Tulsa starter home prices align well with median income
TULSA, Okla. (KTUL) — Buying a starter home in Tulsa is more affordable than just about anywhere else in the country, according to a study by a real estate company that compared median income with starter home prices.
The next time you're driving around Tulsa, and you see a "for sale" sign, think about how much more that home would cost somewhere else.
"So, if we look at New York, I think the median price range there is closing in on $900,000. LA is $1 million, and we’re closer to $200,000. Isn’t that amazing?" said Paul Wheeler of Accent Realtors.
So amazing that Tulsa was listed as one of just four of the top 50 cities in the country where median income made the purchase of a starter home more affordable.
"When I thought about wanting to buy my own home, well firstly, I’m from California, so I couldn’t afford to buy a home there," said Andrea Guyton.
Guyton is a first-time home buyer who moved here from Fresno, is closer to family, and, full disclosure, is a photographer at NewsChannel 8.
"The home you just bought, if you were to buy that house in California, it would have cost how much?" asked NewsChannel 8's Burt Mummolo.
"For a three-bedroom, two-bathroom house out in California would probably be in the $350 to $400K range easily where I’m from," she said.
"When you have clients moving here from whatever coast, are they shocked in a good way?" asked Mummolo.
"Oh, in a very good way. What I’m finding now, that I’ve not seen in over 30 years of selling real estate, is people shopping cities," said Real Estate Broker Darryl Baskin.
But even if homes are more affordable, what about rising interest rates? Realtor Paul Wheeler has a phrase he coined for that.
"We marry the house, we date the interest rate. So, if it continues to go up, so let's say it goes to eight or nine, we’re going to be darn glad we bought now, and if it goes down, you refinance," he said.
"How does it feel to be a homebuyer?" asked NewsChannel 8.
"It's very exciting," said Guyton.
Guyton, meanwhile, has taken the plunge as her friends back in California are still circling the pool.
"I have a friend who lives in San Diego and she is living with her boyfriend and they're trying to save up for a down payment for a house, and houses out there are like $800,000 for a tiny house," she said.
For a look at the full study click here.
