Oklahoma City Realtors advocate for housing affordability plan amid 44000 unit shortage

The Oklahoma City Council meeting on January 14, 2025, focused heavily on the pressing issues of homelessness and affordable housing, reflecting the priorities of local residents. A recent survey indicated that 63% of respondents identified homelessness as a critical concern, while 57% highlighted the need for affordable housing.

Landry Willis, representing Oklahoma City Realtors, emphasized the urgency of addressing the housing crisis, noting that the city currently faces a shortage of over 44,000 housing units. He pointed out that many residents are burdened by high housing costs, with 77,000 households spending more than 30% of their income on housing. This financial strain not only affects families but also has broader economic implications, with an estimated $113 million annually not being recirculated in the local economy due to housing costs.

Willis praised the city's efforts to develop a housing affordability implementation plan, which aims to create a continuum of affordable housing options. He stressed the importance of increasing inventory to meet the needs of residents who cannot afford homes priced at $200,000 or more. The average home price in Oklahoma City currently stands at $294,000, making homeownership increasingly unattainable for many.

The council members expressed their commitment to collaborating with local stakeholders to ensure that effective solutions are implemented. The discussions underscored a collective desire to prevent Oklahoma City from becoming unaffordable, drawing comparisons to cities like Austin and Nashville, where housing costs have skyrocketed.

As the meeting concluded, the council prepared to take action on the proposed resolution, signaling a proactive approach to tackling the housing challenges facing the community. The emphasis on affordable housing and homelessness reflects a growing recognition of these issues as fundamental rights and essential components of a thriving city.