Listen up first time homebuyers. Did you know that Oklahoma City is one of the best cities for first-time homebuyers? That is right, No. 2 in fact! According to CNBC, rankings were determined by population, value per square foot, amount of mortgage lenders, loan rates, market volatility, housing affordability and homeowner stability.
Lets break this all down.
The Oklahoma City metropolitan is a large area. Do not be fooled – it is one of the largest cities in the United States with a population of 1,396,445.
Value per square foot
Location-location-location. Guess how the value per square foot is mainly determined? You got it…location. The average value of a home in Oklahoma City is $83.25 per square foot. This is much lower than the national average, which is $123.00 per square foot. Speaking of location, guess what the value per square foot is for Los Angeles? It is $525!
Amount of Mortgage Lenders
Oklahoma City has plenty of mortgage lenders to help you with the financial decision to purchase a new home. In fact, we at Home Creations have several participating lenders that can assist you immediately.
Loan rates in Oklahoma City are currently 3.767% for a 30-year fixed mortgage. They are 3.175% for a 15-year fixed mortgage.
According to Zillow, the buyer’s market in Oklahoma City is very hot. Meaning, home values in the area have increased by 1.5% over the past year, and is predicted to rise to 1.8% later this year.
Oklahoma City’s housing market is one of the most affordable in the U.S. This factor allows Oklahomans to be able to own their own home. According to Zillow, the median listing price of a home is $194,400 and the median sale price of a home is $149,700.
Owning a home is still a better decision, financially, than renting. Homeownership can provide stability – knowing that you will be living there for a while. You will also know the distance to work and schools. In some instances, owning a home may also be a way to build wealth.