More Houses = More People

The Journal Record reported this week that OKC is listed in the top 10 among large U.S. cities with the fastest growing housing market. Coincidentally, OKC's population has increased 15% over the last 10 years. New housing brings people to the community. And employers do love new workforce who buy houses in the area.  And why is that?  Stability.  Economic vitality. And generational wealth. (read the Journal Record Article here) 

Buying a house used to be the American dream.  It went along with 2.5 children, the dog and the stay at home mom.  But things change and they stay the same.  Buying a house is still some people's dream;  Most still want the dog, but maybe not the children.  The recent housing study sponsored by PCDA, shows that for the Ponca City population to grow, new houses in the $150,000 to $225,000 range must be built and be available for purchase but Ponca City residents; not investors.  The housing cost is based on an average household income of $50,000.  

That's a lot of mathing.  For households making more than $50,000/yr, a good average for housing costs is 30% of your income, including utilities, maintenance and all the fun things that come with home ownership.  If you want to check out the housing study, go to goponca.com and scroll down.  If you want to wait for the cliff notes, read the next August PCDA Economic Update.