Oklahoma City, Oklahoma

COMPREHENSIVE HOUSING MARKET ANALYSIS Oklahoma City, Oklahoma

U.S. Department of Housing and Urban Development Office of Policy Development and Research As of October 1, 2009

Summary

Economy market and satisfy some of the demand during the forecast period. In the Oklahoma City HMA, eco- Housing Market Area nomic expansion that had continued Rental Market since 2003 moderated during the past year. During the 12 months ending Conditions in the HMA rental hous- September 2009, nonfarm employ- ing market remained soft during the ment decreased by an average of 12 months ending September 2009 and were unchanged from a year earlier. Major Garfield Noble Pawnee 2,500 jobs, or 0.4 percent, to 572,000 jobs compared with an increase of The current rental vacancy rate is Payne Kingfisher Logan 1.6 percent during the same period estimated at 10 percent. Excess new Blaine Lincoln the previous year. During the 3-year and converted housing supply and Canadian Oklahoma moderate household and employment C forecast period, nonfarm employment le v Mc elan growth are the primary reasons for the Caddo Cl d is expected to increase by an average

Grady ai Seminole n Pottawatomie of less than 1.0 percent annually. continued soft rental market conditions. he Garvin Pontotoc nc During the forecast period, rental units ma Co Stephens Murray Sales Market under construction and in the pipeline are expected to satisfy demand (see The Oklahoma City, Oklahoma Housing Sales housing market conditions in the Table 1). Market Area (HMA) is coterminous with HMA were moderately soft during the the Oklahoma City Metropolitan Statistical 12 months ending September 2009, Table 1. Housing Demand in the Area and comprises Canadian, Cleveland, with the sales vacancy rate currently Oklahoma City HMA, 3-Year Grady, Lincoln, Logan, McClain, and estimated at 2.1 percent. For the Forecast, October 1, 2009 Oklahoma Counties in central Oklahoma. 12 months ending September 2009, to October 1, 2012 The HMA includes the state capital of home sales declined almost 13 percent Oklahoma City HMA Oklahoma City, The University of Okla- compared with sales during the previ- Sales Rental homa (OU), and Tinker Air Force Base ous 12 months, and the average sales Units Units (TAFB), all of which have contributed price decreased more than 3 percent Total Demand 11,400 0 to the economic stability and growth of to $149,500. Demand for 11,400 new Under 600 600 the area. sales housing units is forecast for the Construction next 3 years (see Table 1). Since 2000, Notes: Total demand represents estimated production necessary to achieve a balanced the other vacant housing supply has market at the end of the forecast period. Units under construction as of October 1, increased by more than 13,000 units 2009. A portion of the estimated 32,000 other Market Details vacant units in the HMA will likely satisfy to an estimated 32,000. A portion of some of the forecast demand. Economic Conditions...... 2 these units will likely reenter the sales Source: Estimates by analyst Population and Households...... 5 Housing Market Trends...... 6 Data Profile...... 10 Oklahoma City, O K • COMPREHENSIVE HOUSING MARKET ANALYSIS 2 Table 2. Source: Greater OklahomaCity Chamber State ofOklahoma Devon Energy Corporation Mercy Health SystemofOklahoma Chesapeake Energy Corporation AT&T OGE Energy Corp. Federal Aviation Administration INTEGRIS Health,Inc. The UniversityofOklahoma Tinker AirForce Base Economic Conditions

Employer Major EmployersintheOklahomaCityHMA Name of Source: U.S.Bureau ofLabor Statistics Note: Basedon12-monthaverages through September 2009. Figure 1. Leisure &Hospitality10.2% Health Services13.3% Education & Other Services4.0%

Business Services12.4% Professional & by Sector Current EmploymentintheOklahomaCityHMA, Government 20.6% Government Government Mining, Logging, &Construction Education &Health Services Mining, Logging,&Construction Professional &BusinessServices Mining, Logging,&Construction Government Education &HealthServices Government Government Employment Institutional ResearchandReporting. Oklahoma City,accordingtoOU’s Sciences Centerneardowntown campus inNormananditsHealth 10,200 full-timeemployeesatitsmain employer isOU,withacombined mately $1.2billion.Thethirdleading The annualpayrollatTAFBisapproxi 8,500 permanentmilitarypersonnel. has 12,500civilianemployeesand U.S. DepartmentofDefense,TAFB HMA isTAFB.Accordingtothe The secondleadingemployerinthe Oklahoma City Chamber (see Table 2). workers, accordingtotheGreater employer withmorethan38,000 The StateofOklahomaistheleading nonfarm jobs in the HMA (see Figure 1). for aboutone-fifth,or117,600,ofall government sector,whichaccounts economy isheavilydependentonthe A Sector the OklahomaCityHMA s hometothestatecapital, Construction 7.8% Mining, Logging,& Financial Activities5.9% Manufacturing 6.3% Information 2.1% Retail Trade 14.9% Wholesale & Utilities 2.6% Transportation & Employees Number of 38,000 10,200 12,500 2,600 2,750 3,000 3,000 3,400 6,500 9,200

same periodin2008(seeTable 3). with a1.6-percentgainduring the 2,500 jobs,or0.4percent,compared ment decreasedbyanaverage of September 2009,nonfarmemploy During the12-monthperiodending during thisperiod. completed inthedowntownarea approximately 2,200units,werealso 10 residentialdevelopments,with and apedestriancanal.Atotalof hotels, asportsarena,threemuseums, minor leaguebaseballfield,four included theconstructionofanew efforts totalingmorethan$1.5billion Oklahoma Cityarea.Revitalization related projectsnearthedowntown partly duetonumerousrevitalization- of 1,275jobs,or4percent,annually, tion subsectoroccurredatanaverage annually. Jobgrowthintheconstruc more than1,700jobs,or17.7percent, resulted inanaverageincreaseof increases foroilandnaturalgas the oilandgasindustry.Sharpprice 60 percentofthegainsoccurredin or 7.6percent,annually.Morethan sector, whichincreasedby2,600jobs, mining, logging,andconstruction annually, ledbystronggainsinthe age of9,800jobs,or1.8percent, employment increasedbyanaver 2007. Duringthisperiod,nonfarm especially strongbetween2004and downturns. Economicgrowthwas correlated withnationaleconomic every yearexceptduringperiods expanded, withjobgrowthoccurring the 2000s,economyofHMA Throughout the1990sandmostof annually. annual payrollofnearly$800million Impact Report2008,OUhasan According totheOUCommunity campus andHealthSciencesCenter. are enrolledfulltimeatOU’smain Approximately 25,400students - -

Oklahoma City, O K • COMPREHENSIVE HOUSING MARKET ANALYSIS 3 Economic Conditions Figure 2. Source: U.S.BureauofLaborStatistics 2009. Numbersmaynotaddtototalsbecauseofrounding. Notes: Basedon12-monthaveragesthroughSeptember2008and September Table 3. 12-Month Average Employment in the Oklahoma City Source: U.S.Bureau ofLaborStatistics Total NonfarmEmployment Goods Producing Labor Force & Service Providing Mining, Logging,&Construction Manufacturing Wholesale &RetailTrade Transportation &Utilities Information Financial Activities Professional &BusinessServices Education &HealthServices Leisure &Hospitality Other Services Resident Employment Government 425,000 475,000 525,000 575,000 625,000 HMA, bySector

Trends inLaborForce,ResidentEmployment,andUnemployment RateintheOklahomaCity HMA, 1990to2008

1990

1991 Continued

1992

1993 Table DP-1fortrendsinthelabor rate of5.4percent.SeeFigure2and earlier toacurrent12-monthaverage from anaverageof3.6percentayear increase intheunemploymentrate during thepastyearresultedinan to thedecline.Decliningemployment support servicessubsectorcontributed widespread joblossesinthebusiness employment servicessubsectorand a yearearlier.Decreasedhiringinthe compared witha2.3-percentincrease average of4,600jobs,or6.1percent, any othersector,decliningbyan services sectorlostmorejobsthan The professionalandbusiness Labor Force 1994 September 12 Months Ending 574,500 494,200 1995 116,100 2008 80,300 43,200 37,100 85,300 15,400 12,600 34,100 75,500 74,900 56,800 23,400

1996

1997 September 12 Months 572,000 491,700 117,600 Ending 2009 80,400 44,400 36,000 85,200 14,800 12,300 33,600 70,900 76,000 58,200 1998 23,100 Resident Employment

1999

2000 Change Percent – 0.4 – 3.0 – 0.5 – 0.1 – 3.9 – 2.4 – 1.5 – 6.1 – 1.3 0.1 2.8 1.5 2.5 2001 1.3

2002

2003 2.8 percent,comparedwithagainof gaining anaverageof1,200jobs,or the 12 months ending September 2009, logging, and construction sector during hiring alsooccurredinthemining, and Recreation Department. Increased according totheOklahomaTourism of 7.5percentannuallysince2006, in 2008,increasingbyanaverage and generated$2.5billioninrevenues in theHMAsupported33,700jobs City Thunder.Thetourismindustry ball Associationteam,theOklahoma the newlyacquiredNationalBasket at theFordCentertoaccommodate $120 millionarecurrentlyunderway Oklahoma City.Renovationstotaling venues inandarounddowntown part toanincreaseinstaffingatnew 1,400 jobs,or2.5percent,duein leisure andhospitalitysectoradded 0.6-percent gainayearearlier.The September 2009,comparedwitha during the12-monthperiodending average of1,500jobs,or1.3percent, government sectorincreasedbyan hotel expansions,employmentinthe numerous triballyownedcasinoand sectors. Stemmingprimarilyfrom and mining, logging, and construction government, leisureandhospitality, during thepastyearweregainsin Partly offsetting job losses in the HMA unemployment ratesince1990. force, residentemployment,and

2004

Unemployment Rate 2005

2006

2007

2008 10.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0

Unemployment Rate -

Oklahoma City, O K • COMPREHENSIVE HOUSING MARKET ANALYSIS 4 Source: U.S.BureauofLaborStatistics Note: Currentisbasedon12-monthaveragesthroughSeptember 2009. Figure 3. – 30 – 20 Economic Conditions SectorGrowthintheOklahomaCityHMA,PercentageChange,1990toCurrent –10 0 10 20 Continued 30 40 construction atthenewheadquarters is expectedtooccurasaresultof less than1percentannually.Hiring slowly withanaverageincreaseof of nonfarmjobsisexpectedtogrow During the forecast period, the number in eachsectorsince1990. year. Figure3illustratesthegrowth a 4.4-percentincreasetheprevious of 100 jobs, or 0.3 percent, down from subsector tomoderateanincrease homebuilding causedtheconstruction a significantdeclineinsingle-family mining andloggingsubsector,while jobs, or7percent,occurredinthe year earlier.Anaveragegainof1,100 7 percentduringthesameperioda 50 60 70 80 90

100

completed by2017. begin inthespringof2010andbe and streetcarsystem,isexpectedto including anewconventioncenter efforts totalingnearly$800million, struction foradditionalrevitalization to totalmorethan$900million.Con surrounding infrastructure are projected 2013. Coststobuildthetowerand and isexpectedtobecompletedin tower, whichbeganinOctober2009 during thedevelopmentstageof new constructionjobsareanticipated Oklahoma City,morethan12,000 economic impactstudysponsoredby Oklahoma City.Accordingtoan 50-story DevonTowerindowntown of DevonEnergyCorporation,the 110 Total NonfarmEmployment Service Providing Goods Producing Education &HealthServices Professional &BusinessServices Financial Activities Transportation &Utilities Wholesale &RetailTrade Manufacturing Government Other Services Leisure &Hospitality Mining, Logging,&Construction Information

- Oklahoma City, O K • COMPREHENSIVE HOUSING MARKET ANALYSIS 5 Figure 4. Figure 6.PopulationandHouseholdGrowth intheOklahomaCityHMA, Figure 5. by analyst Sources: 1990and2000—1990Census and2000Census;currentforecast—estimates by analyst Sources: 1990and2000—1990Census2000Census;currentforecast—estimates Sources: 1990and2000—1990Census2000Census;current—estimates byanalyst

Average Annual Change 100,000 150,000 200,000 250,000 300,000 350,000 Average Annual Change 50,000 10,000 12,000 14,000 16,000 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2,000 4,000 6,000 8,000 0 0 0 Population andHouseholds

NumberofHouseholdsbyTenureintheOklahomaCityHMA, 1990 toCurrent Components ofPopulationChangeintheOklahomaCityHMA, 1990 toForecast 1990 toForecast 1990 to2000 1990 to2000 1990 Net NaturalChange Population Renter 2000 toCurrent 2000 toCurrent T nearly one-half of thepopulation of nearly one-half annually since 2000. During this period, 13,550,or1.2percent, increase of estimated 1.2million,anaverage 2000 Net Migration Oklahoma CityHMAisan the populationof he current Households Owner Current toForecast Current toForecast Current

in Figure6. 1 percent,annually, asillustrated 4,475, ornearlyby anaverage of in theHMAisexpected toincrease households period, thenumber of holds bytenure. Duringtheforecast house Figure 5shows the number of 471,300households. to atotalof 4,375,or1.0percent,annually age of in theHMAhasincreasedbyanaver- Since 2000, the number households of 12,000 people, or1percent,annually. 3 years; growth isexpected toaverage growth intheHMAduringnext population cause amoderationof isexpectedeconomic downturn to 18,800 peoplein2006.Thecurrent population growth peakedatabout earlydownturn inthedecade. The conditions following theeconomic annually, reflecting improved economic 16,500,or1.4percent, an average of with thepopulationincreasingby strongest from2005through 2008, Population growth intheHMAwas date. the HMAfrom1990toforecast populationchange in components of OU.main campusof Figure4shows largest cityintheHMA;ithouses 110,000,isthesecond population of withanestimated Norman, city of Counties. InCleveland County, the der isinCanadianandCleveland in OklahomaCountyandtheremain Oklahoma Citypopulationislocated the approximately 83percentof the mostpopulouscityinOklahoma; 560,000,is estimated populationof respectively. OklahomaCity, withan and 4,000,or0.71.5percent, with average annual increases 5,600 of in Oklahoma and Cleveland Counties, The populationgrowth was greatest stemming mostly fromjobgrowth. growth was duetonetin-migration,

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Oklahoma City, O K • COMPREHENSIVE HOUSING MARKET ANALYSIS 6 Source: U.S.Census Bureau,BuildingPermitsSurvey Notes: Includesonly single-familyunits.Includes datathroughSeptember2009. Figure 7. 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 0 Housing Market Trends

Single-Family BuildingPermitsIssuedintheOklahoma City 1990 HMA, 1990to2009

1991

1992

1993

1994

1995

1996

1997

1998

1999 Sales Market Association of REALTORS Association of 2 years. AccordingtotheOKC Metro decline inhomesalesduringthepast reasonsforthe were theprimary and moderatingeconomicconditions year earlier. Stricterlendingstandards moderately soft,unchanged froma the Oklahoma City HMA are currently Sales housingmarketconditionsin the HMAthatwere 90ormoredays theseven countieswithin each of in allmortgages the percentages of New York,Federal Reserve Bankof recent months. Accordingtothe has increasedonly moderately during falling 90ormoredays delinquent payments homemortgage number of annually between 2006and2008.The nearlyby anaverage 5percent of to $149,500.Homepricesincreased decreased by$5,100,or3percent, 2009 12 monthsendingSeptember The average salespriceduringthe when job growth averaged 2.4 percent. 12-month periodendingJune 2006, record 20,900homessoldduringthe was also27percentlower thanthe same periodayear earlier. Thistotal compared withhomesalesduringthe by 2,250, or 13 percent, to 15,200 homes new and existing home sales decreased the 12 months ending September 2009, 2000

2001

2002

2003

2004

2005

2006

2007

2008 ® , during

2009

price of approximately $660,000; price of completed have sold,attheaverage rently, the60homes about50of 4,500-square-foot clubhouse. Cur - lighted ponds, walking trails, anda community willinclude12acresof 1,500 acres. Whencompleted,the planned community, locatedon Iron HorseRanch,agatedmaster- OklahomaCity, is of located north Edmond, development inthecityof the next 2years. Currently under are expected tocomeonlineduring are inthefinalplanningstages and an estimated 1,000 single-family homes and are currently underconstruction An estimated 600 single-family homes since 1990. issuedintheHMA building permits single-family shows thenumber of were annually. permitted Figure7 2006, when an average 7,550 homesof activity peakedbetween 2004and year. Single-family homebuilding levels recordedduringtheprevious cent comparedwithconstruction declinedby27 per- home construction During thesameperiodayear earlier, or 31 percent, to a total 2,850 of homes. construction declined by 1,275 homes, 2009,single-familySeptember home during the12-monthperiodending data, buildingpermit on preliminary issued, tocontinue todecline. Based buildingpermits by thenumber of homebuilding activity, asmeasured homesalescausedsingle-family of During thepastyear, theslower pace theHMA. market of not significantly affectedthesales 2008. Consequently, foreclosureshave of quencies duringthesecondquarter little change comparedwithdelin 3.1 percent.Thesevalues represent 2009ranged from1.9to of quarter delinquent duringthesecond

Oklahoma City, O K • COMPREHENSIVE HOUSING MARKET ANALYSIS 7 Sales MarketContinued Housing Market Trends Source: Estimates byanalyst some oftheforecast salesdemand. Note: A portion of the estimated 32,000 other vacant units in the HMA will likely satisfy condominiums, locatedtwo blocks 2009atLoft401 began inSeptember available forsale. Construction multifamily homeshave become 2000, nearly 1,000new orconverted occupied homesintheHMA.Since owner- for lessthan1percentof Condominiums currently account size from900to1,400squarefeet. $110,000andrange in an average of first-time homebuyers, arepricedat homesfor by localrealtorsasstarter These single-family homes, promoted 2010. expected bythesummerof OklahomaCity, withcompletion of at several locations in the south portion 100 homes are also under construction $167,000.Morethan at anaverage of age 1,650 square feet and are priced three-bedroom homes in averNorman 2010. Newly constructed the spring of tion andexpected tobecompletedby - homes arecurrently underconstruc morethan50single-familyNorman, set forcompletingthecommunity. In lots areavailable. Nodatehasbeen and approximately 200additional 10 homesareunderconstruction; Table 4.

Estimated DemandforNewMarket-RateSalesHousinginthe Oklahoma CityHMA,October1,2009to2012 400,000 300,000 250,000 200,000 150,000 125,000 500,000 100,000 From Price Range($) and higher 499,999 399,999 299,999 249,999 199,999 149,999 124,999 To

price range. rate saleshousingintheHMAby estimated demandfornew market- the forecastdemand.Table 4shows housing marketandsatisfysomeof tothesales these homeswillreturn tory. Itis likely of thataportion vacant homescurrently intheinven theestimated32,000other aware of satisfy demand.Buildersshouldbe respectively, may needtobebuilt period, about3,400and5,200homes, theforecast second andthirdyears of theyear forecast of period. During the expected tobeneededduringthefirst meet demandforallbut1,200homes or inthepipelinewillbesufficientto The 1,600homesunderconstruction HMA isforecastforthenext 3years. Demand for11,400new homesinthe completion dateisAugust 2010. penthouses. Theproject’s expected to $289,000for1,675-square-foot $157,000 for875-square-foothomes units have presold.Pricesrange from the35one-andtwo-bedroom of ApproximatelyNorman. one-fourth from theOUmaincampusin Demand Units of 1,400 1,900 1,950 2,050 1,700 1,250 900 250 Percent of Total 12.3 16.7 17.1 18.0 14.9 11.0 7.9 2.2 -

Oklahoma City, O K • COMPREHENSIVE HOUSING MARKET ANALYSIS 8 Housing Market Trends Figure 8. analyst Sources: 1990 and2000—1990Census2000Census;current—estimates by 10.0 12.0 14.0 16.0 18.0

8.0 to Current Rental Vacancy RatesintheOklahomaCityHMA,1990 1990 16.4 Continued third quarter of 2009, the apartment 2009,theapartment of third quarter the According toReis, Inc., asof homeowners. householdsbecoming number of anincreased sion, partly becauseof strongeconomicexpan - periods of vacancy ratespersistedeven during vacancy ratewas 9percent.High through 2007,theaverage apartment Fromthe economicdownturn. 2002 from decreasedemployment during and householdgrowth stemming homes duetomoderatepopulation by decreaseddemandforrental soft conditionswere primarily caused increased from6.4to9.2percent.The Reis, Inc., vacancy theapartment rate Between 2001and2002,accordingto intheearlynomic downturn 2000s. thenationaleco since theonsetof Oklahoma CityHMAhasbeensoft The rentalhousingmarketinthe Rental Market The average rentwas unchanged, at becomingavailable.new apartments and householdgrowth andadditional demand duetoslower population past year resultedfromdecreased 2008. Softerconditionsduringthe recorded duringthesameperiodin pared withthe8.1-percentrate vacancy ratewas 9.6percentcom 2000 10.8 Current 10.0 - despite comparablerents. 2-percent lessthantheHMA overall the university was 7.6percent,or in theneighborhoodssurrounding 2009 of thethirdquarter rate asof vacancyrental market,theapartment the studentpopulationonlocal area.Reflecting theeffectof Norman thefull-timestudentsatOUin of approximately 15,800,or68percent the localhousingmarket,including the remainingstudentsresidein the 44,000full-timestudentsenrolled; 9,500 students, oraboutone-fifthof on-campus housingforapproximately Universities intheHMAprovide personnel and 11,400 family members. 8,600military population consistsof housing market.Currently, theTAFB private baseinthesurrounding off proximately 6,600households, reside personnel andfamily members, ap- personnel andfamilies;theremaining military housing unitsformarried also hasapproximately 700privatized 1,360beds. TAFB combined totalof Force and2U.S. Navy) containinga personnel in 11 dormitories (9 U.S. Air provides housingforsinglemilitary TAFB, locatedinOklahomaCounty, and the16universities intheHMA. significantlyinfluenced byTAFB The localrentalhousingmarketis (see Figure8). up from9.5percentayear earlier is currently estimatedat10percent, homes, including single-family homes, The rentalvacancy rateforallrental free rentonnew 12-monthleases. rental concessionsinclude1month’s approximately 25percent.Typical concessions remainedunchanged, at complexes apartment offering age of approximately $545,andthepercent

Oklahoma City, O K • COMPREHENSIVE HOUSING MARKET ANALYSIS 9 Figure 9. Source: U.S.CensusBureau,BuildingPermitsSurvey data throughSeptember2009. Notes: Includesallmultifamilyunitsinstructureswithtwoormoreunits. 1,000 1,500 2,000 2,500 Rental Market Housing Market Trends 500 0

1990

HMA, 1990to2009 Multifamily BuildingPermitsIssuedintheOklahomaCity 1991

1992 Continued

1993

1994

1995

1996

1997

1998

1999 a$28million,privately Norman, of the pastyear includeTheCottages annually. Apartments completed during tion activity averaged 1,075units 2000 and2007,multifamily- construc same periodayear earlier. Between 640 unitswere duringthe permitted 2009; 12 monthsendingSeptember units were duringthe permitted an estimated630multifamily rental data, Based onlocalbuildingpermit in the HMA during the past 12 months. waspermitted, relatively unchanged units as measuredbythenumber of activity,Multifamily construction

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

soft conditions. at thistimewillprolongthecurrent additionalrentalunits of construction for rentalhousingintheHMA.The line, isexpected tosatisfy demand andinthepipe under construction for rent,combinedwithrentalunits unitsavailableexisting inventory of During theforecastperiod, issuedsince1990.) building permits month. (SeeFigure9formultifamily rents rangingfrom$660to$950a feet forthree-bedroomunits, with to1,250square bedroom apartments ranging from800squarefeetforone- 2009,offersunits in thespringof QuailSprings, completed Village of nearEdmond.The 200 apartments was TheVillage atQuailSpringswith Also completedduringthepastyear a monthfortwo-bedroom cottage. for aone-bedroomlodge unitto$730 range Norman from$510 amonth of leased bedrooms. Rents at The Cottages to lodges containing32individually that range from two-bedroom cottages design includes approximately 200 units Theproject’sNorman. uncommon 1 milefromtheOUmaincampusin university studentsandlocatedabout funded development cateringto -

Oklahoma City, O K • COMPREHENSIVE HOUSING MARKET ANALYSIS 10 Data Profile Sources: Estimatesbyanalyst;U.S.CensusBureau;DepartmentofHousingandUrbanDevelopment Median familyincomesarefor1989,1999,and2009. Notes: Employmentdatarepresentannualaveragesfor1990,2000,andthe12monthsthroughSeptember2009. NA =datanotavailable. Table DP-1.OklahomaCityHMADataProfile, 1990toCurrent Median FamilyIncome Rental Vacancy Rate(%) Owner Vacancy Rate(%) Total HousingUnits Percent Renter(%) Renter Households Percent Owner(%) Owner Households Total Households Total Population Nonfarm Employment Unemployment Rate(%) Total ResidentEmployment

430,605 131,476 240,886 372,362 971,042 426,600 475,337 1990 16.4 35.3 64.7 4.2 5.3 NA 1,095,421 472,084 149,733 280,010 429,743 535,800 537,507 2000 10.8 34.8 65.2 2.1 2.7 NA 1,224,000 $58,500 527,425 155,200 316,100 471,300 572,000 541,500 Current 10.0 32.9 67.1 2.1 5.4

1990 to2000 Average AnnualChange(%) 0.9 1.3 1.5 1.4 1.2 2.3 1.2

2000 toCurrent 1.2 0.4 1.3 1.0 1.2 0.7 0.1

Oklahoma City, O K • COMPREHENSIVE HOUSING MARKET ANALYSIS 11 OklahomaCityOK_10.pdf org/publications/pdf/CMARtables_ market forthisHMA,goto For tothehousing additionaldatapertaining the development pipeline. orunitsin for unitscurrently underconstruction excess vacancies. Theestimatesdonotaccount theanalysis, growth, losses, and dateof the as-of the3-year forecastperiodgiven conditionson of needed toachieve abalancedmarketattheend thetotalhousing production the estimatesof buildingactivity.are notaforecastof Theyare Demand: Thedemandestimatesintheanalysis 10/01/2009–10/01/2012—Analyst’s estimates Forecast period: date:10/01/2009—Analyst’sCurrent estimates 2000: 4/1/2000—U.S. DecennialCensus 1990: 4/1/1990—U.S. DecennialCensus Data DefinitionsandSources www.huduser.org/publications/econdev/mkt_analysis.html For on othermarketareas, additionalreports pleasego to . www.huduser. conditions. onlocaleconomicandhousing market and information state andlocalgovernment officials whoprovided data sources and expresses itsappreciation tothoseindustry may bemodifiedbysubsequentdevelopments. HUD national sources. Assuch,findingsorconclusions datefromlocaland availableinformation ontheas-of aspossiblebased on are asthoroughandcurrent and MarketAnalysis Division. Theanalysis andfindings guidelines andmethodsdeveloped byHUD’s Economic The factualframework forthisanalysis follows the may beunderconsiderationbytheDepartment. insuranceproposalsthat anymortgage of acceptability regardingthe tomakedeterminations does notpurport local housingmarketconditionsandtrends. Theanalysis ful tobuilders, mortgagees, with andothers concerned findings,information, andconclusionsmay alsobeuse Development (HUD)initsoperations. Thefactual theU.S. HousingandUrban guidance of of Department This analysis fortheassistanceand hasbeenprepared [email protected] 817–978–9401 Fort Worth, TXHUDRegional Office Randall Goodnight,Economist Contact Information . -