OHFA Releases Statewide Housing Needs Assessment

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OHFA Releases Statewide Housing Needs Assessment, with detailed reports on each of Oklahoma’s 77 counties. Comprehensive data located at www.oklahomahousingneeds.org

OHFA Releases Statewide Housing Needs Assessment

April 14 Housing Summit to feature detailed Assessment discussion

FOR IMMEDIATE RELEASE:

For Media Contact Only: Holley Mangham, (405) 419-8222

All Other Inquiries: (405) 848-1144

Oklahoma Housing Finance Agency officials have released results of the year-long Oklahoma Housing Needs Assessment. A study of this scope has not been conducted since 2001. Commissioned by the Oklahoma Dept. of Commerce in partnership with OHFA, the assessment was funded by the U.S. Dept. of Housing and Urban Development through a $500,000 Community Development Block Grant – Disaster Recovery Program.

As part of the 2016 Oklahoma Housing Summit, April 14, researchers will lead a panel discussion at the 10:10 a.m. plenary session. To register for the Summit by April 8, visit www.oklahomahousingsummit.org. Several breakout sessions throughout the day will feature discussions that include findings from the study.

Detailed reports have been prepared for each of the state’s 77 counties and for cities with populations larger than 5,000 individuals. Reports, along with the executive summary and maps, can be found on www.oklahomahousingneeds.org. Key findings and reports in the areas of disaster resiliency, homelessness, fair housing and lead-based paint hazards may also be found on the site.

Research for the study was conducted by a public/private partnership between Integra Realty Resources, the University of Oklahoma College of Architecture, Division of Regional and City Planning and DeBruler, Inc.

The study details the number of for sale homes and rental properties needed in each county and forecasts demographic and economic growth trends. Additionally, the study incorporates related topic areas for each county including disaster resiliency, homelessness, fair housing, and lead-based paint hazards.

“We hope the impact of the Housing Needs Assessment will be to bring more affordable housing to Oklahomans and to preserve existing housing,” said David Puckett, senior director, Integra Realty Resources. “Each county’s report addresses housing needs, information about the local economy, local economic growth, disaster resiliency, homeless and fair housing issues. It’s a highly detailed analysis,” said Puckett.

Key Findings

Researchers project a need for a 43,942 housing units for ownership, nearly 17 percent will be needed by those earning less than 60 percent of the area median income. Researchers also predict the need for 22,879 rental units though the year 2020, with nearly 51 percent being needed for those earning less than 60 percent of the area median income.

Median Household Income in Oklahoma is estimated to be $47,049 in 2015, compared with the national median household income of $53,706. Since the 2000 Census, the state’s median household income has grown by 2.16 percent per year, slower than the rate of inflation over the same period.

Median home value in Oklahoma is estimated to be $112,800, compared with $176,700 for the United States.

Median gross rent in Oklahoma is estimated to be $699 per month, compared with $904 per month for the United States.

Approximately 40 percent of renters and 19 percent of owners are housing cost overburdened in Oklahoma.

More of the assessment’s specific findings: http://oklahomahousingneeds.org/executive-summary/

“The Housing Needs Assessment is monumental when it comes to understanding the needs, trends and focus of affordable housing in the state,” said Dennis Shockley, OHFA executive director. “This research will prove vital to builders, developers and city planners as they target their efforts and resources to areas demonstrating the greatest demand for housing.”

To Learn More:

In addition to the April 14 Housing Summit, a series of regional forums are also planned in locations statewide. These events are listed on the Oklahoma Housing Needs website, www.oklahomahousingneeds.org.

As Oklahoma’s largest provider of affordable housing, OHFA offers nine housing programs ranging from a homeless program and rental assistance to housing development and home ownership.

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