In the wake of the housing crisis last decade, homeownership rates declined markedly. In 2005, more than 69 percent of American households owned the home they lived in. Today that rate is just 64 percent. The decline has been especially steep among young homeowners. At the end of 2015, less than 35 percent of adults under the age of 35 owned their home.
It isn’t just mistrust of a volatile market that has driven young adults away from home buying. Mortgage lending practices have been tightened since the crisis, which means young people with shorter credit histories may find it harder to get a mortgage.
Another problem is affordability. Prices have now rebounded beyond their prerecession peaks, while wages in much of the country have not shown the same growth. That can make it hard for some would-be homeowners to afford an adequate down-payment or monthly mortgage payments.
According to Mr. Wallace the challenges for first time buyers are even greater in the west coast and northeastern parts of the country. He also mentions “mortgage accessibility varies greatly depending on location”.
In conducting their survey SmartAsset looked at a number of variables like “affordability, mortgage availability, and the stability of the housing market” in all cities over 300,000 people nation wide. They looked at HUD-approved lenders, price per square foot of homes, and the ever changing price over the last 5 years.
SmartAsset found Tulsa to be a more affordable city for first time homebuyers among other cities like Oklahoma City, Dallas, and Indianapolis.
Tulsa is a smaller and somewhat more affordable market than Oklahoma City. While it has fewer mortgage lenders than the Oklahoma capital (54 as compared with 75) the price of property is lower. The price per square foot in Tulsa is $71.83, fifth lowest of America’s largest cities.
For first time home buyers and young families that may not want to live in Tulsa proper with it’s small lots and busy streets Owasso is an area to consider. As one of the fastest growing communities in the nation with highly rated schools, low crime rates, and a thriving shopping and restaurant district just minutes from Tulsa Owasso blends the beauty and open spaces of rural life with the excitement and conveniences of urban living.
Owasso offers different neighborhoods from the eco-friendly luxury community of Stone Canyon and gated communities such as Clear Brook and Dover Pond to the more economical neighborhoods of Maple Glen, Coffee Creek, and The Ridge. These friendly neighborhoods with move in ready homes or lots to build a custom home offer prices from $150,000 to $1.5 million and beyond. No matter the budget there is a neighborhood for you in Owasso.
The Gardner Home Team can help guide your search for a home in one of the “best cities for first time home buyers”. Call them today to start “Owasso Living”.
For SmartAsset’s complete article click here.