Oklahoma City, OK
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Top 5 reasons to invest in Oklahoma City, OK
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With its sizable and young population, Oklahoma City, OK, is a potential gold mine for real estate investors. The city's low vacancy rate, combined with a median home price well below the national average, clearly indicates the high demand for housing and the favorable market conditions that draw real estate investors.
Oklahoma City is home to 1,428,923 residents, a change of 1.14% from last year. The housing market is on the rise, with a 3.6% change in home prices last year to $233,272, promising a lucrative return on investment for investors looking for a new market to enter.
Rent prices are also increasing, changing 4.0% year over year to $1,341 today. The area's rent-to-price ratio is also decent at 0.6%, providing real estate investors with a promising investment.
The area’s average resident is 36 years old. The market’s overall vacancy rate is low at 9%, and 37% of the area’s homes are rentals, with 74% of the 623,201 housing units operating as single-family units. All this means investors have various opportunities to expand their real estate portfolios in this area.
The area’s median income is $67,963, which is slightly below the national average. However, with prominent industries in the area, like aviation, aerospace, and bioscience, there is a lot of potential to attract top talent to the area. Currently, the unemployment rate is 3.0%, and the city's growing infrastructure and amenities help ensure steady demand for housing and a stable market for real estate investors.
Oklahoma City favors landlords in its rental laws. For instance, landlords can raise rents at any time without any caps. This provides a secure framework for landlords and ensures smooth management of real estate investments. Short-term rentals are also allowed in the area, but licenses are required.
Oklahoma City is an affordable area for real estate investors, with a diversified, booming economy. With a low vacancy rate, a young population, and affordable homes, it's easy to decide to invest in Oklahoma City and its favorable market.
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