Rent to own Homes in Oklahoma City, OK
Oklahoma City had a population of 655,057 as of 2020, a 12.9% increase over its 2010 census count. It is now the 27th-most populous city in the country. OKC encompasses an area of 606.41 square miles, making it the eighth-largest U.S. city by area. Also known as The Big Friendly because of its pleasant inhabitants, it's no surprise that the city's population is rising.
OKC's roots date back to 1889 when the United States allowed people to claim land free of charge. At the end of the first day, more than 10,000 residents inhabited Oklahoma City. Cattle trade immediately became - and still is - a major industry in the city, but it is a great place to start any type of business. This year, Oklahoma City made it to Inc.com's list of the 50 best U.S. cities for starting a business. The overall economy is diverse, with industries such as aviation and aerospace, biotech, energy, transportation and logistics, business services, health care, hospitality and entertainment, and telecommunications.
Oklahoma City, OK is a great place for affordable rent-to-own homes! With a median household income of over $56,456 and a median rent of $884, the Oklahoma City, OK rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Oklahoma City, OK. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
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Rent to own Homes in Cities Near Oklahoma City, OK
- Arcadia
- Bethany
- Blanchard
- Bridge Creek
- Choctaw
- Cole
- Del City
- Dibble
- Edmond
- El Reno
- Forest Park
- Goldsby
- Guthrie
- Harrah
- Jones
- Lake Aluma
- Middleberg
- Midwest City
- Moore
- Mustang
- Newalla
- Newcastle
- Nichols Hills
- Nicoma Park
- Noble
- Norman
- Oklahoma City
- Piedmont
- Purcell
- Slaughterville
- Smith Village
- Spencer
- The Village
- Tuttle
- Union City
- Valley Brook
- Warr Acres
- Washington
- Woodlawn Park
- Yukon
Neighborhoods in Oklahoma City, OK
Las Vegas rent to own homes Manwell Acres rent to own homes Edendale Estates rent to own homes 10/18 Neighborhood Watch rent to own homes 38th Street Preservation rent to own homes 50 Penn West rent to own homes 50th & Sooner rent to own homes Airline rent to own homes Airpark rent to own homes Akers Park rent to own homesBuying a Home in Oklahoma City, OK
Oklahoma City, OK is seeing rapid growth and Oklahoma City, OK's' housing market remains optimal with an average home price that is -26% below the 2023 national average. Oklahoma City, OK is part of Oklahoma county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Oklahoma is 0.96% which is below the national average, which is 0.99%.
Median Home Price in Oklahoma City, OK
Median Rent in Oklahoma City, OK
Average Cost of Living in Oklahoma City
Oklahoma City is an affordable place to live. The overall cost of living in the city is slightly higher than the rest of the state, but nearly 15% lower than the national average. Groceries, utilities, and transportation are all cheaper than the rest of the country. The only category that's more expensive is health costs, which is 17.2% higher than the other parts of the United States and 1.4% higher than Oklahoma State. There are more affordable areas nearby. For example, the cost of living in Del City is 8.1% cheaper than in Oklahoma City. But other neighboring municipalities are more costly. Edmond is 13.7% higher than Oklahoma City, 15.4% more than the state, and less than 1% below the national average.
Average Home Prices in Oklahoma City
The real estate market in Oklahoma City is exceptional for a large city with so much to offer. The median home cost in the city is $130,000. The state average of $124,800 is only 2.2% lower, while the national average, $231,200, is 43.8% higher. Del City's housing is even cheaper at $73,000 for an average home, while a house in Edmond costs $227,900, which is 1.4% below the rest of the country and 44.6% higher than the state average. In general, Oklahoma City has an affordable housing market with many rent-to-own home opportunities.
Oklahoma City Statistics
If you're interested in Oklahoma City rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Oklahoma City statistics compared to the U.S. national average.
| Oklahoma City Averages | National Averages | |
|---|---|---|
| One-Way Commute | 21.3 minutes | 26.4 minutes |
| Violent Crime | 40.4 | 22.7 |
| Property Crime | 60.0 | 35.4 |
| Unemployment Rate | 3.4% | 3.9% |
| Income Tax Rate | 5.0% | 4.6% |
| Air Quality | 51 | 58 |
| Water Quality | 53 | 55 |
| Median Household Income | $47,004 | $53,482 |
| Median Property Taxes | $1,130 | $2,200 |
| Utilities | $160/month | $112/month |
| Monthly Rent | $790 | $1,470 |
| Median Home Cost | $130,000 | $231,200 |
| Median Home Age | 37 years | 40 years |
Popular Amenities and Attractions in Oklahoma City
It would be a shame to pass through Oklahoma City without experiencing its Wild West origins. Visit the National Cowboy and Western Heritage Museum to learn all about the cowboys of the 19th century. The museum has lots of artifacts and exhibits that will take you back to the old American West. More than 100,000 square feet is dedicated to a learning center where you can check out restored 19th-century buildings, grind corn, work on a giant loom, and listen to live storytellers.
Oklahoma City still has a cattle trade market. Oklahoma National Stockyards is the largest cattle stocker and feeder in the world. You can attend the cattle auction every Monday and Tuesday to get a feel for the age-old trade.
If you enjoy the outdoors and water sports, you'll want to visit Riversport Rapids and Adventures. You can go on water slides, whitewater rafting and kayaking, flatwater kayaking, biking, hiking, climbing, and even take a zip line across the Oklahoma River.
Even if you aren't into exotic plants, you can visit the Myriad Botanical Gardens to enjoy the serene environment. While you're there, you can partake in their many events and educational programs, view an art exhibit, and even take a yoga class. The Oklahoma City Zoo has nearly 2,000 animals from around the world, and events and entertainment for people of all ages.
There are many more interesting stops you can make in the city. Wherever you go, the people will greet you with a smile. Consider making Oklahoma City your new home with one of the many rent-to-own opportunities available in the city.