‘RESILIENCY IS THERE’
Housing markets in OKC, Tulsa lift Hispanics’ odds to be homebuyers
Oklahoma City and Tulsa each landed in the top 25 “opportunity markets for mortgage-ready Latinos” as determined by the National Association of Hispanic Real Estate Professionals in its 2022 State of Hispanic Homeownership Report.
OKC was No. 11, and Tulsa was No. 13, according to the report, which found that despite upheaval in home sales last year, with mortgage interest rates doubling and home sales plunging, “Latinos remain the only demographic to post eight continuous years of steady homeownership gains.”
The annual report was based on market and government statistics, a survey of buyers and interviews with 25 Hispanic real estate agents across the United States, including Veronica Galaviz, an agent with Verbode Group, an OKC brokerage.
Hispanic homebuyers have weathered the market storm with flexibility and strength, said Galaviz, a member and former president of the Oklahoma City chapter of the National Association of Hispanic Real Estate Professionals.
“Despite affordability challenges, the resiliency is there,” Galaviz said in the report. “People are able to make it happen, with persistence. Parents are adding their kids who are working and living in their households as co-signers. It’s a team effort and Hispanics are pretty united when it comes to that.” She told The Oklahoman: “Hispanic home ownership and wealth building continues to grow each year! Building and growing together is possible. Let’s keep sharing this vision to advance sustainable home ownership by educating and empowering all real estate professionals, advocating for public policy and facilitating relationships among industry stakeholders, real estate practitioners and other housing industry professionals. I love Oklahoma! I enjoy assisting everyone with their home ownership dreams and serving with the best worldwide.”
Oklahoma City was No. 11, and Tulsa was No. 13, on the Top 25 “opportunity markets,” according to the report. The markets were ranked according to share of previously defined mortgageready Hispanic adults age 45 and under who can afford the median-priced home in each market.
A house was considered affordable if a buyer’s quarterly household income was greater than or equal to the annual mortgage payment on a median-priced house, assuming a 3% down payment and 3.2% mortgage rate on a 30-year loan.
The data for Oklahoma City and Tulsa:
● Oklahoma City’s mortgageready Hispanic population: 21,000.
● OKC share who can afford a median-priced home: 19.5%.
OKC housing stock indicator: 3.4. (Determined by inventory divided by sales; an indicator greater than 6.0 reflects adequate housing stock.)
● Tulsa’s mortgage-ready Hispanic population: 13,000.
● Tulsa share who can afford a median-priced home: 18.6%.
● Tulsa housing stock indicator: 3.1.
Hispanic homeownership and economic indicators for Oklahoma
Here’s are some general stats the report shows for the Sooner State.
● Hispanic homeownership rate: 53.6%.
● Hispanic population rate: 11.7%.
● Hispanic unemployment rate: 5.2%.
● Hispanic median annual household income: $50,990.
Senior Business Writer Richard Mize has covered housing, construction, commercial real estate and related topics for the newspaper and Oklahoman.com since 1999. Contact him at firstname.lastname@example.org. Sign up for his weekly newsletter, Real Estate with Richard Mize.