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How Much Will Your Mortgage Be in Oklahoma?

Located in the Midwest region of the United States, Oklahoma is home to beautiful mountainous landscapes, sweeping plains, forests, creeks and rivers. It was also home to the first installed parking meter. Oklahoma, the Sooner State, is ranked the fourth most affordable state in the U.S.

While mortgage rates in Oklahoma tend to be higher than the national average, the housing market is cheaper and growing steadily. If you want to move to Oklahoma, see First-time Homebuyer Guide for Oklahoma. Also, see FHA Loan in Oklahoma for details and requirements for a home in the state.

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Oklahoma Home and Mortgage
Stats to Know

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Factors That Can Affect Your Oklahoma Mortgage Calculations

Home Prices in Oklahoma

Oklahoma has a population just shy of four million residents, making it the 28th most populous in the U.S. Homes in Oklahoma have a median list price of $195,000 and an average sale price of $154,900 based on information collated in March 2020. The market is very hot—home values have risen 5.3% over the past year.

The capital city of the state is Oklahoma City, and properties here have a median list price of $207,900 and sale average of $155,400. Home values have gone up 6.8% over the past year in Oklahoma City.

The second most populous city of Oklahoma is Tulsa. Home prices here have an average list price of $189,000 and median sale price of $153,900. Located just outside of Tulsa is the city of Broken Arrow. Home values here are much higher than Tulsa, with an average list price of $214,728 and sale price of $187,300.

Property Taxes in Oklahoma

Oklahoma has some of the lowest property taxes in the state with the average homeowner paying $1,129 annually. The median effective tax rate is 0.90%. Property taxes are ranked the ninth lowest in the U.S. due to state laws not allowing assessed home values to increase by more than 3% from the previous year’s.

Oklahoma Job Stats to Consider

Oklahoma is a major producer of natural gas, oil, and agricultural products. The state has a strong economic base in aviation, energy, telecommunications, and biotechnology. Two-thirds of the population dwell in and around Oklahoma City and Tulsa. The state is home to four Fortune 500 companies and is known for being a very business-friendly state.

The median household income in Oklahoma is $51,924 far below the national average of $61, 937, based on information collected form the Census ACS 1-year survey in 2018. This has risen slightly over the past few years. The unemployment rate in January 2020 was recorded at 3.3%, lower than the national average of 3.6%, according to information gathered by the Department of Numbers.

Oklahoma has six income tax brackets. Thus, the more you earn, the higher the tax rate you will pay. These brackets range from 0.5% to 5% with the average household paying $1,633 annually. The state sales tax is 4.5% with counties and cities charging an additional sales tax up to 6.5% for a maximum combined rate of 11%.

Oklahoma Job Stats

Job Stats (Civilian Labor Force, Employment, Unemployment)

Other Oklahoma Costs That Can Affect Oklahoma Mortgage Calculations

Homeowners Insurance in Oklahoma

Homeowner’s insurance in Oklahoma is slightly higher than the national average with the average homeowner paying $2,559 annually. This is because the state experiences a higher amount than other states of severe weather conditions such as thunderstorms, hail, and freezing. Most premiums will cover theft, lightning, hail, wind, smoke damage, and more. Although wind damage is covered, some home insurance policies do not provide coverage if your home is completely destroyed.

Some homeowner’s insurance policies have restrictions on freezing, which can be a problem in Oklahoma during the colder months. Be sure to check your premium regarding freezing that can cause damage to your plumbing systems in the winter.

Hail damage is a common claim filed in Oklahoma as well due to its frequent thunderstorms. It is wise to reinforce your roofs and windows to prevent making numerous claims for hail damage which can raise your premium.

Closing Costs

Homebuyers can expect to pay 1.51% to 3.02% of the final purchase price in closing costs. For homes that are purchased between $100,000 and $200,000, closing costs usually fall between $1,510.50 and $6,042 after taxes.

Title Insurance

Title insurance protects the owner and the mortgage lender against any unforeseeable future claims against you that might be incurred with the property’s title. These claims may arise from title problems that should have been discovered in the public records but may have been overlooked at the time of purchase, even with the most thorough examination.

Your lender will usually require a policy that equals the amount of the loan. Most title insurance policies in Oklahoma cost $3.50 per $1,000 for owner’s titles insurance, and $2.50 per $1,000 for the lender’s policy.

Real Estate Transfer Tax

Real estate transfer tax is sometimes referred to as documentary stamps in Oklahoma. The amount collected is $0.75 per $500 of the final sale price of the property.

Home Inspection

A home inspection is usually required by the mortgage lender to assess the property to ensure it is structurally sound. Costs of the inspection will depend on the area and the square footage of the home, but potential buyers can expect to pay $330. Most general inspectors will assess the foundation, roofs, basements, plumbing, heating and cooling systems, and electrical aspects of the home. For an additional cost, tests for mold, radon or termite can be carried out.

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