Welcome to today’s real estate news roundup! In this edition, we’ll take a closer look at the cities in Oklahoma with the most expensive homes, uncovering the places where homeownership comes with a hefty price tag. We’ll also delve into the housing crisis faced by low-income families in Broken Arrow and other cities, examining the impact of zoning laws and the urgent need for affordable housing. Additionally, we’ll explore the latest updates on framing lumber prices, highlighting how fluctuations in costs directly affect home affordability. Whether you’re interested in the real estate market, considering a move, or simply fascinated by housing trends, this collection of articles provides essential insights into Oklahoma’s dynamic housing landscape. So, let’s dive in and discover more about the current state of real estate in Oklahoma!
Cities With the Most Expensive Homes in Oklahoma | Stacker
Discover the cities in Oklahoma where the dream of homeownership comes with a hefty price tag. In a detailed analysis by Stacker, using Zillow’s Home Values Index for March 2024, the spotlight shines on the locales across the Sooner State boasting the priciest pads. From the bustling streets of Oklahoma City, which dominates the list with 16 cities, to the serene surroundings of Tulsa and beyond, find out where home values are soaring. Whether you’re curious about the market, considering a move, or simply fascinated by real estate trends, this roundup provides essential insights into the cities leading Oklahoma’s real estate market. With typical home values ranging significantly, and annual price changes reflecting both growth and occasional dips, it’s clear that location, size, age, and condition play pivotal roles in determining home prices. Dive into the data and explore the dynamics of Oklahoma’s most exclusive residential areas.
Learn more about Oklahoma’s most expensive homes
As Broken Arrow considers housing policies, zoning laws in other cities contribute to housing crisis | Broken Arrow Sentinel
In the midst of reevaluating its zoning laws and policies, the city of Broken Arrow faces a critical juncture similar to larger Oklahoma cities, where the dream of homeownership remains elusive for many low-income families. An analysis by the Oklahoma Policy Institute highlights a dire need for over 77,000 affordable housing units to accommodate the state’s lowest-income residents. With the average earnings of these families at $27,750, the financial strain is exacerbated by a housing market that demands $37,436 annually to afford a two-bedroom rental without financial stress. This situation places approximately 30% of Oklahoma’s essential workers, including restaurant staff, teaching assistants, and healthcare providers, in a precarious position, often having to forego basic needs to maintain housing.
Zoning policies significantly contribute to this crisis, with restrictive ordinances in Oklahoma’s largest cities creating barriers to affordable housing. The disproportionate allocation of residential land to single-family zoning in cities like Norman, Oklahoma City, and Tulsa limits the availability of diverse housing options. Meanwhile, Broken Arrow grapples with its own challenges, including a shortage of housing for middle and lower-income residents amidst growing in-migration and projected population increases. The city’s exploration of zoning ordinance revisions and potential adoption of consultant recommendations could pave the way for more inclusive housing development strategies.
Efforts to rethink zoning laws across Oklahoma reflect a broader recognition of the need for multifaceted approaches to address the housing shortage. Proposals to ease single-family zoning restrictions, reduce parking requirements, and allow accessory dwelling units represent steps toward creating a more accessible and equitable housing landscape. As cities like Oklahoma City and Tulsa implement infill overlay districts and explore other reforms, the goal of expanding affordable housing options for all Oklahomans remains central to fostering more inclusive communities.
Learn more about how Broken Arrow and other Oklahoma cities are tackling the housing crisis.
Framing Lumber Prices | NAHB
The National Association of Home Builders (NAHB) provides a weekly update on framing lumber prices, leveraging the Random Lengths Framing Lumber Composite to track price movements in the U.S. and Canada. Amidst volatile softwood lumber prices due to factors like increased demand, tariffs, and supply chain issues, NAHB has been advocating for measures to address these challenges. The report also highlights the significant role of lumber, including plywood and other wood products, in the construction costs of new homes. With over 2,200 square feet of softwood plywood and more than 6,800 of OSB used in the average new single-family home, changes in lumber prices directly affect home affordability. This is compounded by rising wages for construction workers and higher interest rates. The analysis, provided by Jesse Wade, NAHB’s director of tax and trade policy analysis, delves into the dynamics of lumber pricing and its impact on the housing market, emphasizing the urgency of addressing the housing affordability crisis.
Explore the full lumber report and NAHB’s efforts to ease supply-chain challenges