TULSA, Okla. — Nearly half of all owner-occupied homes in Tulsa are completely paid off — and a new analysis explains why so many residents here are able to cross the mortgage finish line ahead of the rest of the country.
According to ConsumerAffairs.com, about 43.5% of owner-occupied homes in Tulsa are mortgage-free, placing the city 8th among large U.S. cities. That figure is also above the national average of about 40.3% of homes with paid off mortgages.
Those numbers translate to roughly 39,000 Tulsa primary residences fully paid off, compared to about 51,000 still carrying a mortgage.
Dayna Edens of ConsumerAffairs.com said the data paints a striking picture of the local housing landscape.
"Almost every other house that you see — your neighbor may have a mortgage, and then the one right past that doesn't have one. They own the home free and outright," Edens said.
The primary driver behind Tulsa's high ranking, according to Edens, is home affordability. The median home value in Tulsa is just under $235,000 — relatively attainable compared to many other major U.S. cities.
The data also reveals a difference in home values between the two groups. The median value of Tulsa homes that still carry a mortgage is just above $255,000, while homes that are mortgage-free come in at about $203,000. Edens said that gap likely reflects the reality that many of those paid-off homes were purchased years ago at lower prices, with owners aging in place over the course of decades.
Tulsa homeowner Kit Duncan knows the feeling of living mortgage-free firsthand. His family paid off their Tulsa home in just 14 years — well ahead of the typical 30-year schedule.
"It's a pretty good feeling — it's quite a bit of additional income that you don't have to pay to the mortgage, so you have a little bit more spending cash or a little bit more to put in savings," Duncan said.
Duncan's family has since built a new home and taken on a new mortgage, but he said the years of living payment-free left a lasting impression.
"We've been able to afford to vacation and do things like that — it was just additional spending available," Duncan said.
Edens said the financial benefits of owning a home outright extend well beyond the monthly budget — particularly for those approaching retirement.
"Owning a home outright takes away — probably, hopefully — your household's biggest monthly expense off your plate. Just gives you more financial security, flexibility, especially as people start to approach retirement. If your home is paid off, you can focus on other things... that's extra change you can put towards your retirement," Edens said.
Tulsa is also notable for continuing to pay off mortgages at a high rate even as new home construction remains active in the area. Edens said builder incentives may be helping new buyers get into homes and pay them off faster than the traditional 30-year timeline.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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