Overview
Oklahoma offers some of the most affordable housing in the nation combined with a low cost of living and friendly communities. The state's economy is anchored by energy, aerospace, and agriculture. Oklahoma City and Tulsa provide urban amenities while maintaining small-town charm, making it attractive for families and those seeking affordable homeownership.
Oklahoma Real Estate Market
Oklahoma remains one of the most affordable states for homebuyers, with median prices well below the national average. Oklahoma City and Tulsa have seen modest appreciation driven by job growth in aerospace and energy sectors. The state offers excellent value for first-time buyers and investors seeking cash-flowing rental properties. Limited population growth keeps prices stable.
Property Taxes in Oklahoma
Oklahoma has moderate property taxes with exemptions for homeowners.
Average effective rate: 0.90%
Annual tax on median home: ~$1,755
Homestead exemption: $1,000 from assessed value for primary residence
First-Time Buyer Programs
OHFA Programs: Oklahoma Housing Finance Agency offers:
- OHFA Homebuyer Down Payment Assistance - Up to 3.5%
- OHFA 4 Teachers - Special program for educators
- OHFA Shield - For first responders and military
- Mortgage Credit Certificate - Tax credit program
Closing Costs in Oklahoma
Oklahoma closing costs are low, typically 2-3% of purchase price.
Common costs include:
- Title insurance: Based on purchase price
- Documentary stamp: $0.75 per $500
- Mortgage registration: $0.10 per $100
- Recording fees: County-dependent
Frequently Asked Questions
Oklahoma is excellent for homebuyers seeking affordability. Low home prices, low cost of living, and reasonable property taxes make homeownership accessible. The trade-off is limited job growth compared to faster-growing states.
Oklahoma is part of "Tornado Alley" with significant severe weather risk. Homeowners insurance and storm shelters are important considerations. Some areas also have earthquake risk due to oil/gas extraction activities.
Oklahoma is significantly more affordable than Texas, with lower home prices and lower property taxes. However, Texas offers stronger job growth and larger metro areas. Both states have no state income tax.