This beautiful 10 acre property is ready for you to build your dream home and has a pad already started. Well and electric is established. Partially cleared and partially wooded with mature pecan trees. A portion of the back of the property is in a flood zone but has not had any issues with flooding. Close access to the Turner Turnpike and the new Kickapoo Turnpike.
Listed by Autumn Nicole for West + Main Homes. Please contact Autumn for current pricing + availability.
You can find all of these listings on our website. Please reach out to the listing agent for information on times and more information on the listing!
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
Step inside the large entryway and into a home flooded with natural light. The living room is spacious and has an energy efficient electric fireplace. The heart of this home is the beautifully designed kitchen complete with a large island, coffee bar, and built-in oven and microwave. It is perfect for hosting or enjoying a night-in. The primary bedroom suite is a true retreat. The bathroom features a large shower, soaking tub, separate vanities that provide individual space, and a generously sized walk-in closet with a convenient walk-through to the laundry room. With functionality in mind, the laundry room offers additional cabinet space for storage, making organization a breeze. You'll also find a powder bath for guests and a fourth bedroom that offers versatility and could easily serve as an office or play space. Step outside to the covered patio, complete with a gas line, making it the perfect spot for outdoor gatherings, barbecues, and relaxation. The huge backyard provides ample space and the opportunity to add a shop adjacent to the driveway. The 3-car side entry garage offers both convenience and room for extra storage. This home is a true gem, that's close to downtown Tuttle and local schools. You'll love the charming, tight-knit community of Tuttle, where neighbors come together for Friday night football games, festive parades, and more. With its proximity to OKC and Mustang, you can easily explore all the amenities these cities have to offer while enjoying the small town life.
Listed by Angela Cheatwood for West + Main Homes. Please contact Angela for current pricing + availability.
That’s up from $220,000 in July 2013. Although prices are trending higher nationwide, affordability is significantly different by state.
An analysis of recent data provided by Redfin, a national real estate brokerage firm, shows the Midwest and South have the lowest median house prices in the United States, making these regions the most affordable relative to income.
Because of rising real estate prices, housing on the West and East coasts is the least affordable, along with certain Rocky Mountain states and Hawaii. However, many states across the Midwest and South have housing prices below $350,000, with some counties seeing prices below $150,000.
Housing prices increasing
Homes everywhere are increasingly unaffordable relative to income because median sale prices climbed quickly during the COVID-19 pandemic. In March 2020, the national median home price was $304,000, and it continued to escalate because of low rates, demand and availability.
Before the lockdown, low mortgage rates made new and used homes more affordable for many people in America. A $500,000 house with a 20% down payment and a 30-year fixed rate mortgage of 4% has a monthly cost of $2,005. The same home bought with a 7% rate has a $2,794 monthly payment – a $789 difference.
Because rates were below 4% from early 2019 to mid-2022, Americans invested in real estate, causing prices to rise.
At the same time, housing inventory declined. After peaking in 2006, home construction was below average for many years, causing demand to outstrip supply, putting upward pressure on house prices.
Oklahoma among lowest-cost states
The Midwest and South contain the top five low-housing-cost states, which lead the country in affordability.
• Iowa has the lowest median sale price of $239,000 in 2022. The state is primarily rural but has smaller cities like Des Moines, Cedar Rapids and Iowa City. Additionally, the population is relatively small and growing at only 0.3% annually, keeping demand and, thus, housing prices low. According to the Federal Reserve, the state’s median income was $76,320, making housing relatively cheap for families.
• Ohio is the second most affordable state, with a median sale price of $249,000. The state is more industrialized than Iowa but still has a significant agricultural industry. In addition, Ohio has three large cities: Cincinnati, Cleveland and Columbus. Based on the state’s median income of $67,520, housing is less affordable than in other Midwestern states. Also, Ohio’s population is declining, suggesting home prices will gain little.
• Oklahoma has the third-lowest median sale price of $256,000. The state is largely rural, with two main cities: Oklahoma City and Tulsa. Oklahoma’s median household income is below Iowa’s and Ohio’s at $63,440. As a result, its residents pay a higher percentage of their income for housing costs. Oklahoma’s population is gaining 1.5% annually, so real estate prices should continue to rise.
On the other end of the scale, California was unsurprisingly the most expensive state to buy a home. In fact, the most expensive states are concentrated on the West Coast, Northeast and a few Rocky Mountain states, attracting people from other parts of the United States, like Utah and Colorado. The three least affordable states are California, Hawaii and Massachusetts.
Housing in California is costly. Prices continue to rise because of demand, insufficient construction, and labor costs. In 2022, the median house price was $799,000 – more than three times the price of Iowa. Median household incomes are higher at $85,300, but are generally not enough to account for the sale price differences. After years of growth, California’s population has declined in the past couple of years, but not enough to affect affordability.
Hawaii is next on the list, with a median home price of $713,000. The state has strict permitting requirements, and as a result, construction cannot meet demand. Therefore, housing prices have risen. Besides expensive housing, Hawaii also has the highest cost of living, making it challenging to make a simple 50/30/20 budget strategy work and purchase a home, too. Household incomes are high, too, at $91,010, but the extraordinary cost of living expenses reduces buying power. One advantage, though, is the state has the lowest property tax rate in the country.
Massachusetts is third, with a median house price of $640,000. The state is building more luxury, high-end residences and not enough affordable housing. Demand is also high because the population grows in most years, drawn by high-paying jobs in health care, information technology, and education. In fact, the median household income of $93,550 is among the highest in the country. The combination of forces driving prices higher is unlikely to subside.
The bottom line about affordability
Real estate prices have risen faster than incomes. Consequently, already expensive markets are now pricier than ever. Based on median home prices, the Midwest and South lead the country in affordability, especially after considering household incomes.
That said, rising mortgage rates mean it may be prudent to wait until they change direction. High mortgage rates hinder selling and buying.
Arnie Nicola of Pregnancy and Motherhood says, “We had planned to buy a house and the high interest rates pushed up monthly payments and brought down our home value below our expected selling price, so ultimately we decided to just hold.”
Learn more at Journalrecord.com
Related Links
10 Things Most Homebuyers Get Wrong About Getting a Mortgage Today
3 Major Changes You Need To Make Before Putting Your Home on the Market
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
You might be thinking about your job, money, wanting more stability, or goals you want to reach soon. Is homeownership a part of that vision? If it is, you should know owning a home has a whole lot of financial benefits.
One of the many reasons to buy a home is that it’s a great way to build wealth and gain financial stability. That’s because the value of most homes increases over time, which in turn grows your net worth. Here’s how home values are rising right now. According to Zillow:
“The total value of the U.S. housing market – the sum of Zillow’s estimated value for every U.S. home – is now slightly less than $52 trillion, which is $1.1 trillion higher than the previous peak reached last June.”
Basically, homeownership is a tremendous wealth-building tool. And with home values back on the rise across the nation, now might be a good time to consider if owning a home is something you want to reach for.
Here’s a look at some data to see how much owning a home can really make a difference in your life.
Household Net Worth Is Rising
Data shows that while those in the top 1% saw the most dramatic net worth increase, people from every single tax bracket have seen their wealth grow over the past few years (see graph below):
For many of those people, the rising value of their home plays a big part in that.
Owning a Home Helps You Achieve Financial Success
You can tell homeownership had a lot to do with that growth because there’s a significant net worth gap between homeowners and renters. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“. . . homeownership is a catalyst for building wealth for people from all walks of life. A monthly mortgage payment is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter.”
The big reason why? Homeowner’s build equity. Home equity is the value of your home minus the amount you owe on your mortgage. And for most homeowners, that’s the largest contributor to their net worth. Here’s the data from First American to prove it (see graph below):
The blue portion of each bar represents housing as a portion of net worth – and it’s clearly a bigger contributor than other investments like stocks, gold, and cryptocurrencies. As you can see, across different income levels, homeownership does more to build the average household’s wealth than anything else.
Bottom Line
One of the biggest benefits of owning a home is that it can provide an avenue to grow your net worth. Connect with a local real estate professional so you can start investing in homeownership.
Learn more at keepingcurrentmatters.com
Related Links
10 Things Most Homebuyers Get Wrong About Getting a Mortgage Today
3 Major Changes You Need To Make Before Putting Your Home on the Market
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
