Affordability at home

By: J. David Chapman/November 10, 2023

One reason I ran for city council was my growing concern for affordable/attainable housing in Edmond. Our city’s lack of diversified housing and its strong emphasis on large-lot, single-family homes created a mismatch of housing supply and demand. The end result was the loss of youth and workforce in the city.

I wanted to keep my kids in Oklahoma after they graduated from Oklahoma universities. During my four years on city council, I received significant pushback from citizens regarding efforts to create more attainable housing for our workforce and youth. This last weekend, we moved our daughter, Jennifer, to Texas. Our son, Ryan, recently wrote the following piece regarding attainable housing.

“Edmond is a city known for its vibrant community, excellent schools, and a high quality of life. However, beneath its idyllic exterior lies a growing concern that’s affecting both current residents and newcomers – the housing affordability crisis. The median home value is $282,000, with the average price of a new home at $420,000. Nearly 75% of all workers employed in Edmond live outside Edmond. Over the next 10 years, it is estimated that Edmond will require 8,900 new homes to support growth – double the historical average. Finally, over 50% of the expected job growth will require housing that can be purchased for less than $165,000 or rented for less than $1,650 per month, with many of those essential workers requiring housing at much lower values.

“One of the most alarming aspects of the housing affordability crisis in Edmond is the glaring disparity between income levels and home prices. The average household income in the city stands at $135,862, which may seem healthy on the surface. However, when you consider the median household income of $94,846 and the average per capita income of $52,392, it becomes apparent that many residents, especially one-income households, are struggling to keep pace with the rapidly increasing home prices.

“The housing affordability crisis is not just a numbers game – it has real, tangible effects on Edmond’s community. Families are forced to make tough choices between housing costs, education, health care and other essential expenses. Young professionals looking to start their lives in Edmond may find themselves priced out of the market, leading to a potential talent drain for the city.”

Ryan Chapman, CCIM, is senior investment analyst at Capstone and advisory board member for the Edmond Young Professionals. J. David Chapman is professor of finance and real estate at the University of Central Oklahoma (jchapman7@uco.edu).