Tulsa, OK, is a great place to call home for those who want to move there. Many people are moving for employment, education, or a reasonable cost of living. Tulsa provides a wide range of natural beauty. In this blog post, we'll provide an overview of the current housing market in Tulsa, including average home prices and median rent prices. We'll also discuss recent trends and changes in the market. So if you're considering buying or selling a home in Tulsa, read this post!
Quick Facts
- Oklahoma's Creek County, Osage County, and Tulsa County are all home to the city of Tulsa.
- The poverty rate in Tulsa is 18.30%, with an average household income of $73,816.
- The median monthly cost of rent in recent years has been $839, and the median value of a home is $143,400.
- Tulsa, OK's population has increased by 1.02% since the last census, which is currently growing at a rate of 0.51% per year.
- 417,298 people are living in Tulsa, Oklahoma, at the moment.
Tulsa, OK, in a Nutshell
T-Town, known as the world's oil capital, has grown into a thriving (though modest) modern metro area. Tulsa lies on the border of the South, Southwest, and Midwest. It is home to a unique culture that combines the best elements of the places it borders. These include the Native American and cowboy heritage. But the most enticing feature of Tulsa is its gracious and welcoming hospitality. It also consists of the down-to-earth attitudes of passionate locals about their town.
It would be an understatement to say that local ties run deep in Tulsa, OK. This assumption is that many residents have lived there their entire lives. It is also true that locals are friendly to visitors. It is common to run into friends or acquaintances at the grocery store. Developing bonds with baristas and engaging in lengthy conversations is also typical. Additionally, the neighborhood often comes together to celebrate its history and shared passions. Some notable events are Oktoberfest and the annual bicycle races. There are also several food festivals, and Mayfest is some of the well-liked occasions.
Economy
Compared with metro areas of similar size, Tulsa's job market is more robust. Tulsans make an average salary of $45,260, which is lower than the $50,620 national average. In comparison to the national average, the unemployment rate is 3.7%, which is 0.2% lower. The labor market also continues to grow. In contrast to the US job growth average of 33.5%, job growth will increase by 29.5% over the next ten years. Generations of city residents received stable employment thanks to businesses in the city.
The founding of the United States Oil and Gas Association helped people get jobs. This sector has been Tulsa's economic engine for decades. Williams Companies, SemGroup, ONE Gas, and Syntroleum are some top employers. ONEOK, Laredo Petroleum, WPX Energy, and Excel Energy are a few of today's energy producers. Consumer Affairs, This Land Press, and GEB America are a few notable employers. Small and medium-sized businesses are the most prevalent employers in Tulsa. They account for more than 80% of the city's LLCs. The city has established manufacturing, aerospace, finance, technology, telecommunications, and tech base. It also continues to diversify its industrial base.
Employment
The job market has been booming since more industries moved into the city. Here, unemployment rates are 4.6% lower than they are nationwide. So you shouldn't have any trouble finding employment if you need it. Compared to other cities of a similar size, Tulsa has a strong job market. The city was wise enough to concentrate on other industries to create a thriving economy. But still, it has every right to depend on its oil and energy industry. Its energy and oil sector remain the city's primary employer. But by relying less on oil, Tulsa expanded its employment opportunities. It grew in fields like logistics, IT, finance, and bioscience. It also developed in agriculture, defense, and aerospace. As a result, it created a diverse pool of job openings. The job market in Tulsa has expanded by 2.7% over the past year. So, employment has increased over the past few years in the city, and the outlook is positive. 80% of the LLCs in the metropolis, aside from corporations, are small businesses. As a result, finding employment in Tulsa will not be too challenging.
Real Estate in Tulsa, OK
Tulsa is a very cost-effective place to live, with one of the country's lowest cost of living averages. It is almost 17% less than the national average. If keeping finances in order is important, relocating to here might be wise. T-Town has been one of the most affordable cities in the nation. Tulsans pay 24% less in taxes per year than the average American. This situation further adds to the city's already excellent affordability.
The median home price in the town is only $143,400. And those who want to rent will be happy. Tulsa was one of the most well-priced city in the United States for renters. In fact, the median rent only sums to about $839. Given all these elements, it is no surprise that Tulsa's population has increased. Because of this, the cost of housing in Tulsa is 35% less than the national average. This outcome is a fantastic deal many should not pass up. The downtown area and Lawton are the most affordable areas to consider.
Real Estate Trends
The Greater Tulsa Association of Realtors shows somewhat positive information. Most recent statistics show how brisk the Tulsa real estate market is currently. Homes in the city are selling for the total asking price. The median number of days on the market from listing to contract is 4. The median sales price rose 16.84% year over year. As of 2022, Tulsa's Zillow Home Value Index (ZHVI) was $183,997. In Tulsa, house prices have risen by 20.0% in the past 12 months. Home values have increased by more than 53% in the last five years. The real estate market in Tulsa, is a seller's market, meaning there are more buyers than sellers. According to Zumper, a 3-bedroom home for rent in Tulsa averages a monthly price of $1,295. In Tulsa, rents have gone up 4% since last year. Rent for a 3-bedroom apartment in Tulsa has increased by about 30% in the previous three years.
Final Thoughts
In the northeast of Oklahoma, there is a vibrant city called Tulsa. It was influential in the industrial revolution, with the name "Oil Capital of the World." Despite oil's enormous advantages, Tulsa reduced its reliance on the energy industry. Instead, it focused on diversifying its economy by expanding into other sectors. Consider moving to Oklahoma for those who want a great state. Much research could be beneficial because moving to a new community is not simple. Besides luring people in their 20s, Tulsa also draws retirees because it is a livable city. It also has drawbacks, though some benefits outweigh the unfortunate realities. So, base your decision to live in Tulsa on the city's low cost of living, strong economy, and the robust job market. This way, it becomes a fantastic option.
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