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Are more than a third of Oklahoma renters cost-burdened?

According to a 2023 survey from a national policy think tank, 47% of Oklahoma renters were categorized as cost-burdened. Another table of 2022 U.S. Census data prepared by Harvard University’s Joint Center for Housing Studies calculated that 45% of renters in Oklahoma were cost-burdened.

A household is considered cost burdened if it spends more than 30% of its income on housing needs such as rent, mortgage and utilities. Severely cost-burdened households spend more than 50% of their income on housing; more than half of cost-burdened households in Oklahoma were found to be severely cost-burdened.

Renters in the US are at greater risk of being hit with fees than homeowners. Homeowners in just 18 U.S. counties were found to have higher housing costs on average than renters. Nineteen percent of Oklahoma homeowners were categorized as cost-burdened.

This fact letter is a response to conversations like this.

Sources

Prosperity now Scorecard for Prosperity Now in Oklahoma

Harvard University Joint Center for Housing Studies America’s Rental Housing 2024

US Census Bureau Housing costs are a major burden for renters in America’s largest counties


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