Department of Numbers

Oklahoma Home Affordability

The data below quantifies Oklahoma home affordability by using home prices and home price indices to calculate price-to-income and price-to-rent ratios.1 The maximum affordable loan amount for the median household income is also calculated. You can also compare Oklahoma home affordability to other states.

Oklahoma Home Price-to-Income Ratios

The home price-to-income ratio for Oklahoma comes from the Federal Housing Finance Agency's relatively new state median price series and their purchase only index combined with Oklahoma annual median household income data. The FHFA home price series yields a dollar ratio (top chart) while the index results in an index ratio (bottom chart). Based on the latest FHFA state home prices in June 2010, the price-to-income ratio for Oklahoma was 2.74.

Home Price-to-Income Dollar Ratio: FHFA

Chart of Oklahoma home price-to-income ratio using FHFA median price

Home Price-to-Income Index Ratio: FHFA

Chart of Oklahoma home price-to-income ratio using FHFA HPI

Note: Index set to 100 in Q1 of 2000

Oklahoma Home Price-to-Income Ratio History

Date FHFA
(Dollar Ratio)
FHFA
(Index Ratio)
December 2013 97.6
September 2013 98.3
June 2013 97.9
March 2013 97.4
December 2012 95.6
September 2012 94.1
June 2012 92.8
March 2012 92.1
December 2011 92.8
September 2011 90.4

Oklahoma Home Price-to-Rent Ratios

The price-to-rent ratio for Oklahoma is determined for both the FHFA median price and the purchase only index by calculating a ratio with the median contract rent. The price-to-adjusted rent value takes into account CPS reported household size to attempt to correct for quality differences in renter and owner occupied homes. More on that process here. Again, the median price ratio is a dollar ratio and the HPI ratio is an index ratio defined to be 100 in Q1 2000. The adjusted price-to-rent ratio for Oklahoma was 18.76 in June 2010.

Home Price-to-Rent Dollar Ratio: FHFA, FHFA Adjusted Rent

Chart of Oklahoma home price-to-rent ratio using FHFA median price

Home Price-to-Rent Index Ratio: FHFA

Chart of Oklahoma home price-to-rent ratio using FHFA HPI

Note: Index set to 100 in Q1 of 2000

Oklahoma Home Price-to-Rent Ratio History

Date FHFA
(Dollar Ratio)
FHFA Adjusted
(Dollar Ratio)
FHFA
(Index Ratio)
December 2013 99.6
September 2013 100.4
June 2013 99.9
March 2013 99.4
December 2012 97.6
September 2012 96.0
June 2012 94.7
March 2012 94.0
December 2011 98.3

Oklahoma Inferred Affordable Mortgage

The inferred affordable mortgage is determined by taking the median household income for Oklahoma and calculating the mortgage 30% of that income could afford. Traditionally, 30% of income is the maximum amount a homeowner could use towards a home loan. Inferred affordable loan values are calculated from median household income and average monthly mortgage rates. The amounts are not adjusted for inflation.

Inferred Affordable Mortgage

Chart of Oklahoma maximum affordable home loan amount

Oklahoma Inferred Affordable Mortgage History

Date Inferred Mortgage
February 2014 $244,542
January 2014 $240,813
December 2013 $239,965
November 2013 $245,707
October 2013 $247,765
September 2013 $239,121
August 2013 $239,965
July 2013 $242,523
June 2013 $251,354
May 2013 $268,163
April 2013 $271,181
March 2013 $267,168
February 2013 $268,496

1. Specifically, Home prices are from the FHFA seasonally adjusted, purchase only quarterly series. Rent data is from the Census ACS and income is from the Census CPS. Rent and income data for the previous year is carried into the following year for calculations prior to release of new data.