Quick facts: Norman, OK

Quick Facts

90.2
Cost of Living
below US average
129,627
Population
30.38
Crime Rate per 1000
above US average
$62,849
Median Income
below US average
$313,410
Median House Price
above US average
$1929.63
Average Rent
above US average
12%
Poverty Rate
above US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $62,849.

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Income Needed to Buy

βœ— Stretch
$98k/year
Based on $313,410 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $98k vs median $62,849
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Income Needed to Rent

⚠ Stretch
$83k/year
Based on $1929.63/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $83k vs median $62,849
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Norman, OK

Norman, Oklahoma, located just south of the state capital, Oklahoma City, is a vibrant college town known for its rich cultural heritage and dynamic community. Home to the University of Oklahoma, it boasts a lively atmosphere filled with academic and sporting events. The university's campus features beautiful architecture and several museums, including the Fred Jones Jr. Museum of Art, which houses an impressive collection, including works by famous artists. The city has a population of around 120,000 residents and offers a variety of recreational options, including parks, sports facilities, and trails. Norman hosts several annual events, including the Norman Music Festival, which celebrates local musicians and artists. The downtown area is brimming with charming shops, restaurants, and cafes, making it a great place for both locals and visitors. Norman's cost of living is relatively low compared to larger cities, making it an attractive place for families and students alike. With its friendly community, educational opportunities, and cultural offerings, Norman presents a unique blend of small-town charm and collegiate energy.

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