OKC's housing market booms, ranks 10th fastest growing in U.S.

Oklahoma City has secured its place as the 10th fastest-growing housing market among large U.S. cities, according to a recent report by StorageCafe. Over the past decade, the city's housing stock expanded by 16%, totaling over 288,800 homes, while its population saw a 15% rise, reaching 702,767 residents.

This growth mirrors trends seen in other Southern cities like Austin, Texas, which leads the nation with a 23% increase in housing inventory. Factors contributing to this rapid expansion include robust job markets, diverse economies, high living standards and affordable housing options. These cities are becoming increasingly attractive to individuals seeking better value for their money and an improved quality of life.

The report highlights that the South is a hotbed for housing growth, with most of the large cities showing significant increases in housing inventory located in this region. Austin’s tech boom and dynamic cultural scene have propelled it to the top, but Oklahoma City's story is just as compelling. The city's housing market and population have grown in sync, reflecting its economic strength.

According to the latest data, Oklahoma City is now the 20th largest city in the nation, with 702,767 residents as of July 1, 2023. The city's strong job market and lower cost of living compared to other urban centers are major draws for new residents. However, this popularity has led to a significant rise in home prices, with median home values soaring by 48% over the same period. Median incomes have increased by 40%, further highlighting the city's economic vitality.

A survey by the Cato Institute found that 87% of Americans are worried about housing costs. Among the nation's 55 largest metros with populations of 1 million or more, Richmond, Virginia, has the lowest average cost per new housing unit at $167,003, followed by Austin at $176,303. In contrast, San Francisco sits at the bottom with the highest average cost of $327,619 per new housing unit.

Despite the growth in housing inventory, Oklahoma City continues to face challenges with affordable housing. A recent study by Construction Coverage, initially reported by the Journal Record, discovered that the average cost of new housing units in the metro area is the 15th highest in the nation at $276,692. This study, which utilized data from the U.S. Census and Zillow, shows the ongoing concern about housing affordability.

As Oklahoma City continues to grow and attract new residents, addressing the need for affordable housing will be crucial to sustaining its economic momentum and ensuring that the benefits of growth are shared broadly across the community.