Oklahoma City ranks among the top ten most affordable cities in the nation for homeownership

Each month, RealtyHop evaluates the top 100 most populous cities in the United States for their housing affordability index. Their rankings were recently released for the month of October, and Oklahoma City comes in as the number eight most affordable.

RealtyHop considers the median household income from the U.S. Census, the median for-sale home listing prices, local property taxes, and mortgage expenses based on a 30-year mortgage with a 4.5% interest rate and 20% down payment.

The least affordable housing markets lie in New York City, Miami, Los Angeles, Newark, and Long Beach. New York City, Miami, and Los Angeles require more than 80% of a household’s income to be spent on housing, and Newark and Long Beach don’t fall far behind.

In contrast, the most affordable housing markets include Wichita, KS; Detroit, MI; Fort Wayne, IN; Virginia Beach, VA; and Anchorage, AK. In Wichita, only 17.34% of a household’s income should be expected to be allocated towards homeownership.

According to the study, Oklahoma City’s median household income is $55,557, and the median home price is $229,900. Homeowners in Oklahoma City should estimate $1,135.95 for mortgage and taxes monthly, which comes out as 24.54% of a household’s median income.

Learn more about RealtyHop’s Housing Affordability Index through the original article here.