Welcome to today’s real estate news roundup! In Oklahoma, the Senate Business and Commerce Committee has approved a bill to create an affordable housing commission, aimed at addressing the ongoing housing shortage in the state. Another report reveals that Oklahoma has seen a 5.9% growth in total housing units over the past decade. Meanwhile, there is a deep division over a proposed law in Oklahoma that would change how the state houses transgender inmates. Bankrate provides expert insights and predictions for the 2024 housing market, and in Washington County, list prices for homes were lower in March. Additionally, Central Oklahoma Habitat for Humanity plans to build 450 affordable homes in a new development, while a new report shows that Oklahoma is drawing more Millennials than it is losing. Read on to explore these stories and gain valuable insights into the real estate landscape.
Oklahoma Senate committee approves bill to create affordable housing commission
The Senate Business and Commerce Committee reportedly has given its approval to a measure to help increase access to affordable housing. House Bill 2724, authored by Sen. Julia Kirt, D-Oklahoma City, and Rep. Meloyde Blancett, D-Tulsa, would create the Oklahoma Affordable Housing Commission to oversee the planning, coordination, and strategy to address Oklahoma’s ongoing housing shortage. Under HB2724, the 15 members of the Oklahoma Affordable Housing Commission would be appointed by leaders of the Senate, House, and the governor, with representation from both parties and experts in the field from rural and urban communities as well as Tribal nations. HB2724 is now eligible to be heard by the full Senate.
Oklahoma Sees 5.9% Growth in Total Housing Units Over the Past Decade
The need for affordable housing in the United States has never been greater. Research estimates that the U.S. is short millions of housing units relative to current market needs, creating more competition for fewer units. Factors such as laws, regulations, rising costs, and the impact of the Great Recession have contributed to difficulties in adding housing stock. However, some parts of the country, including Utah and Texas, have managed to add homes faster than others. Oklahoma has seen a 5.9% growth in total housing units over the past decade.
Oklahoma HB 3022 would change how the state houses transgender inmates
There’s deep division over a proposed law that would require Oklahoma’s prison system to house people based on their biological sex by regulating bathrooms and sleeping areas. Supporters argue it’s a proactive measure aimed at housing transgender inmates and protecting them from sexual assaults, while critics say it’s unnecessary and another attack on LGBTQ+ rights. The bill authored by Rep. Justin Humphrey requires gender-specific designations for restrooms and sleeping quarters in Department of Corrections facilities. However, opponents argue that the legislation creates logistical challenges and disregards medical transitions. The measure has passed the state House and awaits consideration in the Senate.
Housing Market 2024 Predictions | Bankrate
Bankrate has a long-standing reputation for helping people make smart financial choices. With a focus on demystifying the financial decision-making process, Bankrate provides objective, accurate, and trustworthy content to assist individuals in making informed real estate decisions. From understanding the complex housing market to navigating the home buying and selling process, Bankrate’s real estate reporters and editors aim to provide readers with the knowledge and confidence needed to make the best financial choices. Discover expert insights, predictions, and advice on mortgage rates, home prices, inventory levels, and the impact of potential commission changes. Trust Bankrate to guide you through the complexities of the 2024 housing market.
List prices for Washington County homes were lower in March
In March, the median list price for homes in Washington County was $225,000, a decrease of 2.8% from the previous month. However, compared to March 2023, the median list price increased by 13.8%. The data analyzed only includes houses listed for sale in Washington County and not those that were sold. Listings in the county had a median size of 1,826 square feet, with a price per square foot of $113. Homes in Washington County spent a median of 45 days on the market, shorter than the national median of 50 days. Around 72 new listings were added in March, a 5.9% increase from the previous year. For more localized information on your housing market, visit data.oklahoman.com.
Nonprofit plans to build 450 affordable homes in new development
Central Oklahoma Habitat for Humanity is embarking on its largest affordable housing development project to date. The organization will build over 400 homes in the Cornerstone Creek neighborhood, providing limited or middle-income families with an opportunity to own a home. The homes will be energy efficient and cost around $165,000. Applicants are required to contribute 100 hours of sweat equity, working alongside volunteers to build their homes. This initiative comes at a crucial time when there is a shortage of affordable housing in the state and nationally. To learn more about this project, click here.
Oklahoma drawing Millennials, data show
A new report reveals that Oklahoma is attracting more Millennials than it is losing. For every two Millennials leaving the state, three are moving to Oklahoma. This positive trend can be attributed to factors such as lower cost of living, affordable housing options, and a favorable regulatory environment. The state’s governor, Kevin Stitt, believes that Oklahoma’s appeal lies in its livable cities, safe streets, and acceptable cost of living. The report also highlights that Millennials are leaving states with high costs of living, such as New York and California, in search of more affordable housing options. To learn more about why Millennials are choosing Oklahoma, click here.