The Norman Transcript

Business

March 22, 2014

Single-family homes dominate Moore housing market following May 20 tornado

NORMAN — The biggest share of Moore housing — 87 percent — is single-family detached homes. Multi-family comprises only 9 percent of the housing sector at this point, and duplexes and mobile homes are even smaller percentages.

Most people in Moore — 69 percent — own their homes. Only 26 percent of homes are renter occupied.

“That’s below national average,” said Taylor Yewell, senior associate at RKG Associates Inc. “More people here own their homes than nationwide.”

Yewell reported to the Moore City Council recently on the Comprehensive Housing Market Analysis RKG completed for the city of Moore.

“You are growing, and you are adding jobs,” he said.

Demographics indicate that the highest percentage of Moore’s population is between the ages of 25 and 44. Yewell said the quality schools in Moore attract young families to the community.

“You’ve got a lot of young householders here,” he said.

He said the city has “nice, steady job growth,” and reported that the population growth is expected to continue and will “put demand pressure on the housing market.” The median age is 32 and young, working-age households dominate the Moore housing market.

While those age 65 and older is the smallest demographic, it is also a group showing a large percentage of growth, and those people need appropriate housing.

Yewell said developers are responding to the need for more senior housing and 126 units are in the development pipeline.

Older populations are demanding age-restricted apartments with amenities. Yewell said many of those people are still working. The aging population also needs nursing homes.

“Nursing homes are a real important housing sector because people want aging relatives nearby,” he said.

Like the rest of the county and the nation, a majority of Moore residents fall into the $50,000-to-$70,000 income range.

“People in Moore are overall more prosperous than in the county and the state,” Yewell said.

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