Tulsa, OK Mortgage Rates and Real Estate Overview

The name “Oklahoma” often conjures up images of dry dusty plains. Tulsa, however, is situated in what Oklahomans call the “green country” due to its profusion of hills, lakes and lush vegetation. As well as possessing the dubious distinction of being the city Chandler Bing didn’t want to relocate to in the sitcom Friends, Tulsa is also an art deco hotspot and has been voted one of America’s most livable large cities by Forbes magazine. If you’re unafraid of the occasional tornado (the city is located in the Midwest’s “Tornado Alley”) and you enjoy visiting museums, listening to opera or relaxing in green spaces, Tulsa might be the perfect match. One of Tulsa’s many pulls is the architectural significance of its homes. In the old neighborhoods of midtown Tulsa, you’ll find mansions with Greek Revival exteriors and two story, brick homes in the Spanish and Georgian Revival styles. Neighborhoods include Swan Lake with its lakeside houses and the Woodward Park area with its gorgeous botanical gardens. Another attractive midtown area is the historically significant Maple Ridge district, which was built by industrialists in the 1920s. For a home in Maple Ridge, you can expect to pay on average a surprisingly low $204,250. Swan Lake’s average home value of $203,000 is only a tiny bit less expensive. Most homes in Tulsa are cheaper than the upmarket midtown neighborhoods suggest. According to a Zillow sample of rates for a 30-year fixed-rate mortgage on an average $133,000 property, monthly payments range from $539 to $555. This is based on mortgage rates ranging from 4.55 percent to 4.87 percent. Very affordable housing can be found in neighborhoods such as Turner Park in the east and Westside in the south. Buyers looking for hip, youthful, not overly expensive neighborhoods should stick to midtown Tulsa – in particular, the Cherry Street and Brookside districts. Cherry Street is remarkably walkable for a neighborhood in a city not known for pedestrian friendly values. Living in a bungalow or apartment in this part of town will give you good access to coffee shops, restaurants and bars. Brookside is another desirable neighborhood full of clubs and trendy apartment buildings. Buying a home in one of these popular areas is fun and a great investment. On the suburban end of the spectrum, places like Owasso, Jenks, Broken Arrow and Bixby have top schools, parks and excellent sporting facilities. According to Trulia, the median sales price of Owasso’s homes stands at $152,500, meaning you can expect to make monthly payments ranging from $609 to $636 on a 30-year fixed-rate mortgage. Even with the recent cold weather, home sales in Tulsa are increasing. This may have something to do with appealing interest rates in the area, if industry experts are to be believed. Besides good interest rates, wherever you land in Tulsa you can be sure of at least one thing: it’s really not as bad as Chandler Bing made out. In fact, it’s artistic, green and lively. You just have to open your mind.