@Nathan Hughes - under no circumstances can we consider Oklahoma City 'overlooked', it seems there is an out-of-state investor (OOS) on every corner. In June of 2018, Lending Tree did an interesting article on this and anecdotally - the presence of OOS investors have only increased since then. Note that non-owner occupied purchasers are paying substantially more than private home-owners. That's significant because it suggests they don't understand the local market.
"The city with the highest percentage of vacation and investment homes is ...
LendingTree revealed its list of cities with the most non-owner occupied mortgages — the results are surprising
by
Marian McPherson Staff Writer
June 12, 2018
Buyers in Oklahoma are embracing the state’s “Boomer Sooner” spirit by snapping up additional properties to be used as vacation, investment or second homes.
According to LendingTree’s latest real estate market analysis, Oklahoma City has the highest share of non-owner occupied mortgages (15.4 percent) out of the 50 largest cities in the United States. The average loan size for a non-owner occupied property in Oklahoma City is $193,000 — $11,000 more than the average loan size for an owner-occupied home ($182,000).
Philadelphia (14.6 percent), Memphis (14.6 percent), Miami (14.5 percent) and San Francisco (13.9 percent) rounded out the top five cities with the largest share of non-owner occupied mortgages.
LendingTree Chief Economist Tendayi Kapfidze said non-owner occupied mortgage rates are highest in the South and West, but for very different reasons.
“Southern cities may be attracting investors due to low prices and growing populations,” Kapfidze said in the report. “Many residents in Southern cities may not be able to access homeownership due to lower median salaries, creating a ready pool of renters.”
