Study of Oklahoma Housing presentation
- Oklahoma Real Estate Show
- Aug 30, 2021
- 2 min read
The most comprehensive study of housing for the Oklahoma City metro will be presented at the Oklahoma City Council Meeting on Tuesday, August 31st at 8:30 AM. OKCMAR Board Member Jessica Thompson and Government Affairs Director Gary Jones have been involved in this study, serving on the Advisory Stakeholder Group.
OKCMAR Government Affairs Chair Glen Cosper stated, “We have been waiting for months for this presentation. The study has been in the works for almost 2 years.”
Oklahoma City commissioned the study to obtain a clearer picture of the current condition and availability of housing in the metro.
The report is a continuum of insight and strategies the community can pursue to help solve the issues in housing. "OKCMAR’s leadership, working with the membership, plans to be part of this effort," said Cosper.
Excerpt from study:
"We commissioned this study to obtain a clearer picture of the current conditions and availability of housing in our community with consideration of the needs of our residents. Findings show at present we are fortunate that there is sufficient, affordable, and adequate housing available for those in our community who make at or above the median income in Oklahoma City. However, for the 44 percent of city residents that do not enjoy this level of income, the picture is different. For those at the lower end of the income spectrum, housing that is affordable becomes increasingly hard to find. Additionally, many of these units are poorly maintained and may even pose a health or safety risk for the women, men and children who reside within. It is also worth noting that over the last decade, housing costs in Oklahoma City have risen at a faster rate than wages, creating an affordability gap. Housing is generally considered to be affordable when no more than 30 percent of a household’s gross income goes to the cost of housing. For homeowners, that includes mortgage principal, interest, insurance, and taxes. For renters, housing costs include rent and housing related utilities. Households in the higher income brackets may choose to pay a higher percentage for housing costs as they have more disposable income. However, for households at lower socio-economic levels, making housing payments that exceed this threshold leaves little for other critical costs of living. By this formula, a single person household working fulltime at minimum wage ($16,120/year) for example, should have housing cost less than $403/month - practically requiring them to either work a secondary job and/or find a roommate to share housing costs. "
CLICK THE LINK BELOW TO DOWNLOAD THE FULL STUDIES FINDINGS
We invite you to attend the council meeting at City Hall, located at 200 N. Walker Ave. Please wear a mask. The meeting will also be live streamed.
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