Oklahoma City ranks as the nation’s least expensive rental market

The Oklahoma City metropolitan area recently ranked first for most affordable rental market nationwide. 

Realtor.com analyzed data from the top 50 largest U.S. metros through February 2023 in several areas: 

• Media rent prices. 
• Rent share, or the percentage of monthly income spent on rent.
• Maximum affordable rent at current household income, or rent that does not exceed 30% of the adjusted income of a family whose annual income equals 65% of the median income for the area.
• Maximum affordable rent ratio 

In February 2023, Oklahoma City’s median rent for 0-2 bedroom rentals was reported as $980 versus the nationwide median of $1,716. The metro’s rent share and maximum affordable rent ratio were the lowest of the top 10 metros listed. However, as in much of the country, the city has seen an increase in year-over-year growth in overall rent prices. 

The largest city within the state of Oklahoma, Oklahoma City has seen rapid growth in recent years, now ranking as the 20th-most populated city in the U.S. As more people move into the middle American city, housing costs will continue to fluctuate.  However, the relatively large city remains in a unique position with its relatively low cost of living, more like smaller cities than those of its size. 

You can find more information on local economic indicators, as well as regional data at www.greateroklahomacity.com.