Although Tula 's housing market will drop at least 1.1% by the end of the year before it begins its recovery process, the city still tied with Houston for the Nation's sixth best performing housing market during a recession. Yeah, Tulsa !
Because Tulsa has had a low home value growth since 2004, going from an average of $100,000 to $130,000, home values don't have nearly as far to fall when compared to housing markets that have skyrocketed over the past few years.
Since the downfall of the housing market, renters have seen an increase of 7.4% in the rent they pay. One bedroom units are now at $481.00 and two bedroom units are at $660.00. Both are the highest prices Tulsa has ever seen.
Typically rent only rises when the local economy is good and jobs are being added. However, because of last year's frustrations with the housing market, more people turned to renting, raising rent prices.
Even in today's economy, it pays to own a home. Homeownership is one of the best ways to invest your money; especially long-term homeownership. The longer you own your home without refinancing it, the more equity you will have in it. When you sell your home, that is more money in your pocket. Even if you decide to sell during a buyer's market and have to lower your selling price, you will still have a nice chunk of change in your pocket.
Since the early 90's (until recently), the average homeowner lived in their home for 5 years before selling it. That was possible then. Home values were on the rise and you could easily make $20,000 or more in that short period of time. Now, most homeowners who try to sell their homes in five years can't sell their home for what they paid for it because of the drop in home values.
So, all-in-all, it truly pays to own a home when you own for long-term. And, now is the best time to buy and get a great deal on the home of your dreams.
