio - $1,242
    Indianapolis, Ind. - $1,266
    Memphis, Tenn. - $1,274
    St. Louis, Mo. - $1,279
    Cleveland, Ohio - $1,290
    Kansas City, Mo./Kan. - $1,298

    Renters looking to take advantage of the best possible prices should move quickly. While the rents in these metros are the lowest among the 50 largest, for many of them, prices are increasing at a faster rate than in the rest of the country.

    "With high rents across the country, places that offer relative affordability tend to be in high demand, which means more competition and that these lower prices might not last," said Realtor.com® Chief Economist Danielle Hale. "Many of these metros have fewer available rental homes than previous months, and fewer apartments to choose from means prices are likely to go up. Cities including Indianapolis, Birmingham, Columbus, Kansas City, Cleveland, and Rochester are among the more affordable metros that experienced the fastest year-over-year price increases in January 2023, leaving few metros that are maintaining their current level of affordability."

    Many of these areas also have less rental availability than in past years, suggesting that affordable metros are increasing in popularity. For example, in the fourth quarter of 2022, the average rental vacancy rate across these least expensive markets was 7.6% — a significant drop from the 9.7% vacancy rate in the fourth quarter 2017. However, seven of the most-affordable areas still had greater vacancy rates than the country's average, which was last tracked at 5.8% nationwide.

    Nationwide, rent growth for studio to two-bedroom properties continued to slow. Median rent was down 2.9% year-over-year, the lowest growth rate in 22 months. In comparison, January 2022 rent was up 16.2% from the year prior.

    Last month was the twelfth month of cooling rent growth and the sixth month in a row with a single-digit rate increase. The median asking rent in the 50 largest metros declined to $1,726, down by $7 from last month and $80 less than the August 2022 peak of $1,806. Yet, rental prices are still up 20.6% ($295 higher) from pre-pandemic January 2020.


  2. #2

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    And, sadly, to counter the "relative affordability"...

    Minimum wage won’t cover rent costs in OKC, report finds

  3. #3

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by TheTravellers View Post
    And, sadly, to counter the "relative affordability"...

    Minimum wage won’t cover rent costs in OKC, report finds
    i'm not sure it is supposed to

  4. #4

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by BoulderSooner View Post
    i'm not sure it is supposed to
    Used to, and still should.

  5. #5

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    If you are making minimum wage in this job market you aren't trying very hard.

  6. #6

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    The minimum wage in Oklahoma is $7.25 per hour but there are tons of open jobs at Hobby Lobby and Amazon for $20 per hour plus benefits.

    Lots of other employers offer similar with zero educational or experience requirements.

    $20 per hour equates to $40K a year (without overtime) which means over $3,300 in gross income per month.

  7. #7

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by TheTravellers View Post
    And, sadly, to counter the "relative affordability"...

    Minimum wage won’t cover rent costs in OKC, report finds
    This article is dumb, because no place plays anywhere close to minimum wage (as in they pay way higher). The minimum wage is no longer something that needs to be discussed. Raising it would artificially raise prices on goods and services.

  8. #8

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by chssooner View Post
    This article is dumb, because no place plays anywhere close to minimum wage (as in they pay way higher). The minimum wage is no longer something that needs to be discussed. Raising it would artificially raise prices on goods and services.
    Really, no place, anywhere in the US (or even just OK), pays minimum wage? I can pretty much guarantee that's wrong. As far as raising prices on goods and services - not really, maybe minimally, do some research.

  9. #9

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by TheTravellers View Post
    Used to, and still should.
    when ?

  10. #10

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by chssooner View Post
    This article is dumb, because no place plays anywhere close to minimum wage (as in they pay way higher). The minimum wage is no longer something that needs to be discussed. Raising it would artificially raise prices on goods and services.
    yep friends kid goes to OCCC he and his roommates all work fast food (2 of the 3 never worked before) all started over 10 an hour and all now make 12+ an hour

  11. #11

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by BoulderSooner View Post
    yep friends kid goes to OCCC he and his roommates all work fast food (2 of the 3 never worked before) all started over 10 an hour and all now make 12+ an hour
    Dollar tree and dollar general still start under 10 I believe.

  12. #12

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    We're amongst the lowest of the major metropolitan areas when it comes to home prices as well, it's no surprise people are continuing to relocate. I know folks in OK are sticker shocked after the last few years but prices are only going to continue going up even if there is a slight correction (probably only on higher end) as most stuff sub 300k still pretty hot.

  13. #13

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    ^

    And look at the other cities on the various 'cheapest' lists.

    It's all about demand and all that bottom-of-the-barrel housing prices advertise is undesirability.

  14. #14

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by Pete View Post
    ^

    And look at the other cities on the various 'cheapest' lists.

    It's all about demand and all that bottom-of-the-barrel housing prices advertise is undesirability.
    To an extent. OKC has become a lot more desirable, but has also been able to keep growth reasonable (I say that, but OKC has increased in population 18%, per that NY Times article). It also started from a fairly low position. I do not believe anyone in their right mind thinks OKC is less desirable than Birmingham or Memphis, at least in my opinion.

  15. #15

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    ^

    Things like having the cheapest housing help keep us in the same category as those cities in the minds of those we are trying to entice. The first thought it raises for most is 'why'?

    And I've said it many times: the huge percentage of people moving here are from small towns in Oklahoma, not from out of state.

  16. #16

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by TheTravellers View Post
    Used to, and still should.
    Did it? I really don't know. I would like to see a graph of minimum wage vs basic cost of living over the last 40 years. I would guess the lines would be pretty much parallel but I could be wrong.

  17. #17

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by chssooner View Post
    This article is dumb, because no place plays anywhere close to minimum wage (as in they pay way higher). The minimum wage is no longer something that needs to be discussed. Raising it would artificially raise prices on goods and services.
    If no one is paying it, why would raising it raise prices?

  18. #18

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    The OKC MSA (and particularly the western edge of it) is sitting on the precipice of a “Research Triangle”-esque boom over the next 15 to 20 years. Going to be very solid, consistent growth and large increases will be observed in face rents.

  19. #19

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by Bill Robertson View Post
    Did it? I really don't know. I would like to see a graph of minimum wage vs basic cost of living over the last 40 years. I would guess the lines would be pretty much parallel but I could be wrong.
    No graphs available, but here's a quick summary of min wage by decade (I took the fed hourly min wage and multiplied it by 160, close enough to a month's work, but I didn't deduct anything for SS, Medicare, taxes, insurance):

    1940 - $48/mo
    1950 - $120/mo
    1961 - $184/mo
    1970 - $256/mo
    1980 - $496/mo
    1990 - $608/mo
    2000 - $824/mo
    2010 - $1160/mo
    2020 - $1160/mo

    And here's info about median monthly rent (doesn't specify size, so I assume it's for all sizes, not just 1BR) from https://ipropertymanagement.com/rese...-rent-by-year:

    1940 - $27/mo
    1950 - $42/mo
    1960 - $71/mo
    1970 - $108/mo
    1980 - $243/mo
    1990 - $447/mo
    2000 - $602/mo
    2010 - $841/mo
    2020 - $1096/mo

    So based on that, I'd say that yes, a 1BR apartment (which would probably be less than the median rent listed) was affordable for 1 person making minimum wage for quite a while.

  20. #20

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by TheTravellers View Post
    No graphs available, but here's a quick summary of min wage by decade (I took the fed hourly min wage and multiplied it by 160, close enough to a month's work, but I didn't deduct anything for SS, Medicare, taxes, insurance):

    1940 - $48/mo
    1950 - $120/mo
    1961 - $184/mo
    1970 - $256/mo
    1980 - $496/mo
    1990 - $608/mo
    2000 - $824/mo
    2010 - $1160/mo
    2020 - $1160/mo

    And here's info about median monthly rent (doesn't specify size, so I assume it's for all sizes, not just 1BR) from https://ipropertymanagement.com/rese...-rent-by-year:

    1940 - $27/mo
    1950 - $42/mo
    1960 - $71/mo
    1970 - $108/mo
    1980 - $243/mo
    1990 - $447/mo
    2000 - $602/mo
    2010 - $841/mo
    2020 - $1096/mo

    So based on that, I'd say that yes, a 1BR apartment (which would probably be less than the median rent listed) was affordable for 1 person making minimum wage for quite a while.
    But how many people are truly making minimum wage? That is why this is a moot point. Minimum wage jobs are not meant to be full-time jobs as adults, they are meant for high schoolers living at home. Spirit versus letter.

    I get it, the minimum wage is too low. But no companies are paying it. They wouldn't be able to hire anyone.

  21. #21

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by chssooner View Post
    But how many people are truly making minimum wage? That is why this is a moot point. Minimum wage jobs are not meant to be full-time jobs as adults, they are meant for high schoolers living at home. Spirit versus letter.

    I get it, the minimum wage is too low. But no companies are paying it. They wouldn't be able to hire anyone.
    https://www.zippia.com/advice/minimum-wage-statistics/

    Not a huge amount of people, but it's definitely non-zero. And today, yes, things have gotten better, but 10+ years ago there were most likely a higher percentage of min wage workers (google it if you want to know, I've hit my googling limit for today ).

  22. #22

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    I am curious as to how many servers in Oklahoma are paid above the minimum server wage?
    Before some claim tips drive it higher how many servers have to pool their tips as well as supplement the wages of other staff? Also it should be noted when places close the U/e benefit is based on the wage of 2.25 an hour.

  23. #23

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by Jersey Boss View Post
    I am curious as to how many servers in Oklahoma are paid above the minimum server wage?
    Before some claim tips drive it higher how many servers have to pool their tips as well as supplement the wages of other staff? Also it should be noted when places close the U/e benefit is based on the wage of 2.25 an hour.
    Yep, absolutely this should be taken into account, but I didn't want to get that deep.

  24. #24

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    In Oklahoma, the minimum wage for tipped employees is $2.25 an hour.

    Many willingly accept this pay and position because they make far more than can be made in other jobs; often many multiples of minimum wage. And there are hundreds of available tipped jobs instead of relying on $2.25 in unemployment.

    If they didn't make good money in a tipped job they could easily switch to non-tipped jobs in restaurants and bars or elsewhere, as there are plenty of those.


    There are reasons almost every state has this separation of minimum wage.

  25. #25

    Default Re: OKC has the cheapest median rent among the 50 largest metro areas

    Quote Originally Posted by TheTravellers View Post
    And, sadly, to counter the "relative affordability"...

    Minimum wage won’t cover rent costs in OKC, report finds
    I think lack of decent paying jobs, along with year around bad weather discourage heavier population growth. The resulting low demand puts keeps rent prices from getting totally outrageous.

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