Home ownership is harder in Oklahoma than rest of the nation
OKLAHOMA CITY (KOKH) — A new study is showing Oklahoma has one of the nation's highest rates of new loans going to landlords, meaning less availability for Oklahomans to own their own homes.
Investors purchased a record 18.4% of all U.S. homes sold in the last quarter of 2021, up from 12.6% in the last quarter of 2020. And in Oklahoma, they're buying up more than anywhere else in the nation. Lawmakers are trying to slow it down and help Oklahomans.
"We know that home ownership is the best way to have generational wealth and equity in oneself," said Rep. Mickey Dollens, OK - District 93.
Chasing the American dream of home ownership is harder in Oklahoma than in the rest of the nation. According to real estate research firm Stessa, landlords and investors are gorging on OKC homes.
Nationwide 8.5% of all mortgage loans in 2020 went to landlords. In OKC it's more than double that, with 20%. In Lawton, Oklahoma it's 35%.
"When it comes to qualified VA veterans, FHA first-time home buyers, people in rural Oklahoma using the USDA loans, for them to not have a shot when it comes to corporations, coming in and offering 25% over asking prices in cash, that's creating a real problem for qualified home buyers in Oklahoma and it's my intention to solve it," said Dollens.
Dollens said the results of an interim study will be presented in September, which will be the vehicle for his new legislation for the next legislative session.
"We're looking at a moratorium. For example, if a home were to go on the market, maybe a 15-day moratorium before a corporation can put down an offer," said Dollens.
On Tuesday, the OKC City Council voted to provide more housing for lower and moderate-income residents.
"We receive fiscal recovery funds from the federal government," said Aubrey McDermid, the OKC Assistant City Manager. "It's an extension of the coronavirus relief package and we are issuing an RFP which is a request for proposals for developers to submit project to build affordable housing."
$8.25 million in funds will be used for multiple projects and this is something that's really needed in OKC.
"Affordable housing is really needed across Oklahoma City. A lot of families are looking to move into affordable housing near their jobs or near the school their kids go to, so we hope with the $8.25 million we'll get multiple proposals and we can divide those units up across the city," McDermid said. "The big need in Oklahoma City and the gap we have in our market right now is rental units."
Proposals must be submitted before August 17th at 4pm. The projects are planned to be completed by 2026.
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