Rent to Own Homes in Tulsa
Tulsa’s 398,121 residents inhabit Oklahoma’s second largest city and are part of the Tulsa metropolitan area that is nearly one million strong. It’s the center of Tulsa County government, home to the nationally ranked University of Tulsa, and it’s frequently named as one of the country’s most livable large cities.
Once the oil capital of the country, Tulsa has evolved into a thriving, diverse city with many other industries and corporations driving its economy. From 70 aerospace companies to small businesses that employ more than 55,000 people, Tulsans enjoy low unemployment. Part of this industrial and business success is due to the city’s logistics and transportation options, with the convenient Tulsa International Airport just minutes from downtown Tulsa and the nearby Tulsa Port of Catoosa.
Buying a Home in Tulsa
It’s beginning to be a seller’s market in Tulsa as home prices rise and inventory declines. The average price of a home now stands at $174,001, nearly a 7 percent increase over last year. At the same time, the number of homes available for sale has dropped more than 5 percent to 6.013 homes. New listings also decreased by 8.56 percent, with just 2,339 homes coming onto the market. Still, there’s good news for Tulsa homebuyers: The median sales price of a home here is just $145,000, far below the national median home price of $219,400.
Popular Neighborhoods in Tulsa
Singles, young professionals and locals who thrive on the city’s hustle enjoy living in the downtown area and its neighboring Pearl District. Fairly close to the midtown University of Tulsa campus, these areas buzz with performing arts venues, restaurants and a busy nightlife. Families who appreciate architecture love the Riverview Historic District. It has a strong community feel; its homes range from Tudor to Prairie School styles, and it’s home to the famous Cry Baby Hill. For those who want to raise a family in a safe, country setting with good schools and plenty of amenities, nearby Bixby and Broken Arrow are also good choices.
Buying vs. Rent to Own Homes
With Tulsa home prices rising, many locals want to buy homes while prices are affordable. Those who haven’t quite built up a big enough downpayment or who have a challenged credit score might find some relief in a rent-to-own process. They’ll likely pay an option fee to secure the commitment to the home, but it’s usually smaller than a downpayment. Even more important, some of the rent paid will go toward an eventual downpayment, and the renter/buyer gains one to three years to take care of any lingering financial issues.
Cost of Living in Tulsa
Tulsa residents enjoy a very low cost of living, spending about 15 percent less overall on life’s essentials than the average American. Housing costs are 45 percent lower than the national average, and other living expenses are also low. Groceries cost about 10 percent less than the norm and healthcare costs 2 percent lower than average. Utilities and transportation are on par with national averages, but other expenses are so low that they are easily accommodated.
The Arkansas River and Ozark Mountains make the perfect backdrop for bustling Tulsa. If you’re one of the city’s many young singles just starting on a career, the city has many downtown and midtown neighborhoods that provide excellent social opportunities and easy access to office buildings. Established professionals and families are equally suited to the city and its suburbs where they enjoy a host of safe, upscale communities. Homes are much more affordable here than in other parts of the nation, and that contributes to the extremely favorable living and working conditions.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
About Our Listings
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These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.