What You Need to Know About Affordable Homes in Broken Arrow
30 Oct 2024
Broken Arrow is one of Tulsa’s fastest-growing suburbs, and that rapid expansion begs the question: Are there enough affordable homes in Broken Arrow? Fortunately, the answer is yes! As one of the “most livable small cities” in America, Broken Arrow offers a blend of suburban charm and city convenience that makes it an ideal place for families, retirees, and young professionals.
What is an Affordable Home?
Determining a community’s home affordability is more than just the price tag on the property. It’s defined by a combination of wages, property taxes, infrastructure, and other expenses. The federal government classifies housing as affordable when the occupant pays no more than 30 percent of their gross income for housing costs. As a result, households have enough money to pay for other non-discretionary costs.
Affordable Homes are Here in Broken Arrow
The U.S. Census Bureau reports Broken Arrow’s median income to be approximately $84,000, which is relatively high for the state of Oklahoma. Using the federal government’s standard, families in Broken Arrow should aim for a monthly mortgage payment of $2,100. With an average mortgage interest rate of 7 percent and the median home sale price in Broken Arrow at $295,000 (as of August 2024), this is entirely possible for many aspiring homebuyers. In addition, housing can be even more affordable when buyers take advantage of Oklahoma’s unique homebuying programs.
Your Money Goes Further in Broken Arrow
Broken Arrow’s steady growth over the past decade has drawn new residents from larger, more expensive cities across the U.S. According to Redfin, homebuyers from Dallas looked to move to Broken Arrow more than any other metro area. Current residents are staying in the community too – 78 percent of Broken Arrow homebuyers searched for homes within Broken Arrow.
Why? RentCafé estimates that Broken Arrow’s cost of living is 12 percent lower than the national average. In addition to less expensive housing, utilities are four percent less and basic necessities, like food and clothing, are six percent less. Healthcare services also cost less, with doctor check-ups and dentistry coming in at eight percent lower than the national average. And entertainment prices are about six percent lower than the rest of the country. So, a paycheck goes a long way.
Now is the Time to Be In Broken Arrow
As a suburb of Tulsa, Broken Arrow has easy access to a growing job market of a large metropolitan area. Diverse industries like aerospace, healthcare, manufacturing, and energy are flourishing. Local schools, small businesses, and a growing healthcare sector offer a solid backbone for the city. The quieter, more affordable lifestyle allows residents to enjoy a high quality of life without breaking the bank.
Steady growth means more demand for homes. As the city continues to invest in infrastructure, business development, and job growth, homebuyers should be ready to act sooner rather than later to secure more favorable prices.
Affordable homes are available in Broken Arrow now! For more information on buying a home here, visit the Broken Arrow Economic Development website. We can’t wait for you to #BeInBA!