The Housing Market in Mustang Today
Mustang, Oklahoma is a growing suburb located just southwest of Oklahoma City. Its proximity to the metro area combined with a small-town atmosphere has made it an increasingly popular place to live in recent years. The city’s population has surged by over 20% since 2010, reaching nearly 24,000 residents in 2025. This growth has put pressure on Mustang’s housing market, driving up both home prices and rents.
Mustang’s appeal lies in its highly-rated schools, safe neighborhoods, and easy access to Oklahoma City’s job centers. Many residents commute to employers like Tinker Air Force Base, the FAA Mike Monroney Aeronautical Center, and companies along the I-240 corridor. This combination of quality of life and economic opportunity continues to attract new residents, especially families and young professionals.
Compared to the Oklahoma City metro as a whole, Mustang’s housing costs are slightly above average. The city’s median home value of $285,000 is about 15% higher than the regional median of $248,000. Rents in Mustang also tend to be 10-20% above comparable properties in more outlying suburbs. However, many residents find the premium worthwhile given Mustang’s amenities, location, and community character.
Renting in Mustang: Typical Costs and Trends
As of 2025, a typical 1-bedroom apartment in Mustang rents for around $950 to $1,200 per month. Most 2-bedroom units range from $1,100 to $1,400 monthly. Larger 3-bedroom apartments, which are less common, can cost $1,500 or more. These prices put Mustang near the upper end for suburban Oklahoma City rents.
Young professionals are a key demographic in Mustang’s rental market, attracted by the city’s proximity to major employers and recreational amenities. Many choose the Mustang Creek Estates area for its newer apartment complexes and quick access to Highway 152. Apartments in the city’s central neighborhoods, like Mustang Heights and Wildhorse, also draw significant renter interest.
Rental rates in Mustang have risen steadily in recent years, fueled by population growth and demand for quality housing. On average, rents increase 2-4% annually, outpacing nearby communities like Yukon and El Reno. This trend shows no signs of slowing, making Mustang an attractive market for real estate investors but a challenging one for renters on tight budgets.
Owning a Home in Mustang: Prices, Taxes, and HOA Fees
For home buyers, Mustang’s median sale price of $285,000 translates to typical mortgage payments around $1,500 to $1,800 per month. However, that’s just one part of the ownership equation. Property taxes and homeowners association (HOA) fees are two additional costs that often catch new Mustang residents by surprise.
Canadian County, where Mustang is located, has an average property tax rate of 1.01%. For a $285,000 home, that means an annual tax bill around $2,900. While this is slightly below the national average, it’s still a substantial expense that homeowners must factor into their budgets.
Many of Mustang’s newer neighborhoods, particularly those developed since 2000, have active HOAs. These associations charge monthly or annual fees to cover common area maintenance, amenities, and other services. In Mustang, typical HOA fees range from $200 to $400 per year. While less than some cities, these costs add up over time and are an important consideration for potential buyers.
Apartment vs House in Mustang: Side-by-Side Costs
| Monthly Expense | Apartment (2BR) | House (3BR) |
|---|---|---|
| Rent/Mortgage Payment | $1,250 | $1,650 |
| Property Tax | N/A (included in rent) | $242 |
| Utilities | $150 | $250 |
| Insurance | $15 (renters) | $100 (homeowners) |
| HOA Fees | N/A | $25 |
| Maintenance & Repairs | N/A | $150 |
| Monthly Total | $1,415 | $2,417 |
Utility & Upkeep Differences
In addition to higher base housing costs, Mustang homeowners also contend with larger utility and maintenance expenses compared to renters. A typical apartment’s utility bills – including electricity, gas, water, and trash – average around $150 per month. Renters insurance adds another $15 or so.
Houses, with their larger footprints and more complex systems, usually cost $200 to $300 monthly for utilities. Homeowners insurance in Mustang averages $1,200 per year, or $100 per month. And then there are ongoing maintenance and repair costs, from lawn care and HVAC tune-ups to big-ticket items like roof replacements. Homeowners should budget at least 1% of their property value annually for upkeep – around $2,850 per year or $240 monthly for a mid-priced Mustang home.
5-Year Rent vs Buy Outlook
Looking at the five-year picture, renting in Mustang currently costs around $84,900 total for a 2-bedroom apartment ($1,415 monthly x 60 months). Assuming 3% annual rent increases, that total reaches nearly $93,000.
Buying a mid-range $285,000 home in Mustang, including taxes, insurance, and conservative 2% annual appreciation, leads to a five-year cost around $145,000. While significantly higher than renting, ownership does come with the benefits of forced savings through equity and greater stability.
Of course, these projections depend heavily on individual circumstances and market conditions. Renters who can save and invest the difference between renting and owning can often come out ahead. For more on the monthly expenses of living in Mustang, see our guide on How Much It Costs to Live in Mustang Each Month.
FAQs About Housing Costs in Mustang
- How much are HOA fees in Mustang? Typical HOA fees in Mustang range from $200 to $400 per year, with some communities at the higher end. Not all neighborhoods have HOAs.
- What is the property tax rate in Mustang? The average property tax rate in Canadian County, where Mustang is located, is 1.01% as of 2025.
- Is renting cheaper than buying long-term in Mustang? Currently, renting is cheaper than buying in Mustang on a monthly basis and over a five-year period. However, buying provides equity and more control over living expenses.
- Do houses have higher utility costs than apartments? Yes, houses in Mustang typically have 20-30% higher utility expenses than apartments due to their larger size and additional maintenance needs.
- What’s the monthly cost difference between apartments and houses in Mustang? On average, renting a 2-bedroom apartment in Mustang costs around $1,000 less per month than owning a median-priced 3-bedroom house when accounting for all expenses.
Making Smart Housing Choices in Mustang
Housing costs are a key part of the equation when deciding where to live. In Mustang, both renters and buyers need to dig into the details to budget wisely and find the right fit. Factors like property taxes, HOA fees, and utility expenses can significantly impact monthly and long-term housing costs.
For more context on how housing fits into the bigger financial picture, read our Cost of Living in Mustang, OK: What You’ll Really Spend in 2025. We break down typical expenses across major categories like food, transportation, and healthcare to help you plan.
Whether renting or buying in Mustang, it pays to have a clear understanding of the market and all the costs involved. Working with experienced local professionals, from realtors to financial advisors, can provide valuable guidance. And for those planning a move, our Best Moving Companies Guide offers tips on finding reliable movers to make your transition to Mustang a smooth one.