The Housing Market in Moore Today
Moore, Oklahoma is a growing suburb just south of Oklahoma City that offers a mix of urban amenities and small-town charm. In recent years, the local housing market has seen rising demand as more people discover the appeal of living in Moore. New apartment complexes and single-family developments are popping up to meet the needs of a growing population.
One notable trend in Moore is the increasing variety of housing options available. While traditional single-family homes still make up the majority of the market, there are now more choices for renters and buyers alike. Apartment living is becoming more popular, especially among young professionals and small families who appreciate the convenience and flexibility.
At the same time, inventory has tightened somewhat in Moore as more people compete for available homes and apartments. This has put upward pressure on both rent prices and home values in many areas. However, compared to other major metros, the cost of living in Moore remains relatively affordable overall.
Renting in Moore: What’s Typical?
For renters, Moore offers a range of apartments and rental homes to fit different budgets and preferences. As of 2023, the average rent for a 1-bedroom apartment in Moore is around $950 per month. Upgrading to a 2-bedroom unit will cost closer to $1,200 on average.
Rent prices can vary quite a bit depending on the location and amenities. Some of the most popular areas for renters include the neighborhoods around SW 19th Street and Eastern Avenue, where many newer apartment complexes are located. These properties often come with perks like swimming pools, fitness centers, and covered parking.
Over the past year, rent in Moore has risen by about 5% overall. However, there are still pockets of affordability for renters on a tighter budget. Older apartment communities and small rental homes in more established areas like Central Moore can offer lower prices. Many young professionals and working families are able to find suitable rentals for under $1,000 per month.
Owning a Home in Moore
For those looking to buy a home, Moore’s median home price currently sits at around $260,000. At that price point, buyers can expect their monthly mortgage payment to be in the ballpark of $1,400, assuming a 30-year fixed-rate loan and a 20% down payment.
Of course, the total cost of homeownership goes beyond the mortgage itself. Property taxes in Moore average about 1% of the assessed value annually. For a $260,000 home, that equates to roughly $2,600 per year or $217 per month. Homeowners insurance tacks on another $100 or so each month.
Some neighborhoods in Moore also have mandatory homeowners association (HOA) fees. These can range from under $100 to over $300 per month, depending on the community and amenities. Typical HOA dues in Moore average around $200 monthly. So for a median-priced home, buyers can expect a total monthly cost of $1,800-$2,000 when accounting for the mortgage, taxes, insurance, and HOA.
Renters vs. Homeowners: Who Lives Where?
Moore has a homeownership rate of about 65%, which is slightly higher than the national average. The other 35% of residents are renters. Homeownership is most common among older, established residents, especially those with families. Younger individuals and those who have recently moved to the area are more likely to rent.
There are a few key factors that influence this split. First, home prices in Moore have appreciated steadily over the past decade. While still affordable compared to many coastal cities, the upfront costs of buying can be a barrier for some. Saving up for a down payment and closing costs is a challenge, particularly for younger adults.
Additionally, Moore’s growing job market and proximity to Oklahoma City attracts many young professionals who may not be ready to settle down permanently. Renting provides more flexibility to relocate for work or personal reasons. Cultural factors play a role too, as more millennials and Gen Zers are delaying homeownership in favor of renting.
| Monthly Housing Costs | Renting | Owning |
|---|---|---|
| Rent/Mortgage | $1,200 | $1,400 |
| Property Tax | – | $217 |
| Insurance | $15 (renters) | $100 |
| Utilities | $160 | $280 |
| HOA | – | $200 |
| Total | $1,375 | $2,197 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
As Moore continues to grow, a few key factors are shaping the cost of housing. On the demand side, the strong local job market is attracting new residents who need places to live. Major employers like Tinker Air Force Base and the Moore Norman Technology Center provide a stable base of employment. Additionally, Moore’s proximity to Oklahoma City makes it a popular choice for commuters.
In terms of supply, Moore has seen steady development of new housing in recent years. However, zoning regulations and land availability limit how quickly new homes can be built. Apartment construction has been somewhat faster-paced to help meet rising rental demand. Even so, the balance between supply and demand will be an important factor to watch.
Policy decisions can also influence the cost of living. Property tax rates, development incentives, and affordable housing initiatives can all play a role. In cities like Moore, these factors work in combination with market forces to shape the overall affordability picture for renters and buyers alike.
FAQs About Housing in Moore
Is Moore affordable to live in?
Compared to many larger cities, Moore is relatively affordable. The median home price of $260,000 is well below the national median of $428,700. Renters can also find more budget-friendly options than in high-cost coastal metros. However, affordability is relative to each individual’s income and financial situation.
Why are housing prices changing?
Housing prices in Moore are influenced by supply and demand. The growing population and strong job market are driving demand for homes and apartments. At the same time, the pace of new construction has been somewhat limited. This imbalance puts upward pressure on rent and home prices.
How does Moore compare to nearby cities?
Moore is generally more affordable than central Oklahoma City, where the median home price is over $300,000. However, it is slightly pricier than some smaller surrounding towns like Norman or Midwest City. Compared to Tulsa, Moore offers a similar cost of living overall.
Making Smart Housing Decisions in Moore
Whether renting or buying, housing costs are a key part of any monthly budget in Moore. Renters can expect to spend around $1,375 per month for a typical 2-bedroom apartment when accounting for rent, utilities, and renters insurance. Homeowners should plan for roughly $2,197 monthly for their mortgage, taxes, insurance, HOA, and utilities.
Of course, these costs can vary significantly depending on the specific property and individual circumstances. Renters can save by opting for a smaller unit or living with roommates. Homebuyers can adjust their budget by choosing a lower-priced home or putting more money down upfront.
Ultimately, making smart housing decisions in Moore comes down to balancing your needs and preferences with what you can comfortably afford. Whether you’re a young professional exploring apartment living or a growing family ready to buy, it’s important to consider both the short-term and long-term costs. By understanding the local market and planning ahead, you can find the right housing fit for your budget and lifestyle. For more tips, check out our complete guide to the cost of living in Moore.