The Housing Market in Midwest City Today
Midwest City, Oklahoma offers a diverse range of housing options for its residents, from cozy apartments to spacious single-family homes. In recent years, the local housing market has experienced steady growth, with new developments rising in the downtown area and beyond. Despite this growth, Midwest City remains an affordable place to live compared to many other cities in the region.
One unique characteristic of the Midwest City housing market is the increasing number of apartments offering more green spaces and community amenities. Many newer complexes feature walking trails, dog parks, and community gardens, catering to residents who value outdoor living and a sense of community. This trend reflects the city’s efforts to create a more livable and sustainable urban environment.
While inventory has tightened somewhat in recent months, there are still plenty of housing options available for both renters and buyers in Midwest City. The local economy remains stable, with a mix of industries providing job opportunities for residents. This economic stability has helped to keep housing costs in check, even as demand for housing has grown.
Renting in Midwest City: What’s Typical?
For those looking to rent in Midwest City, there are options to fit a variety of budgets and lifestyles. The average rent for a one-bedroom apartment in the city is around $850 per month, while a two-bedroom apartment typically costs around $1,100 per month. These prices can vary depending on the location, age, and amenities of the apartment complex.
Some of the most popular areas for renters in Midwest City include the downtown district, where many young professionals and singles choose to live for its walkability and proximity to dining and entertainment options. The Eastside neighborhood is another popular choice, particularly for families, thanks to its quiet streets and highly-rated schools.
Rent in Midwest City has risen by about 3% over the last year, which is on par with the national average. However, areas like the historic Shepard District still offer affordable options for those on a tighter budget, with older apartment buildings and smaller units available at lower price points.
Owning a Home in Midwest City
For those looking to buy a home in Midwest City, the median home price is currently around $180,000. With a 10% down payment and a 30-year fixed mortgage at 4% interest, this translates to an estimated monthly mortgage payment of around $1,200. However, homeowners must also factor in additional costs such as property taxes, homeowners insurance, and any applicable HOA dues.
Property taxes in Midwest City are relatively low compared to other parts of the country, with an average effective rate of around 1%. For a median-priced home, this equals about $1,800 per year, or $150 per month. Homeowners insurance costs can vary depending on the size and age of the home, but typically run around $100 per month.
Some neighborhoods in Midwest City have active homeowners associations that charge monthly or annual dues. These HOAs often provide services like lawn care, snow removal, and community amenities. For a typical single-family home in Midwest City, HOA dues average around $200 per month. However, many neighborhoods do not have HOAs at all, so it’s important for buyers to research the specific area where they are looking to purchase.
Renters vs. Homeowners: Who Lives Where?
Midwest City has a homeownership rate of around 60%, which is slightly lower than the national average of 64%. This means that a significant portion of the city’s residents are renters. Renting is particularly common among younger individuals, such as students and young professionals, who may not yet be ready or able to purchase a home.
However, many families and older residents in Midwest City do own their homes. The city’s affordable housing prices and stable economy make homeownership an attainable goal for many. Some of the most popular neighborhoods for homeowners include the tree-lined streets of Ridgecrest and the golf course community of Hidden Creek.
While renting can offer more flexibility and lower upfront costs, owning a home in Midwest City can provide long-term financial benefits and a sense of community stability. However, there are still barriers to homeownership for some, such as saving for a down payment or qualifying for a mortgage. The city and local organizations offer programs to help make homeownership more accessible, such as down payment assistance and homebuyer education courses.
| Expense | Monthly Cost |
|---|---|
| Rent (1BR) | $850 |
| Rent (2BR) | $1,100 |
| Mortgage (Median Home) | $1,200 |
| Property Tax | $150 |
| Homeowners Insurance | $100 |
| HOA Dues | $200 |
| Utilities | $250 |
| Total (Renting) | $1,100 – $1,350 |
| Total (Owning) | $1,900 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Like many cities across the country, housing costs in Midwest City are influenced by a variety of supply and demand factors. On the demand side, the local job market plays a significant role. Midwest City’s economy is anchored by Tinker Air Force Base, which employs over 24,000 people. The stability and growth of this major employer helps to drive demand for housing in the area.
Midwest City has also seen an influx of new residents in recent years, as people are attracted to the city’s affordable cost of living, family-friendly neighborhoods, and convenient location just minutes from downtown Oklahoma City. This population growth has put upward pressure on housing costs, particularly in desirable areas.
On the supply side, zoning and land use policies can impact the availability and cost of housing. Midwest City has taken steps to encourage the development of new housing, particularly in the downtown area, by offering incentives to developers and streamlining the permitting process. The city has also invested in infrastructure improvements and public amenities to make the area more attractive to residents and businesses alike.
FAQs About Housing in Midwest City
- Is Midwest City affordable to live in? Yes, Midwest City is generally considered an affordable place to live, with housing costs that are lower than the national average. The city’s cost of living index is 84.8, meaning that expenses like housing, groceries, and healthcare are about 15% lower than the U.S. average.
- Why are housing prices changing? Housing prices in Midwest City are influenced by factors like population growth, economic conditions, and the supply of available homes. In recent years, the city has seen steady demand for housing thanks to its strong job market and attractive quality of life.
- How does Midwest City compare to nearby cities? Compared to Oklahoma City, which borders Midwest City to the north, housing costs are generally lower. The median home price in Oklahoma City is about $50,000 higher than in Midwest City. However, some nearby suburbs like Edmond and Norman have higher housing costs than Midwest City.
Making Smart Housing Decisions in Midwest City
Whether you’re looking to rent or buy, it’s important to consider your budget and long-term financial goals when making housing decisions in Midwest City. Renters should aim to keep their monthly housing costs (including utilities) to no more than 30% of their income, while buyers should factor in the full cost of homeownership, including mortgage payments, property taxes, insurance, and maintenance.
It’s also a good idea to research different neighborhoods to find the best fit for your lifestyle and budget. Consider factors like commute times, school districts, and access to amenities like parks, shopping, and entertainment. Working with a local real estate agent or apartment locator can help you navigate the housing market and find the right place to call home.
Ultimately, whether you choose to rent or buy, Midwest City offers a range of housing options to fit different needs and budgets. By doing your research and making smart financial decisions, you can find a comfortable and affordable place to live in this vibrant Oklahoma community.