Home to the World’s Livestock Market
Discover Oklahoma City's Real Estate
Oklahoma City is the biggest city in the state of Oklahoma in the US. As of the start of the Q3 2018, the city’s population was around 649,021. It holds the 27th position among the cities of the United States. In the case of the total area, Oklahoma City ranks at number 9 among all other cities of the United States.
Culture, History, and Business
Founded in the year 1889 and incorporated in 1890, between the period of 1890 and 1900, Oklahoma was the city whose population doubled. Along with this, people who actively participated in the development of the city were John Shartel, Anton Classen, James W. Maney, and Henry Overholser.
Today, Oklahoma is the home to various world-class facilities and landmarks that make the city more attractive towards real estate investment.
The economy is supported by different sectors, including oil and natural gas, agriculture, and aviation. The biggest livestock market on the globe is located within Oklahoma City. The city is also home to energy, healthcare, and retail companies.
Job seekers would be assured that they can find meaningful engagement within the city. The city’s largest employers include companies like Devon Energy, AT&T, and Hobby Lobby. The unemployment rate in the city is 3.9%, on par with the country’s average. Oklahoma City’s cost of living index score is 91.5.
Real Estate Appeal
The city’s property market is sustained by stable population growth of between 1% and 2% annually. This ensures the rental rates and house prices keep up with inflation rates. The median value of an owner-occupied home in 2016 and 2018 were $143,000 and $155,000, respectively. The current cost of an apartment in the city center is $1,807.51 per sq. meter while outside the city center cost $1,001.04 per sq. meter. The city’s median household income is about $50,000. This implies that there are a significant number of city residents who are renters.
The median total overall rent in Oklahoma from 2012 to 2016 was about $800. The cost of renting a one-bedroom in the city center and outside the city is $800 and $600, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is $1300 and $1000-$1100, respectively.
Currently, rental yields at the city center are at a rate of 10.81% while outside the city center is 15.06%. The cost of renting a one-bedroom in the city center and outside the city is $990.72 and $742.38, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is $1,402.89 and $1,131.52, respectively.
For details of why you should consider investing and the hottest neighborhoods, see our subsequent related articles.
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