Welcome to today’s Real Estate news roundup! In Oklahoma, zoning laws are identified as a contributing factor to the shortage of affordable housing, with restrictive ordinances in major cities limiting the availability of affordable options. The state has space to accommodate the demand, but changes in zoning policies are necessary to address the issue. Meanwhile, the closure of the Oklahoma Parking Site in San Luis Obispo County marks the end of an overnight parking program that was initiated in response to increased rates of homelessness during the pandemic. Additionally, the real estate market in Oklahoma continues to experience a frenzy, resulting in increased prices for affordable properties. We also take a look at the employment landscape in the construction industry, which remains below pre-recession levels in Oklahoma. Lastly, the impact of inflation on household incomes and housing costs is explored, with Oklahoma having the 6th lowest home price-to-income ratio in the U.S. To delve deeper into these stories, click on the respective links provided.
Oklahoma zoning laws a factor in affordable housing shortage
Oklahoma is facing a shortage of affordable housing, with over 77,000 units needed to meet the demand of low-income residents. Zoning policies, particularly restrictive ordinances in major cities like Norman, Oklahoma City, and Tulsa, contribute to the problem. These areas have a high percentage of single-family zoning, limiting the availability of affordable housing options. The state has space to accommodate the demand, but zoning changes and easing restrictions are necessary. Other states have already implemented zoning reforms to create more accessible housing options. To learn more about how zoning laws impact affordable housing in Oklahoma, read the full article on The Oklahoman.
Long Story Short: How Oklahoma Zoning Laws Contribute to the Housing Crisis – Oklahoma Watch
Oklahoma’s restrictive zoning ordinances are exacerbating the state’s affordable housing shortage, according to a recent article by Heather Warlick. As the regular legislative session nears its end, lawmakers are discussing potential solutions. In another story, Keaton Ross investigates the negligence of staff at the Lawton Correctional Facility, where a prisoner was brutally murdered. Your support is crucial in enabling Oklahoma Watch to continue producing impactful journalism that holds institutions accountable and informs the community. To read the full article and learn more about Oklahoma’s zoning laws and their impact on the housing crisis, visit Oklahoma Watch.
San Luis Obispo County Oklahoma Street temporary housing program officially shut down Monday | News Channel 3-12
The County of San Luis Obispo has announced the official closure of the Oklahoma Parking Site, an overnight parking program located off Highway 1. The remaining ten individuals voluntarily left the site on Monday, May 6, following a settlement agreement between the plaintiffs and the county. The closure comes after a ruling in favor of the county’s actions was issued by the U.S. District Court in April. The county has agreed to provide temporary lodging, relocation assistance, and storage for vehicles and personal property for 90 days. The Oklahoma Parking Site was initially opened in response to the increased rates of homelessness during the COVID-19 pandemic. To learn more about the closure of the Oklahoma Street temporary housing program, visit News Channel 3-12.
Cities With the Fastest-growing Home Prices in Oklahoma | Stacker
The real estate market in Oklahoma continues to experience a frenzy, with buyers competing for a limited supply of housing, resulting in increased prices for affordable properties. The typical home value in the United States was $355,696 in March, marking a 4.6% year-over-year increase. While mortgage rates have slowed growth and caused price declines in some areas, other cities in Oklahoma are still seeing significant price jumps compared to the previous year. Stacker has compiled a list of cities with the fastest-growing home prices in Oklahoma, based on data from Zillow. To explore the rankings and learn more about the housing market in Oklahoma, visit Stacker.
The Construction Industry Employs 5.3% of Oklahoma Workers, Below U.S. Average
The Great Recession had a significant impact on the American economy, particularly in the housing market. The subprime mortgage crisis led to a decline in residential property values and a decrease in new housing construction. Despite these challenges, construction workers continue to play a crucial role in driving economic growth and expanding the supply of residential housing. However, employment within the construction sector in Oklahoma remains below pre-recession levels, with only 5.3% of workers employed in the industry. This is below the national average. The construction industry employs a diverse range of professionals, including laborers, trades workers, managers, and support staff. In the Mountain West region, states like Wyoming, Utah, and Idaho heavily rely on construction industry jobs. Rapid population growth in the region has contributed to increased demand for construction projects. For more information and detailed statistics, visit the article on City News OKC.
Oklahoma Has the 6th Lowest Home Price-to-Income Ratio in the U.S.
The impact of inflation on household incomes and housing costs has been a major economic story in recent years. While wage growth in the U.S. has remained above pre-pandemic levels, increasing prices in consumer categories have limited the benefit for most households. The cost of dining out, transportation, and shelter, particularly housing, has seen significant increases. Since the onset of the pandemic, housing prices have soared, with homes sold in the U.S. experiencing a more than 40% increase. However, household incomes have failed to keep up with rising home prices.
Income growth has consistently lagged behind the growth of home prices for at least the last two decades. From 2000 to 2022, median annual household income in the U.S. increased by 77.6%, while median home prices nearly tripled. Adjusted for inflation, household incomes only increased by 4.5% during this period, compared to a 59.1% increase in home prices. The gap between wage growth and home price growth is particularly felt in areas where home prices are increasing rapidly, such as the Mountain West states.
In terms of home price-to-income ratio, Oklahoma has the 6th lowest ratio in the U.S., indicating greater affordability compared to other states. This analysis was conducted by Construction Coverage using data from Zillow and the U.S. Census Bureau. For more information and detailed statistics, visit the article on Pryor Info Pub.