• by The VRET Team

Tulsa vs Oklahoma City: The Best Place to Invest in Real Estate

In the state of Oklahoma, the percentage of rentable accommodations that are sitting unoccupied is around 7.5%. This is higher than the United States average, and so people are looking to focus more on specific areas in which to buy real estate. With this in mind, would you know what the best areas in Oklahoma are that would give you the best chance of a high return on investment?

This article will focus on only two of them: Tulsa vs Oklahoma City. By the end of the article, you should have a much better idea of what life in these locations is like for the average buyer. Thus, you will have the ability to know which to invest in and how to sell them to potential residents.

Tulsa

The following is some of the available information on what it is like to live in the city of Tulsa. Any of these areas could affect whether someone wants to buy or rent a property in this area. As such, you should pay attention to them in case they cause issues for you in the future.

Cost of Living

Spiraling energy costs and climate change have caused changes in how people use energy. Because of this, many people are seeing their living costs increase as energy companies try to make the most of such changes.

Although, while the average United States family sees their costs as being around $3,200, Tulsa’s are much less. Instead, in that city, a family of four can expect to pay around $3,050 per month.

This may not sound like much, but over a year, it can have an impact of over a thousand dollars that one could use for other reasons.

As an investor, it may also benefit you to know that Tulsa’s price to buy an apartment is one of the lowest in Northern America. Per square meter, you can expect the second cheapest apartment prices in the whole upper area of the country.

On top of that, the cost of gasoline is the second cheapest in that same region. This means that despite the always-increasing costs when running a vehicle, Tulsa will help to keep you from paying more than you should.

Job Market

The current unemployment in Tulsa, OK, is much lower than the national average. Despite the COVID pandemic hitting many industries hard, Tulsa has avoided the worst of it. This means that at present, its unemployment is as low as 2.4%.

While this number is not as low as Oklahoma City’s, it is much lower than the national average as of this writing of 6.0%. Many different companies make use of this area to focus their production of energy-related resources.

Two of the largest oil refineries in the whole country make their home here. On top of this, the world’s largest airplane maintenance and repair facility is housed within its borders. This is the perfect place to start a new career or enhance your existing one with more opportunities moving forward.

Some of the following companies even have over one thousand employees in the region:

• AAON
• AT&T
• Baker Hughes
• BlueCross BlueShield
• OSU Medical Center

Despite this high level of employment, the average wage for the area does not match that of the national average. At just shy of $50,000, it falls behind the national bar by around $6,000.

In general, the number of jobs across the area seems to have increased in almost all industries.  It is a fantastic time to get involved in the area, and those looking to invest in real estate would do well to promote the area’s growing economy.

Primary Residents

While Tulsa has its fair share of traditional families, many other types of residents make their homes within its borders. Those people love the All-American style of living, the friendly residents, and the low commute time for people who live here.

On top of this, though, you can expect to see both the old and young generations putting down roots in the area.

For those who prefer to be always learning, you can find some of the best universities in the country within traveling distance. The two biggest of these, the University of Tulsa and Oral Roberts University have almost 10,000 students between them. This means that you can expect the student life in the area to be popular.

This increase in the number of young Americans in further education means that the city is a prime candidate for renting out property. Apartments, rooms, and shared homes are perfect for many students looking to learn in the peace of this region.

At the same time, many of the older generations have started to use Tulsa as their home. Most of this is because of the strong tax benefits for 401(k)s and pension plans as well as well-funded healthcare in the city. 

Outdoor recreation, local hikes, and other forms of entertainment help the elderly enjoy the city. They are the perfect group to offer the rental or sale of full homes.

Arts and Entertainment

There are a great many opportunities for art-lovers and theater-goers to enjoy the time they spend in Tulsa. If you want to encourage the middle class to rent or buy your homes, you could always discuss the “Paris of Oklahoma” which is Tulsa city.

The city even has a whole “Arts District” that promotes cultural touchstones in many different ways. It contains galleries, museums, parks, and other venues that you can enjoy when not busy elsewhere. It is even one of the oldest sections of the city, so you can expect to find historical artwork that stands the test of time.

This kind of area increases the city’s inherent land value by being a single point of culture that enhances its surrounding area. You can use its existence to promote moving to the area temporarily or permanently.

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Natural Beauty

Tulsa is home to a great many natural wonders that are worth visiting. One could make the case to potential tenants very easily that they would benefit from their use. They also increase the price of the land around them, with the ongoing revival of natural lands making the benefits even more prominent.

The “Gathering Place” in Tulsa was even recently named the Best City Park 2020 by USA Today. This is something worth promoting in your sales pitch.

Oklahoma City

This information reflects what it is currently like to live in Oklahoma City. It is all important information should you want to know how easy it will be to sell or rent out a home in the area. You can also use this data to promote your real estate or answer questions about what it is like to live in the area.

Cost of Living

Compared to Tulsa, Oklahoma City’s cost of living is a little less expensive.  In real terms, this is $3,165 instead of Tulsa’s $3,200, a difference of $35 per month. While this may give an individual a little bit of extra spending money, it is unlikely to make a major difference.

This lack of difference increases when looking at the cost of the things people need to buy regularly. At the time of writing, for example, the cost of gasoline is $0.07 higher per liter in Oklahoma City. Thus, the amount that one drives could have a major impact on how much one considers it to be cheaper than Tulsa.

At the same time, it can end up costing you almost double to rent the same square footage of an apartment in the center of the Oklahoma City area. This may have a major impact on how easy it is for you to rent out an apartment to people. It will either mean that you must charge more, making it harder to rent out, or that you will rent out smaller locations for the same price.

Job Market

At present, in 2022, employment in Oklahoma City is booming. Compared to the national average unemployment, the city is way down and fewer than one in twenty people are looking for a role to fill.

Unlike Tulsa, employment opportunities in Oklahoma City are less about refining. Instead, they relate more to education and health companies that service the local area. The major employers in the area include:

• Oklahoma State Government
• University of Oklahoma
• Integris Health
• Mike Mahoney Aeronautical Center

Those looking to rent or buy in the area have many options available to them to ensure that their credit rating remains good. This can help both you and them moving forward.

Ideal Residents

Many of the statistics you will find about residents in Oklahoma are very close to those of Tulsa. Although there are a few major differences.

First of all, the average household income of the Oklahoma City resident surpasses that of someone in Tulsa by around 10%. This allows them to afford more expensive residences. 

The city is also growing. Over the past ten years, it has seen over a 20% increase in the number of people living here. Compared to Tulsa’s increase of only around 5% you can expect the place to start increasing in size more and more over the years.

When viewing demographics, though, both Tulsa and Oklahoma City are roughly equal in many ways. You should not expect the people who choose to rent or buy a home here to be inherently different in any major way.

Arts and Entertainment

As a larger, more populous area than Tulsa, Oklahoma City has more to offer in pure numbers. Despite not having a dedicated artistic district, it has its own galleries, museums, and theaters. These suit anyone looking for a unique experience and to create an enjoyable life in the city.

The easy access to parks and outdoor recreational facilities means that the location is perfect for families. They can make use of everything the city has to offer as they both learn about the city’s facilities and educate their children.

At the same time, if education is the purpose of a family, many students are known to frequent Oklahoma City. These residents are often in search of specific nightlife and unique educational facilities, and the city has both of these. It is the perfect place for those seeking to find an abode while in further education.

Natural Beauty

Oklahoma City has two large lakes within its borders. For those looking for a beautiful getaway and a relaxing waterside activity, then these are perfectly suited.

Lake Hefner even has several parks and other areas of land surrounding it that make it the perfect place for lakefront relaxation. While Lake Overholser backs onto a wildlife refuge and another park, keeping the location an area of natural beauty.

Between them, the many beautiful visages of Oklahoma City help to increase the real estate value of many locations in their vicinity.

Tulsa vs Oklahoma City: Which Is Better?

With so many differences between them, there are many aspects of Tulsa vs Oklahoma City that might suggest one is better over the other on both sides. On top of that, it largely depends on your specific circumstances, and as such, it would be too hard for us to say which is better.

Instead, you could investigate searching for a real estate expert who can give you advice on which direction to go in next. They should have the capability to know the location that you need to focus on. They can help you work out the demographics and locations for the residence and residents that you want to aim for.

Where to Learn More

Now that you know so much more about Tulsa vs Oklahoma City, you can start to think about how you should handle your investments moving forward. With this in mind, it would be smart to start talking with a real estate team.

Our specialists can help you manage your real estate portfolio. With their specialized knowledge, they can assist you in growing your wealth and improving the real estate that you already have. So, schedule an appointment today and see what we can do for you