ECONOMIC INDICATORS OKLAHOMA CITY METRO NO. 1 FOR MOST AFFORDABLE RENTAL MARKET Top 10 Most Affordable Rental Markets by Rent Share (Studio-2 Bedrooms) – February 2023
OVER- ALL RANK
METRO
FEBRUARY 2023 RENT SHARE AS OF % INCOME
FEBRUARY 2023 MEDIAN RENT
MAXIMUM AFFORD-ABLE RENT AT CUR- RENT HH IN- COME
MAXIMUM AFFORD-ABLE RENT (RATIO)
1
OKLAHOMA CITY, OK
17.4%
$980
$1 ,686
0.58
2
COLUMBUS, OH
18.2%
$1 ,175
$1 ,933
0.61
MINNEAPOLIS-ST. PAUL-BLOOM- INGTON, NM-WI
19.0%
$1 ,487
$2,343
0.63
3
4
CINCINNATI, OH-KY-IN
19.4%
$1 ,233
$1 ,904
0.65
5
KANSAS CITY, MO-KS
19.8%
$1 ,279
$1 ,938
0.66
6
RALEIGH, NC
20.5%
$1 ,510
$2,206
0.68
7
ST. LOUIS, MO-IL
20.8%
$1 ,307
$1 ,888
0.69
LOUISVILLE/JEFFERSON COUN- TY, KY-IN WASHINGTON-ARLINGTON-AL- EXANDRIA, DC-VA-MD-WV
21 .4%
$1 ,226
$1 ,715
0.71
8
9
21 .5%
$2,116
$2,949
0.72
10
AUSTIN-ROUND ROCK, TX
21 .7%
$1 ,644
$2,273
0.72
SOURCE: REALTOR.COM, FEBRUARY 2023. RENT SHARE IS THE PERCENTAGE OF MONTHLY INCOME ONE SPENDS ON RENT. THE MAXIMUM AFFORDABLE RENT AT CURRENT HOUSEHOLD INCOME IS RENT THAT DOES NOT EXCEED 30 PERCENT OF THE ADJUSTED INCOME OF A FAMILY WHOSE ANNUAL INCOME EQUALS 65 PERCENT OF THE MEDIAN INCOME FOR THE AREA, AS DETERMINED BY HUD, WITH ADJUSTMENTS FOR NUMBER OF BEDROOMS IN THE UNIT.
• Oklahoma City Metro ranked #1 in the nation for the most affordable rental market in February 2023. • Realtor.com analyzed data from the top 50 largest metropolitan areas, including median rent, rent share, maximum affordable rent at current household income and maximum affordable rent ratio. • In February 2023, overall median rent in the U.S. was $1,716, while OKC rent was only $980. • Despite this, when ranked against all other metros, OKC ranked favorably in several select categories.
For comprehensive Economic Indicator and Regional Data, please visit your Greater Oklahoma City Chamber Economic Development Division at www.greateroklahomacity.com/economicindicators or contact Eric Long, Research Economist, at 405-297-8976; elong@okcchamber.com DID YOU KNOW? Get regional demographic data, consumer expenditure information, labor force data for the Greater Oklahoma City Region and more at greateroklahomacity.com.
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