Cheap Homes For Sale in Oklahoma City OK | Zillow (2024)

FAQs

Where in Oklahoma is the cheapest place to live? ›

The short answer is supply versus demand. There is lots of land in Oklahoma and not a lot of people (demand for that land), thus it is relatively inexpensive. Why are houses so cheap in Arkansas?

The Oklahoma housing market isn't that competitive. The median home sales price in July 2024 has decreased in the past 3 months to $250,200. That's down 0.5% and $1,300 lower than July 2023 of last year. That is lower than the national median home sales price of $427,962.

Summary of cost of living in Oklahoma City, OK, United States: A family of four estimated monthly costs are 4,227.4$ without rent. A single person estimated monthly costs are 1,226.2$ without rent. Oklahoma City is 32.2% less expensive than New York (without rent).

Edmond. Located on the city's north end, Edmond is one of the most desired Oklahoma City suburbs. Whether you're looking to rent or buy a home with room to grow, you'll find a variety of budget-friendly housing options ranging from contemporary apartments to large ranch and Craftsman-style houses.

Mississippi: According to World Population Review, in 2023, Mississippi holds the title of the cheapest state to live in the United States. Its cost of living index is 85, and overall costs in the state are 17% lower than the national average.

Compared to larger metropolitan areas, Oklahoma City benefits from low traffic congestion. This makes commuting more manageable and less time-consuming for residents. The ease of getting around contributes to a more relaxed lifestyle, with less stress and more time for personal activities.

Homeowners spend $410,500 in total to build a house in the Sooner State, which is $174,500 more than the median sale price. Expensive labor, supply chain issues, and a rise in material costs can further increase your expenses. In most cases, it is more affordable to buy a home for sale in Oklahoma and move in quickly.

The months from March to June are the best time to buy a house in Oklahoma. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

The average Oklahoma home value is $208,910, up 3.2% over the past year and goes to pending in around 19 days.

Is there a housing shortage in Oklahoma City? ›

Across Oklahoma, there is a shortage of rental homes affordable and available to extremely low income households (ELI), whose incomes are at or below the poverty guideline or 30% of their area median income (AMI). Many of these households are severely cost burdened, spending more than half of their income on housing.

According to her research, two in five Oklahoma wage earners are making under $18 an hour. She adds in Oklahoma, you need to be making $18 an hour to afford a two-bedroom rental. “And there is just a huge shortage of housing, particularly for lower income Oklahomans,” said Brown.

Oklahoma has a lower cost of living than many other states in the US, with lower housing, healthcare and transportation costs. This is a huge advantage for retirees, especially those on a fixed income looking to make their money go further.

In Oklahoma, the study found that the annual cost of living for the average family is $62,898. That's 14.8% lower than the national average of $72,967. Annually, housing costs are 32% lower than the national average in the Sooner State, grocery costs are 6% lower and utility costs are 2% lower, according to the study.