OKC is Among the Friendliest in the Country for First-Time Homebuyers

First Time Homebuyers

OKC is Among the Friendliest in the Country for First-Time Homebuyers

August 11, 2021

LendingTree recently ranked Oklahoma City number two in the country for first-time homebuyers. Despite the competitive housing market nationwide, our metro area offers individuals a cost-effective place to make their first home purchase.

In their study, LendingTree compared 50 different metro areas around the country on five factors: average down payment, average down payment percentage, share of buyers using an FHA loan, percentage of buyers who have credit scores below 680, and share of homeowners who spend 30% or more of their monthly income on housing costs.

Oklahoma City’s statistics were promising:

  • Average down payment amount: $28,777
  • Average down payment percentage: 10.7%
  • % of buyers with a credit score below 680: 20.8%
  • Share of buyers using an FHA loan: 11.6%
  • Share of households spending 30% or more of their income on housing: 22.6%

Compare them to New York’s statistics, which is the worst metro area for first-time homebuyers, and you’ll feel even more convinced that our numbers are favorable.

  • Average down payment amount: $91,453
  • Average down payment percentage: 16.5%
  • % of buyers with a credit score below 680: 7.2%
  • Share of buyers using an FHA loan: 11.6%
  • Share of households spending 30% or more of their income on housing: 39.1%

Making the decision to buy a home is an important one. With Oklahoma City having the lowest down payment on average of any metro area in the study, our community supports making home ownership possible for a greater range of individuals.

You can learn more about this study and its key findings through the original article on LendingTree. If you are new to the area or have recently made your first home purchase in Oklahoma City, you may want to check out our Welcome Guide for more information about our history, neighborhoods, schools, climate, economy, and more.

Read the original article here
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