Oklahoma City is one of the top 10 markets with the highest percentage of investor buyers, according to a report from Realtor.com. As one local real estate agent notes, the market is attracting a lot of buyers from New York and California and “they’re buying everything.”
Home values and rents in Oklahoma City have increased by nearly 17% year over year, with 3-bedroom homes commanding median rents of $1,405 per month. Although home prices here are relatively affordable, investors paying all cash are making it hard for first-time buyers, and many people end up renting instead.
Here are 15 Oklahoma City neighborhoods and suburbs in which to consider purchasing investment property, including several areas where nearly half of the residents rent their homes.
Key takeaways
- Oklahoma City is home to more than 681,000 people in the city and over 1.4 million residents in the metropolitan area.
- The population of Oklahoma City grew by 17% over the past 10 years, about 3 times faster than the state’s population growth.
- Some of the places in and around Oklahoma City with large percentages of renters include Norman, Bethany, and The Village.
>>Explore Roofstock's Oklahoma City investment properties.
Why invest in Oklahoma City?
Over the past decade, the population of Oklahoma City soared by 17%, about 3 times faster than the entire state’s population growth. According to the mayor, the growth of Oklahoma City is expected to bring more employers and entrepreneurs.
Both new residents and businesses are relocating to Oklahoma City, attracted by the low cost of living and the city’s pro-business environment. More than 330,000 new jobs were created over the past 10 years, driving the unemployment rate down to just 1.6% in December 2021, according to the Greater Oklahoma City Partnership.
The demand for rental property and housing in the Oklahoma City metropolitan area also continues to grow. The typical value of a middle-price-tier home increased by nearly 16.9% year over year, according to Zillow (Jan 31, 2022), while median rents for 3-bedroom homes have grown by 17% (Zumper as of Feb 2022).
15 great areas in Oklahoma City for investment properties
The Oklahoma City metropolitan area is more than 410 square miles in size and home to 245 neighborhoods as far north as suburban Edmond and south to the town of Norman.
Oklahoma City is a seller’s market, according to Realtor.com (Jan 2022), which means there are more buyers than sellers. The market has a sales-to-list price ratio of 100%, with homes selling for approximately the asking price on average and properties going under contract after being on the market for an average of 49 days.
Here are 15 areas in and around Oklahoma City to consider. Neighborhood-level data comes from Redfin, Realtor.com, and Niche.com.
Oklahoma City
Oklahoma City has a dense suburban feel and is home to a wide variety of neighborhoods and rental properties. Over 40% of the residents rent their homes, and median rents for 3-bedroom homes in Oklahoma City have increased by 17% year over year, according to Zumper (Feb 2022):
- Population: 643,692
- Median sale price: $230,000
- Change in sales price (year over year): 7.0%
- Days on market: 10
- Median rent: $871
- Renter-occupied households: 41%
- Median household income: $55,557
- ZIP codes: 73008, 73020, 73054, 73083
Edmond
Suburban Edmond is located north of Oklahoma City, along I-35. Spring Creek Park and Arcadia Lake are at the southern end of the town, and Edmond is also home to the University of Central Oklahoma and Oklahoma Christian University:
- Population: 92,009
- Median sale price: $319,900
- Change in sales price (year over year): 12.4%
- Days on market: 12
- Median rent: $1,047
- Renter-occupied households: 32%
- Median household income: $81,473
- ZIP codes: 73003, 73007, 73013, 73025
Norman
The suburban town of Norman is about 30 minutes south of Oklahoma City via I-35. Lake Thunderbird State Park is just east of Norman, and the town has a dense suburban feel and a large percentage of residents who rent their homes:
- Population: 122,837
- Median sale price: $226,000
- Change in sales price (year over year): 8.3%
- Days on market: 15
- Median rent: $876
- Renter-occupied households: 47%
- Median household income: $58,119
- ZIP codes: 73019, 73068, 73070, 73086
Goldsby
Goldsby is just south of Norman, bordered by I-35 on the east and State Route 9 on the north. Niche.com ranks the town as the best place to buy a home in the Oklahoma City area:
- Population: 2,100
- Median sale price: $405,000
- Change in sales price (year over year): 8.0%
- Days on market: 15
- Median rent: $777
- Renter-occupied households: 10%
- Median household income: $72,120
- ZIP codes: 73072, 73080, 73093
Yukon
The town of Yukon is west of Oklahoma City near Lake Overholser. The suburb has a spare suburban feel, and nearly one in 3 residents rent their homes:
- Population: 26,943
- Median sale price: $234,000
- Change in sales price (year over year): 16.1%
- Days on market: 6
- Median rent: $948
- Renter-occupied households: 28%
- Median household income: $66,419
- ZIP codes: 73085, 73099
Newcastle
Newcastle is a few minutes south of Oklahoma City along I-44, adjacent to suburban Goldsby. The town has a rural feel and is near the Will Rogers World Airport:
- Population: 9,967
- Median sale price: $263,900
- Change in sales price (year over year): 19.5%
- Days on market: 7
- Median rent: $769
- Renter-occupied households: 17%
- Median household income: $81,306
- ZIP codes: 73065, 73072
The Village
The Village is located north of Oklahoma City, near Lake Hefner and Stars and Stripes Park. This suburb of Oklahoma City has a spare suburban feel, and one in 3 residents rents:
- Population: 9,452
- Median sale price: $180,000
- Change in sales price (year over year): 2.6%
- Days on market: 7
- Median rent: $1,182
- Renter-occupied households: 33%
- Median household income: $58,947
- ZIP codes: 73120, 73156
Nichols Hills
Nichols Hills is near Lake Hefner, about a 20-minute drive north of Oklahoma City. This small town has a rural feel and a lot of restaurants and parks:
- Population: 3,891
- Median sale price: $855,000
- Change in sales price (year over year): -0.58%
- Days on market: 62
- Median rent: $1,914
- Renter-occupied households: 7%
- Median household income: $186,912
- ZIP codes: 73116, 73120
Moore
Moore is located south of Oklahoma City along I-35, near the Norman Regional HealthPlex. The town is the sixth largest in Oklahoma, and Niche.com ranks it as the second best place to live in Cleveland County, part of the Oklahoma City metropolitan area:
- Population: 60,943
- Median home value: $190,000
- Change in sales price (year over year): 2.8%
- Days on market: 8
- Median rent: $1,021
- Renter-occupied households: 32%
- Median household income: $65,915
- ZIP codes: 73069, 73149, 73160, 73170
Bethany
The suburban town of Bethany is located northwest of Oklahoma City, adjacent to Lake Overholser and the Stinchcomb Wildlife Refuge. Bethany has a dense suburban feel, and nearly half of the residents rent their homes:
- Population: 19,366
- Median sale price: $162,250
- Change in sales price (year over year): 16.7%
- Days on market: 17
- Median rent: $855
- Renter-occupied households: 45%
- Median household income: $50,867
- ZIP code: 73008
Warr Acres
Warr Acres is one of the largest suburbs in Oklahoma City, located between Bethany and Lake Hefner. The town has a sparse suburban feel and a large percentage of renter-occupied households:
- Population: 10,180
- Median sale price: $170,000
- Change in sales price (year over year): 27.1%
- Days on market: 6
- Median rent: $819
- Renter-occupied households: 37%
- Median household income: $48,616
- ZIP codes: 73122, 73123, 73132
Spencer
Spencer is northeast of Oklahoma City, along Highway 62. This small town has a rural feel, a lot of bars and coffee shops, and a large percentage of renters:
- Population: 3,995
- Median sale price: $126,000
- Change in sales price (year over year): 12.0%
- Days on market: 5
- Median rent: $761
- Renter-occupied households: 36%
- Median household income: $40,000
- ZIP codes: 73084, 73141
Midwest City
Midwest City is a few minutes east of Oklahoma City, just south of the town of Spencer. Midwest City has a sparse suburban feel, with a lot of parks and renter-occupied households:
- Population: 57,288
- Median sale price: $158,500
- Change in sales price (year over year): 17.4%
- Days on market: 7
- Median rent: $867
- Renter-occupied households: 43%
- Median household income: $49,914
- ZIP codes: 73020, 73117, 73140, 73145
Mustang
Mustang is located southwest of Oklahoma City, along State Highway 152. Niche.com ranks the town as the second-best place to live in Canadian County, one of 4 counties in the metropolitan area. Mustang has a sparse suburban feel and receives good grades for housing, public schools, and nightlife:
- Population: 21,459
- Median sale price: $238,500
- Change in sales price (year over year): 8.9%
- Days on market: 14
- Median rent: $1,056
- Renter-occupied households: 24%
- Median household income: $74,071
- ZIP code: 73064
El Reno
Located west of Yukon and Mustang, El Reno is ranked as the third-best place to live in Canadian County. The town has a rural feel and a large percentage of residents who rent their homes:
- Population: 19,095
- Median sale price: $115,000
- Change in sales price (year over year): -8.0%
- Days on market: 20
- Median rent: $752
- Renter-occupied households: 41%
- Median household income: $48,060
- ZIP codes: 73014, 73022, 73036
>>Explore Roofstock's Oklahoma City investment properties.
