State: Oklahoma
The Oklahoma City (OKC) real estate market presents a great investment opportunity for real estate investors. The reason? Population growth, high demand for housing, affordable house prices, and above-average appreciation rates. In short, it offers a lot of potential for real estate investors to earn a good return on their investment.
OKC's growth, affordability, and home price appreciation should put it on any real estate investor's list.
The Oklahoma City metropolitan area is home to many great neighborhoods and suburbs for real estate investors to consider. They include Del City, Edmond, Nichols Hills, Warr Acres, and Yukon.
A few other neighborhoods worth noting are Bricktown, known for its many restaurants, urban beach, and public art; Norman, home of the National Weather Center; and Tulsa, home to the most extensive collection of art deco architecture in the country.
Oklahoma City's growth has generated a lot of demand for rental properties. In fact, 39% of households in OKC are renter-occupied, and the city only has a 5.7% vacancy rate.
According to Realtor, the median listing price in Oklahoma City is $149 per square foot with a median sale price of $265,000. Zillow's Home Value Index reports an 18.1% change since last year. The median rent in Oklahoma City is $1,650 per month.
Affordability, appreciation, and demand combine to present a great investment opportunity for home buyers, real estate investors, and property management companies.
Oklahoma City real estate isn't the only thing that's growing. OKC's population grew 17% in the past decade, almost twice as fast as the national average. It's the capital of the State of Oklahoma and already the state's largest city, and it's not projected to stop growing anytime soon.
The city's job market has grown with its population. OKC's primary industries are aviation, aerospace, biosciences, energy, and logistics. The United States Air Force, INTEGRIS Health, Paycom, Sonic, and American Fidelity are the largest employers. These employers provide well-paying jobs and stability for the city's economy. Oklahoma City's unemployment rate is just 2.2%.
In Oklahoma City, population growth, affordability, and home price appreciation combine with a robust rental market and local economy to create tremendous investment opportunities.
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