Report shows Oklahoma homeowners gaining equity at rapid pace

Oklahomans are gaining equity in their homes at one of the fastest rates in the nation, according to a new report from Bankrate.

The study shows home equity in Oklahoma has grown by more than 400% over the past five years. In 2020, homeowners in the state had an average of $8,000 in equity. Today, that figure has climbed to $47,000.

Bankrate analyst Stephen Cates said the growth means more wealth is being built daily through homeownership in the state.

With lower-than-average mortgage debt and lower home prices compared to the national average, Oklahoma has become a great place to own a home, according to experts.

Homeowners can also tap into that wealth through options like home equity loans or cash-out refinancing if mortgage rates fall.

For those looking to buy a first home in Oklahoma, Experts advised not to expect the “dream home” right away, but emphasized that entering the market is a key first step to building wealth.