Oklahoma borrowers turn to home equity
Workers put decking on a home at 1521 NW 125 in the Heritage Oaks housing addition in Oklahoma City. By Steve Gooch
More Oklahomans are tapping their homes for a home-equity line of credit, according to new Census Bureau estimates.
The number of Oklahoma homeowners with a home-equity loan rose by one-third since 2000, according to an analysis of U.S. Census Bureau data by The Oklahoman.Multimedia
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IN OKLAHOMA
Home values by county
The Census Bureau’s latest American Community Survey is the first detailed look at communities with at least 20,000 people since the 2000 Census. The 2005-2007 survey covered 39 of the state’s 77 counties. Among the findings:
• Rogers County, at $127,100, had the highest median home value in 2007.
• Seminole County had the lowest median home value at an estimated $60,400.
• Cleveland County homeowners had the highest ownership costs in the 2005-2007 survey period. Median monthly ownership costs were $1,159 in Cleveland County.
• Adair County had the lowest median ownership costs at $718 per month. (Ownership costs include mortgage payments, some utilities, taxes, insurance and association fees.)
• Tulsa County had the highest median property taxes per year at $1,221 in 2007.
• McCurtain County had the lowest median property taxes at $278 per year.
• At $54,482, Canadian County had the survey’s highest median household income in 2007.
• McCurtain County had the lowest median household income among the 39 counties surveyed at an estimated $28,916.
• Median monthly rent ranged from $402 in Adair County to $677 in Cleveland County in the survey period. Source: The Oklahoman analysis of Census data
at a glance
Home values across the country
In 2000, Oklahoma had the lowest median home value in the nation at $70,700. In the latest Census survey, taken from 2005 to 2007, Oklahoma’s median home value rose 35 percent to $95,200. That put the state ahead of Arkansas, West Virginia and Mississippi.
Note: Rankings include District of Columbia and Puerto Rico
Source: The Oklahoman analysis of Census data
Related Topics:
Science and Technology, Social and Behavioral Sciences, Demography, Government and Politics, U.S. Census
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