There’s a the age old question everyone thinks about when they decide to move to a city in Oklahoma:
Should I buy a place or rent?
Well, we aren’t here today to solve that problem for you exactly. We are just assuming you’ll do the right thing and a buy a place 😉
And while we are happy to tell you the best place to live in Oklahoma, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the Sooner State.
To do that we are going to look at places in Oklahoma that are growing faster than average, but where home prices are below average. In every day terms, the ‘deals’.
The best deal in Oklahoma at the moment? That would be El Reno according to our analysis.
Here’s a look at the top ten places to buy a home in Oklahoma:
- El Reno (Photos | Homes)
- Ada (Photos | Homes)
- Enid (Photos | Homes)
- Duncan (Photos | Homes)
- Guymon (Photos | Homes)
- Clinton (Photos | Homes)
- Poteau (Photos | Homes)
- Shawnee (Photos | Homes)
- Catoosa (Photos | Homes)
- Durant (Photos | Homes)
The methodology that wen’t into this can be a bit complicated, so we’ll break it down for you in as much detail as we can below.
How do you determine the best places to buy a home in Oklahoma?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we’ve put a lot of thought into what goes into finding a good place to buy a home.
So all that thinking has come to this moment where we get to spell out how we’d approach finding an up-and-coming place to live in Oklahoma. Put differently, the analysis will try to find places in Oklahoma with undervalued homes relative to pent up demand.
To do that we looked at the most recent American Community Survey Census data for 2012-2016 and compared it to the previous vintage (2011-2015). Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It’s still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still ‘cheap’ for Oklahoma with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 728 cities and towns in Oklahoma, only 19 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 19 for the criteria mentioned above with 1 being the best for that criteria. We averaged the rankings to create a ‘best place to buy’ index with the place having the lowest index being the best.
Turns out that El Reno is the best potential gem in the not-so-rough in the Sooner State.
Read on for more on these places.
1. El Reno
The city was originally located about five miles (8 km) north of its present location, on the banks of the North Canadian river, bearing the name Reno City, which caused its mail to get mixed up with mail for Reno, Nevada. After the second time the town flooded, it was moved to its present location and changed its name to El Reno. This word is Spanish for ‘the reindeer’.
In the late 1880s, the Daggs family (by way of Texas) became the first white family to settle what is now known as Ada, which was formerly known as Daggs Prairie. In April 1889, Jeff Reed (a native Texan, and relative of the Daggs family) was appointed to carry the mail from Stonewall to Center (which was later combined with Pickett), two small communities in then Indian Territory. With his family and his stock, he sought a place for a home on a prairie midway between the two points, where he constructed a log house and started Reed’s Store. Other settlers soon built homes nearby. In 1891, a post office was established and named after Reed’s oldest daughter, Ada. Ada incorporated as a city in 1901 and grew rapidly with the arrival of the St. Louis and San Francisco Railway line. Within a decade the Santa Fe Railroad and the Oklahoma Central Railway also served the town.
In summer 1889, M.A. Low, a Rock Island official, visited the local railroad station then under construction, and inquired about its name. At that time, it was called Skeleton. Disliking the original name, he renamed the station Enid after a character in Alfred Lord Tennyson’s Idylls of the King. However, a more fanciful story of how the town received its name is popular. According to that tale, in the days following the land run, some enterprising settlers decided to set up a chuckwagon and cook for their fellow pioneers, hanging a sign that read ‘DINE’. Some other, more free-spirited settlers, turned that sign backward to read, of course, ‘ENID’. The name stuck.
In the 1890s, Edward T. ?E.T.? Guymon, president of the Inter-State Land and Town Company, purchased a section of land west of the Beaver River, also known as the North Canadian River. The site grew very rapidly after the Chicago, Rock Island and Pacific Railway (Rock Island) built a line from Liberal, Kansas to Texhoma, Texas in 1901. A community, first named Sanford by the U.S. Post Office Department, was situated along the line. It was renamed Guymon a month later by postal officials to avoid confusion with the town of Stratford, Texas, which was further down the line. Guymon incorporated in 1901. The town plat was filed in Beaver County, Oklahoma Territory, in 1904.
The community began in 1899 when two men, J.L. Avant and E.E. Blake, decided to locate a town in the Washita River Valley.
Poteau was founded in 1885, its name being derived from the nearby Poteau River. During the late 1700s, there was a large French outpost at Belle Point (Ft. Smith). From there, they would travel up the Poteau River to the base of Cavanal Mountain where a secondary post was established. Because of this, the river was named the ‘Post River’, or Poteau River, and the outpost was simply called the post, or ‘Poteau’. A group of French explorers gave the river its present name during the early 18th Century. Poteau is a French word meaning post.
The area surrounding Shawnee was settled after the American Civil War by a number of tribes that the federal government had removed to Indian Territory. The Sac and Fox originally were deeded land in the immediate area but were soon followed by the Kickapoo, Shawnee, and Pottawatomi Indians. These federally recognized tribes continue to reside today in and around Shawnee.
The Cherokee Nation controlled the region during the 19th century. After the Atlantic and Pacific Railroad laid tracks in the early 1880s, the community became a cow town, with the establishment of William Halsell’s Bird Creek Ranch. In 1883, the Federal Government opened a post office here.
The Durant area was once claimed by both Spain and France before officially becoming part of the United States after the Louisiana Purchase and Adams?Onís Treaty. During the 1820s and 1830s the area was designated as part of the Choctaw Nation in the southern Indian Territory. During the Indian removals the Choctaws followed the Choctaw Trail of Tears from their ancestral homeland in Mississippi and Alabama into this area. The Choctaw Nation originally extended from the Mexican border in the west (now part of the Texas panhandle) to the Arkansas Territory in the east, from the Red River in the south to the South Canadian River in the north.
There You Have It – The Best Places To Purchase A House In Oklahoma
There’s our analysis of the best places to buy a house in Oklahoma. And, to be clear, we aren’t necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 728 places in the state.
So if we’d could rent or buy in these cities, we’d definitely buy.
For more Oklahoma reading, check out:
Detailed List Of The Best Places To Buy A Home In Oklahoma