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Living in Beautiful Native America.

Home Mortgage Rates in Oklahoma

Canola Field in Full Bloom in Northeast Oklahoma.

Oklahoma lenders provide a full line of home loan products to home buyers. These loan products are protected by foreclosure procedures that generally favor the lender. As a result, Oklahoma's foreclosure procedures deserve to be closely studied.

Furthermore, it is also a good idea to know something about Oklahoma’s home values, population trends and mortgage industry. Here is some background information that will give readers some idea about Oklahoma's home values, population trends and mortgage industry.

Places to Live

Metropolitan Areas

OK Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 41 Oklahoma City 1,373,211 1,252,987 120,224 9.59%
2 55 Tulsa 987,201 937,478 49,723 5.30%
3 169 Fort Smith, AR-OK Metro Area 281,227 280,467 760 0.27%
4 319 Lawton 128,077 130,291 -2,214 -1.70%
5 440 Stillwater 81,131 77,350 3,781 4.89%
6 470 Shawnee 72,290 69,442 2,848 4.10%
7 482 Muskogee 69,477 70,990 -1,513 -2.13%
8 516 Enid 62,603 60,580 2,023 3.34%
9 580 Bartlesville 52,087 50,976 1,111 2.18%
10 602 Tahlequah 48,700 46,987 1,713 3.65%
11 604 Ardmore 48,556 47,557 999 2.10%
12 634 Durant 45,573 42,416 3,157 7.44%
13 644 Ponca City 44,943 46,562 -1,619 -3.48%
14 652 McAlester 44,173 45,837 -1,664 -3.63%
15 655 Duncan 44,090 45,048 -958 -2.13%
16 717 Ada 38,330 37,492 838 2.24%
17 803 Miami 31,691 31,848 -157 -0.49%
18 821 Weatherford 29,293 27,469 1,824 6.64%
19 862 Altus 25,497 26,446 -949 -3.59%
20 887 Elk City 22,519 22,119 400 1.81%
21 899 Guymon 21,098 20,640 458 2.22%
22 900 Woodward 20,814 20,081 733 3.65%

Oklahoma Real Estate Prices

Oklahoma's median home value prices tend to lag significantly behind the 4th quarter national median home price of $179,900.

To illustrate this point, here are the February, 2010 median home values for three of Oklahoma's most populated cities from lowest to highest:

  • Tulsa ($128,000),
  • Oklahoma City ($133,950),
  • Norman ($149,900).

Oklahoma's median home value prices tend to lag significantly behind the national median price because for two reasons.

First, there are more houses available on the market than what is demanded.

According to Yahoo!'s Oklahoma real estate page, Oklahoma cities have an average of 3,127 units for sale locally. This extra supply of houses on the market has kept statewide median home value prices well below the national median price.

Furthermore, Oklahoma's current low median home values are also seen as a response to a lower cost of living.

Oklahoma has consistently enjoyed a cost of living that indexes well below the national average. This can be explained in large part to its very low housing costs. This is especially true in Oklahoma City. According to www.bestplaces.net, Oklahoma City's housing costs were just 45% of the national average.

As a result, Oklahoma's home values also tend to be a better value for most homebuyers.

Oklahoma's population trends

Oklahoma City Skyline.

Here is a list of Oklahoma’s three largest cities that is based on 2008 US Census estimates:

  1. Oklahoma City (551,789)
  2. Tulsa (385,635)
  3. Norman (106,957)

Here is some background information about these cities:

Oklahoma's largest cities tend to be cities that are the state's economic leaders. For example, Oklahoma City is the state's leading producer of oil, natural gas and other natural resources. It also features one of the world's largest livestock markets. Furthermore, Oklahoma's largest cities also tend be major players in high-tech industries Tulsa and Norman are home to some of the largest high-tech industries in the world. This has created a number of stable, high paying jobs that have kept their economies strong and stable.

Tulsa Skyline.

Oklahoma's fastest growing cities

Here is a list of the three fastest growing cities in Oklahoma that is based on 2008 US census estimates:

  1. Bixby (13,336)
  2. Edmond (32,742)
  3. Norman (106,957)

Here are some reasons why these cities are growing faster than other cities in Oklahoma:

Bixby has enjoyed lower than average crime rates. For the past three years, Bixby has seen 2/3rds fewer crimes than other states in Oklahoma. This is one reason why Money.com named Bixby the 67th best place to live in America.

Edmond's growth has been fueled by Oklahoma City residents who want a calmer lifestyle. This is the case because Edmond’s open spaces and easygoing lifestyle have great appeal with urban residents who want a quieter, relaxed lifestyle.

Norman's growth has been fueled by growth in the high-tech sector. Many high-tech firms have moved into the area to take advantage of a lower cost of doing business. As a result, many people from surrounding communities have moved into the area to work for these firms.

Oklahoma Census Data

According to the United States Census an estimated 3,923,561 people live in the state of Oklahoma. The state has 68,594.92 mi² of land area, which gave it a population density of 57.2 per mi². Here is a list of cities, towns & Census Designated Places with more than 1,000 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Oklahoma City Oklahoma, Cleveland, Canadian & Pottawatomie 638,367 579,999 58,368 10.06% 606.41 1,052.70
2 Tulsa Tulsa, Osage, Wagoner & Rogers 403,090 391,906 11,184 2.85% 196.75 2,048.74
3 Norman Cleveland 122,180 110,925 11,255 10.15% 178.76 683.49
4 Broken Arrow Tulsa & Wagoner 107,403 98,850 8,553 8.65% 61.57 1,744.40
5 Lawton Comanche 94,653 96,867 -2,214 -2.29% 81.03 1,168.12
6 Edmond Oklahoma 91,191 81,405 9,786 12.02% 84.7 1,076.64
7 Moore Cleveland 61,415 55,081 6,334 11.50% 21.82 2,814.62
8 Midwest City Oklahoma 57,305 54,371 2,934 5.40% 24.4 2,348.57
9 Enid Garfield 51,004 49,379 1,625 3.29% 73.68 692.24
10 Stillwater Payne 49,504 45,688 3,816 8.35% 29.54 1,675.83
11 Muskogee Muskogee 38,352 39,223 -871 -2.22% 42.39 904.74
12 Bartlesville Washington & Osage 36,647 35,750 897 2.51% 22.75 1,610.86
13 Owasso Tulsa & Rogers 35,784 28,915 6,869 23.76% 16.29 2,196.69
14 Shawnee Pottawatomie 31,465 29,857 1,608 5.39% 44.14 712.85
15 Yukon Canadian 26,340 22,709 3,631 15.99% 26.23 1,004.19
16 Bixby Tulsa & Wagoner 25,333 20,884 4,449 21.30% 24.8 1,021.49
17 Ardmore Carter 25,107 24,283 824 3.39% 49.88 503.35
18 Ponca City Kay 24,527 25,387 -860 -3.39% 18.37 1,335.17
19 Duncan Stephens 22,985 23,431 -446 -1.90% 43.11 533.17
20 Del City Oklahoma 21,950 21,332 618 2.90% 7.52 2,918.88
21 Jenks Tulsa 21,812 16,924 4,888 28.88% 17.13 1,273.32
22 Sapulpa Creek & Tulsa 20,928 20,544 384 1.87% 24.33 860.17
23 Mustang Canadian 20,792 17,395 3,397 19.53% 11.99 1,734.11
24 Sand Springs Tulsa & Osage 19,822 18,906 916 4.85% 19.77 1,002.63
25 Bethany Oklahoma 19,543 19,051 492 2.58% 5.23 3,736.71
26 Altus Jackson 19,163 19,813 -650 -3.28% 18.37 1,043.17
27 Claremore Rogers 19,069 18,581 488 2.63% 14.26 1,337.24
28 El Reno Canadian 18,786 16,749 2,037 12.16% 79.24 237.08
29 McAlester Pittsburg 18,206 18,383 -177 -0.96% 15.99 1,138.59
30 Durant Bryan 17,583 15,856 1,727 10.89% 26.71 658.29
31 Ada Pontotoc 17,371 16,810 561 3.34% 19.72 880.88
32 Tahlequah Cherokee 16,741 15,753 988 6.27% 12.45 1,344.66
33 Chickasha Grady 16,423 16,036 387 2.41% 22.03 745.48
34 Miami Ottawa 13,484 13,570 -86 -0.63% 10.78 1,250.83
35 Glenpool Tulsa 13,479 10,808 2,671 24.71% 10.34 1,303.58
36 Woodward Woodward 12,543 12,051 492 4.08% 13.12 956.02
37 Choctaw Oklahoma 12,354 11,146 1,208 10.84% 27.3 452.53
38 Okmulgee Okmulgee 12,239 12,321 -82 -0.67% 12.77 958.42
39 Elk City Beckham 11,997 11,693 304 2.60% 16.19 741.01
40 Weatherford Custer 11,978 10,833 1,145 10.57% 6.44 1,859.94
41 Guymon Texas 11,703 11,442 261 2.28% 7.56 1,548.02
42 Guthrie Logan 11,492 10,191 1,301 12.77% 18.77 612.25
43 Warr Acres Oklahoma 10,420 10,043 377 3.75% 2.82 3,695.04
44 Coweta Wagoner 9,673 9,943 -270 -2.72% 11.22 862.12
45 Newcastle McClain 9,652 7,685 1,967 25.60% 59.85 161.27
46 Pryor Creek Mayes 9,520 9,539 -19 -0.20% 9.83 968.46
47 The Village Oklahoma 9,429 8,929 500 5.60% 2.55 3,697.65
48 Clinton Custer & Washita 9,393 9,033 360 3.99% 9.38 1,001.39
49 Poteau Le Flore 8,859 8,520 339 3.98% 30.15 293.83
50 Wagoner Wagoner 8,846 8,323 523 6.28% 10.18 868.96
51 Sallisaw Sequoyah 8,602 8,880 -278 -3.13% 13.28 647.74
52 Blanchard McClain & Grady 8,463 7,670 793 10.34% 32.82 257.86
53 Skiatook Osage & Tulsa 7,908 7,397 511 6.91% 16.21 487.85
54 Cushing Payne 7,796 7,826 -30 -0.38% 7.77 1,003.35
55 Seminole Seminole 7,424 7,488 -64 -0.85% 13.57 547.09
56 Piedmont Canadian & Kingfisher 7,422 5,720 1,702 29.76% 43.59 170.27
57 Catoosa Rogers & Wagoner 7,133 7,151 -18 -0.25% 11.19 637.44
58 Tuttle Grady 6,968 6,019 949 15.77% 28.79 242.03
59 Idabel McCurtain 6,950 7,010 -60 -0.86% 16.88 411.73
60 Grove Delaware 6,835 6,623 212 3.20% 9.19 743.74
61 Blackwell Kay 6,808 7,092 -284 -4.00% 5.49 1,240.07
62 Anadarko Caddo 6,761 6,762 -1 -0.01% 7.13 948.25
63 Noble Cleveland 6,756 6,481 275 4.24% 13.1 515.73
64 Tecumseh Pottawatomie 6,666 6,457 209 3.24% 15.01 444.10
65 Collinsville Tulsa & Rogers 6,650 5,606 1,044 18.62% 7.13 932.68
66 Purcell McClain & Cleveland 6,442 5,884 558 9.48% 10.06 640.36
67 Pauls Valley Garvin 6,206 6,187 19 0.31% 8.56 725.00
68 Harrah Oklahoma 6,044 5,095 949 18.63% 12.32 490.58
69 Henryetta Okmulgee 5,764 5,927 -163 -2.75% 6.61 872.01
70 Holdenville Hughes 5,680 5,771 -91 -1.58% 4.83 1,175.98
71 Vinita Craig 5,563 5,743 -180 -3.13% 6 927.17
72 Lone Grove Carter 5,225 5,054 171 3.38% 27.49 190.07
73 Hugo Choctaw 5,221 5,310 -89 -1.68% 6.4 815.78
74 Alva Woods 5,120 4,945 175 3.54% 2.39 2,142.26
75 Sulphur Murray 5,081 4,929 152 3.08% 6.7 758.36
76 Perry Noble 5,018 5,126 -108 -2.11% 6.37 787.76
77 Kingfisher Kingfisher 4,888 4,633 255 5.50% 4.05 1,206.91
78 McLoud Pottawatomie 4,637 4,044 593 14.66% 17.87 259.49
79 Sayre Beckham 4,603 4,375 228 5.21% 5.59 823.43
80 Marlow Stephens 4,541 4,662 -121 -2.60% 6.97 651.51
81 Verdigris Rogers 4,406 3,993 413 10.34% 5.85 753.16
82 Bristow Creek 4,248 4,222 26 0.62% 3.54 1,200.00
83 Slaughterville Cleveland 4,246 4,137 109 2.63% 38.1 111.44
84 Broken Bow McCurtain 4,103 4,120 -17 -0.41% 6.12 670.42
85 Pocola Le Flore 4,070 4,056 14 0.35% 30.33 134.19
86 Fort Gibson Muskogee & Cherokee 4,061 4,154 -93 -2.24% 13.59 298.82
87 Stilwell Adair 4,048 3,949 99 2.51% 3.23 1,253.25
88 Spencer Oklahoma 4,015 3,912 103 2.63% 5.37 747.67
89 Madill Marshall 3,911 3,770 141 3.74% 4.83 809.73
90 Nichols Hills Oklahoma 3,908 3,710 198 5.34% 1.96 1,993.88
91 Nowata Nowata 3,711 3,731 -20 -0.54% 3.35 1,107.76
Park Hill CDP Cherokee 3,667 3,909 -242 -6.19% 34.4 106.60
92 Frederick Tillman 3,665 3,940 -275 -6.98% 4.92 744.92
93 Roland Sequoyah 3,637 3,169 468 14.77% 2.87 1,267.25
94 Hobart Kiowa 3,592 3,756 -164 -4.37% 3.26 1,101.84
95 Dewey Washington 3,502 3,432 70 2.04% 2.84 1,233.10
96 Hominy Osage 3,495 3,565 -70 -1.96% 1.99 1,756.28
97 Pawhuska Osage 3,477 3,584 -107 -2.99% 3.6 965.83
98 Wewoka Seminole 3,395 3,430 -35 -1.02% 4.82 704.36
99 Heavener Le Flore 3,343 3,414 -71 -2.08% 4.97 672.64
100 Muldrow Sequoyah 3,279 3,466 -187 -5.40% 4.31 760.79
101 Hinton Caddo 3,263 3,196 67 2.10% 3.14 1,039.17
102 Okemah Okfuskee 3,239 3,223 16 0.50% 2.53 1,280.24
103 Checotah McIntosh 3,225 3,335 -110 -3.30% 8.96 359.93
104 Cleveland Pawnee 3,222 3,251 -29 -0.89% 2.69 1,197.77
105 Chandler Lincoln 3,181 3,100 81 2.61% 8.3 383.25
106 Mannford Creek, Pawnee & Tulsa 3,139 3,076 63 2.05% 6.88 456.25
107 Bethel Acres Pottawatomie 3,133 2,895 238 8.22% 28.28 110.79
108 Tishomingo Johnston 3,109 3,034 75 2.47% 4.36 713.07
Meridian CDP Stephens 3,107 1,493 1,614 108.10% 7.49 414.82
109 Tonkawa Kay 3,095 3,216 -121 -3.76% 5.37 576.35
110 Atoka Atoka 3,064 3,107 -43 -1.38% 8.34 367.39
111 Jones Oklahoma 3,012 2,692 320 11.89% 13.67 220.34
112 Elgin Comanche 3,008 2,156 852 39.52% 3.7 812.97
113 Eufaula McIntosh 2,949 2,813 136 4.83% 6.58 448.18
114 Watonga Blaine 2,946 5,111 -2,165 -42.36% 4.07 723.83
Longtown CDP Pittsburg 2,925 2,739 186 6.79% 26.52 110.29
115 Drumright Creek & Payne 2,876 2,907 -31 -1.07% 7.51 382.96
116 Mangum Greer 2,868 3,010 -142 -4.72% 1.75 1,638.86
117 New Cordell  Washita 2,861 2,915 -54 -1.85% 2.54 1,126.38
118 Cache Comanche 2,853 2,796 57 2.04% 3.51 812.82
119 Perkins Payne 2,840 2,831 9 0.32% 3.03 937.29
120 Lindsay Garvin 2,828 2,840 -12 -0.42% 2.32 1,218.97
121 Davis Murray & Garvin 2,802 2,683 119 4.44% 11.02 254.26
122 Stroud Lincoln & Creek 2,778 2,690 88 3.27% 11.46 242.41
123 Healdton Carter 2,761 2,788 -27 -0.97% 14.13 195.40
124 Marietta Love 2,759 2,626 133 5.06% 2.43 1,135.39
125 Stigler Haskell 2,749 2,685 64 2.38% 2.59 1,061.39
126 Wilburton Latimer 2,662 2,843 -181 -6.37% 3.1 858.71
127 Fairview Major 2,658 2,579 79 3.06% 7.17 370.71
128 Jay Delaware 2,517 2,448 69 2.82% 3.17 794.01
129 Walters Cotton 2,481 2,551 -70 -2.74% 8.11 305.92
130 Nicoma Park Oklahoma 2,462 2,393 69 2.88% 3.34 737.13
131 Commerce Ottawa 2,460 2,473 -13 -0.53% 0.83 2,963.86
132 Prague Lincoln 2,453 2,386 67 2.81% 3 817.67
133 Antlers Pushmataha 2,325 2,453 -128 -5.22% 2.73 851.65
Oakhurst CDP Tulsa & Creek 2,312 2,185 127 5.81% 5.67 407.76
Turley CDP Tulsa 2,291 2,756 -465 -16.87% 3.62 632.87
134 Calera Bryan 2,277 2,164 113 5.22% 4.82 472.41
Texanna CDP McIntosh 2,273 2,261 12 0.53% 39.7 57.25
135 Newkirk Kay 2,230 2,317 -87 -3.75% 1.32 1,689.39
136 Wynnewood Garvin 2,224 2,212 12 0.54% 1.47 1,512.93
137 Hennessey Kingfisher 2,207 2,131 76 3.57% 3.71 594.88
138 Spiro Le Flore 2,182 2,164 18 0.83% 2.37 920.68
139 Lexington Cleveland 2,168 2,152 16 0.74% 2.39 907.11
140 Pawnee Pawnee 2,165 2,196 -31 -1.41% 2.21 979.64
141 Goldsby McClain 2,159 1,801 358 19.88% 26.27 82.19
142 Pink Pottawatomie 2,108 2,058 50 2.43% 36.12 58.36
143 Chouteau Mayes 2,092 2,097 -5 -0.24% 3.24 645.68
144 Granite Greer 2,015 2,065 -50 -2.42% 3.23 623.84
145 Burns Flat Washita 2,008 2,057 -49 -2.38% 0.87 2,308.05
146 Union City Canadian 1,991 1,645 346 21.03% 56.58 35.19
147 Hartshorne Pittsburg 1,987 2,125 -138 -6.49% 3.46 574.28
148 Waurika Jefferson 1,974 2,064 -90 -4.36% 12.48 158.17
149 Chelsea Rogers 1,973 1,964 9 0.46% 1.77 1,114.69
150 Haskell Muskogee 1,966 2,007 -41 -2.04% 5.01 392.42
151 Hooker Texas 1,955 1,918 37 1.93% 0.92 2,125.00
152 Krebs Pittsburg 1,945 2,053 -108 -5.26% 4.3 452.33
153 Kiefer Creek 1,932 1,685 247 14.66% 2.34 825.64
154 Arkoma Le Flore 1,925 1,989 -64 -3.22% 3.47 554.76
155 Hollis Harmon 1,909 2,060 -151 -7.33% 1.44 1,325.69
156 Coalgate Coal 1,865 1,967 -102 -5.19% 1.61 1,158.39
157 Inola Rogers 1,846 1,788 58 3.24% 6.67 276.76
158 Langston Logan 1,842 1,724 118 6.84% 3.11 592.28
159 Wilson Carter 1,722 1,724 -2 -0.12% 5.67 303.70
160 Carnegie Caddo 1,713 1,723 -10 -0.58% 1.37 1,250.36
161 Minco Grady 1,646 1,632 14 0.86% 12.28 134.04
162 Kingston Marshall 1,629 1,601 28 1.75% 3.49 466.76
163 Warner Muskogee 1,618 1,641 -23 -1.40% 1.94 834.02
164 Comanche Stephens 1,604 1,663 -59 -3.55% 4.54 353.30
165 Luther Oklahoma 1,604 1,221 383 31.37% 15.26 105.11
McCord CDP Osage 1,593 1,440 153 10.63% 4.37 364.53
166 Westville Adair 1,571 1,639 -68 -4.15% 1.2 1,309.17
167 Cherokee Alfalfa 1,544 1,498 46 3.07% 1.47 1,050.34
168 Crescent Logan 1,542 1,411 131 9.28% 1.08 1,427.78
169 Stratford Garvin 1,537 1,525 12 0.79% 1.01 1,521.78
Copeland CDP Delaware 1,490 1,629 -139 -8.53% 7.29 204.39
170 Morris Okmulgee 1,466 1,479 -13 -0.88% 1.1 1,332.73
171 Beaver Beaver 1,441 1,515 -74 -4.88% 1.16 1,242.24
172 Apache Caddo 1,441 1,444 -3 -0.21% 2.02 713.37
173 Helena Alfalfa 1,422 1,403 19 1.35% 0.37 3,843.24
174 Locust Grove Mayes 1,404 1,423 -19 -1.34% 1.75 802.29
175 Vian Sequoyah 1,394 1,466 -72 -4.91% 1.33 1,048.12
176 Salina Mayes 1,384 1,396 -12 -0.86% 0.99 1,397.98
177 Panama Le Flore 1,373 1,413 -40 -2.83% 1.58 868.99
Bushyhead CDP Rogers 1,359 1,314 45 3.42% 14.95 90.90
178 Laverne Harper 1,350 1,344 6 0.45% 0.77 1,753.25
179 Fairfax Osage 1,341 1,380 -39 -2.83% 0.76 1,764.47
180 Waukomis Garfield 1,340 1,286 54 4.20% 3.29 407.29
Cleora CDP Delaware 1,338 1,463 -125 -8.54% 11.85 112.91
181 Shattuck Ellis 1,336 1,356 -20 -1.47% 2.23 599.10
182 Snyder Kiowa 1,335 1,394 -59 -4.23% 1.27 1,051.18
183 Okarche Kingfisher & Canadian 1,324 1,215 109 8.97% 1.88 704.26
184 Goodwell Texas 1,309 1,293 16 1.24% 1.18 1,109.32
185 Buffalo Harper 1,299 1,299 0 0.00% 0.8 1,623.75
Justice CDP Rogers 1,294 1,324 -30 -2.27% 8.87 145.89
186 Geary Blaine & Canadian 1,286 1,280 6 0.47% 4.15 309.88
187 Sperry Tulsa & Osage 1,279 1,206 73 6.05% 1.67 765.87
188 Konawa Seminole 1,271 1,298 -27 -2.08% 1.31 970.23
189 Rush Springs Grady 1,266 1,231 35 2.84% 1.05 1,205.71
190 Beggs Okmulgee 1,248 1,321 -73 -5.53% 4.38 284.93
191 Dickson Carter 1,247 1,207 40 3.31% 14 89.07
192 Mooreland Woodward 1,235 1,190 45 3.78% 0.83 1,487.95
193 Maysville Garvin & McClain 1,231 1,232 -1 -0.08% 1.59 774.21
194 Wetumka Hughes 1,230 1,282 -52 -4.06% 1.9 647.37
195 Thomas Custer 1,227 1,181 46 3.90% 1.18 1,039.83
196 Yale Payne 1,210 1,227 -17 -1.39% 0.91 1,329.67
197 Geronimo Comanche 1,204 1,268 -64 -5.05% 1.52 792.11
198 Barnsdall Osage 1,203 1,243 -40 -3.22% 0.58 2,074.14
199 Colbert Bryan 1,198 1,140 58 5.09% 1.1 1,089.09
200 Byng Pontotoc 1,194 1,175 19 1.62% 6.55 182.29
201 Mounds Creek 1,193 1,168 25 2.14% 2.2 542.27
202 Okeene Blaine 1,188 1,204 -16 -1.33% 2.3 516.52
203 Boley Okfuskee 1,183 1,184 -1 -0.08% 1.64 721.34
204 Bray Stephens 1,179 1,209 -30 -2.48% 61.57 19.15
205 Oologah Rogers 1,176 1,146 30 2.62% 1.25 940.80
206 Meeker Lincoln 1,174 1,144 30 2.62% 2.83 414.84
207 Central High Stephens 1,170 1,199 -29 -2.42% 52.91 22.11
208 Kellyville Creek 1,147 1,150 -3 -0.26% 1.2 955.83
209 Fletcher Comanche 1,145 1,177 -32 -2.72% 0.82 1,396.34
210 Talihina Le Flore 1,099 1,114 -15 -1.35% 0.76 1,446.05
211 Boise City Cimarron 1,098 1,266 -168 -13.27% 1.32 831.82
212 Maud Pottawatomie & Seminole 1,075 1,048 27 2.58% 0.97 1,108.25
213 Wister Le Flore 1,072 1,102 -30 -2.72% 1.96 546.94
214 Forest Park Oklahoma 1,070 998 72 7.21% 1.83 584.70
215 Oakland Marshall 1,067 1,057 10 0.95% 1.21 881.82
216 Caddo Bryan 1,062 997 65 6.52% 2.18 487.16
217 Cyril Caddo 1,054 1,059 -5 -0.47% 0.6 1,756.67
218 Fairland Ottawa 1,052 1,057 -5 -0.47% 0.9 1,168.89
219 Afton Ottawa 1,040 1,049 -9 -0.86% 2.02 514.85
220 Erick Beckham 1,036 1,052 -16 -1.52% 0.96 1,079.17
221 Ninnekah Grady 1,029 1,002 27 2.69% 10.18 101.08
222 Oilton Creek 1,015 1,013 2 0.20% 1.06 957.55
Kenwood CDP Delaware & Mayes 1,011 1,224 -213 -17.40% 45.06 22.44
223 Shady Point Le Flore 1,000 1,026 -26 -2.53% 2.57 389.11

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Oklahoma Mortgage Loan Types

As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. High local affordability makes the $424,100 ceiling apply statewide for single unit homes. Dual unit homes have a limit of $543,000, triple unit homes have a limit of $656,350 & quadruple unit homes have a limit of $815,650. People buying premium properties in the Oklahoma city metro area may be above these thresholds, requiring a jumbo loan. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.

Oklahoma's lenders offer the usual types of home loan products. These products include:

  • ARM's that mature within 1-5 years
  • Jumbo loans
  • Fixed rate mortgages that vary in maturity from 10-40 years
  • Reverse mortgages
  • Refinance mortgages
  • Second mortgages
  • Home equity loans
  • FHA and VA loans
  • And state funded guaranteed loans that help low-income residents purchase a home.

USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.

Natural Disasters

Flood Insurance

Homeowner's insurance policies typically do not cover flooding. Much of the state of Oklahoma is considered to have a very low flooding risk. Counties with relatively elevated risk profiles include:

  • low risk: Canadian, Delaware, Lincoln, Oklahoma, Okmulgee, Osage, Roger Mills, Stephens, Tulsa
  • moderate risk: Adair, Cherokee, Cleveland, Comanche, Creek, Garfield, Kay, Le Flore, Logan, Mayes, McClain, Muskogee, Payne, Pittsburg, Pottawatomie, Rogers, Sequoyah, Wagoner, Washington
  • high risk: Caddo, Grady, Ottawa
  • very high risk: Garvin, Latimer, Woodward

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Earthquakes

Most of the state has a very low eathquake risk, while central Oklahoma near Oklahoma City and south of the city have a low earthquake risk across the following counties: Caddo, Canadian, Cleveland, Garvin, Grady, McClain, Oklahoma & Stephens.

The rise in local earthquakes has coincided with the rise in oil fracking though the United States Geological Survey stated fracking is not causing most induced eathquakes. Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy

Tornadoes

Most of the state is considered to have a moderate to severe tornado risk. A basic homeowners policy should cover financial damages from tornadoes.

Hail

Hail damage is common across much of the state. Damage from hail is typically covered by home insurance policies.

Oklahoma's foreclosure process

Home loans are recognized in Oklahoma as either mortgages or deeds of trust. However, most lenders prefer to use mortgage-type instruments because a power of sale clause can be inserted into the loan's provisions more efficiently.

Furthermore, Oklahoma also recognizes mortgages as liens on tangible property. This recognition makes it easier for lenders to foreclose on properties in Oklahoma. It also makes the foreclosure process more favorable for lenders.

Furthermore, Oklahoma lenders also have nearly full recourse privileges on home loans. This is the case because lenders can sue for a deficiency judgment within 90 days of the sale of a foreclosed home. The only instance when this is impossible is when the foreclosed property is a homestead.

Oklahoma recognizes judicial foreclosures and non-judicial foreclosures. However, most foreclosures executed in Oklahoma are non-judicial foreclosures. This is the case because most loan provisions include a power of sale clause that makes it simpler to use a non-judicial foreclosure procedure.

Furthermore, there are slightly different foreclosure procedures for homesteads. People whose homesteads are being foreclosed upon have extra rights. As a result, a foreclosure involving a homestead can take longer.

Here is how the non-judicial foreclosure process works in Oklahoma:

  1. The court must first determine if a power of sale clause exists in the loan's provisions. If there is such a clause, the lender may continue with the foreclosure.
  2. If there is language in the power of sale clause that explains how the home should be sold, that language will dictate the sale of the home. .
  3. If there is no such language, then lenders must follow these steps to conduct a non-judicial foreclosure.
    • The lender must send the borrower a written notice of the lender's intent to foreclose on the property. This notice must be sent personally to the borrower at least 30 days before the proposed sale.
    • This notice must clearly describe the name of the borrower, how much the borrower owes and it must also explain that the borrower has 35 days from the date the notice is sent to redeem the property.
    • This 35 day redemption period is the only time the borrower has to redeem the property during a non-judicial closure procedure in Oklahoma.
    • The notice of intent to foreclose does not need to be sent to the borrower if the borrower has defaulted if the borrower has been in default four in the past 24 months on the same mortgage and has already been notified.
    • After the 35 day redemption period has passed, the foreclosure must be recorded in the county where the home resides within ten days of the intended sale date.
    • Once this is done, a copy of the notice must be published in a newspaper where the home resides once a day for four consecutive weeks. It must clearly describe where the property is located, the time of the sale, the place of the sale and who is selling the home.
    • The first advertisement of the notice must be made at least 30 days prior to the sale.
    • Once the house goes on sale at auction, there is no minimum bid.
    • Furthermore, the property is sold to the highest bidder.
    • The property goes to the highest bidder after 90 days. This protects the bidder from any complications that could arise from collecting a deficiency judgment.
    • Once the court confirms the sale of the home, the borrower has no redemption rights.
    • If the lender chooses to execute a non-judicial foreclosure procedure, he forfeits the right to a deficiency judgment on homestead properties.

Whenever there is no clearly defined power of sale clause in a loan's provisions, lenders must execute a judicial foreclosure procedure. Here is how the judicial foreclosure procedure works in Oklahoma:

  1. The lender must first file a lawsuit in court to formally ask for permission to foreclose on a property.
  2. If permission to foreclose is granted, the borrower may not attempt to redeem the property.
  3. The court will then ask the lender to appraise the property to determine the property's fair market value.
  4. If the borrower does not object to this, the home is then appraised to determine its fair market value.
  5. Once the court confirms the sale of the house, the home must be advertised for sale in the same manner as described above for a non-judicial procedure.
  6. Once the home is auctioned, the bidding may start at any price.
  7. However, Oklahoma law requires that the property must be sold for at least 2/3rds of its appraised fair market value.
  8. Once the sale is finalized, the lender has 90 days to sue for a deficiency judgment.