If you are thinking about owning land in Oklahoma, you should take a look at some of the advantages and disadvantages of purchasing land in the state.
Buying land in Oklahoma can be risky and rewarding, so doing thorough research about all the factors involved is key to finding a good deal. Owning the right piece of land can help you to maximize your earnings and avoid losses.
Low overall costs, multiple income streams, and delightful living standards are top reasons to own land in Oklahoma. Reasons to not own land in Oklahoma include undesirable weather, municipal deficiencies, and slow economic growth.
To get the most out of your land, you should identify viable options to generate income from it. Land in Oklahoma that is permitted for commercial use in industries like agriculture, wind energy, or real estate have high earnings potential. We’ll help you comb through the pros and cons of owning land in Oklahoma.
With growing development and leasing opportunities, owning land anywhere in the world has become an attractive way to build wealth with minimal work and maintenance costs. Each of the points mentioned below should be carefully considered to see if owning land in Oklahoma is right for you.
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Is Owning Land In Oklahoma A Good Investment?
Owning land in Oklahoma can be an effective way to generate income and savings for you and your family’s future. Oklahoma has steadily grown into an alluring living destination with its low expense requirements, welcoming residents, and solid economic opportunities.
Seniors often enjoy the slower-paced environment of Oklahoma compared to other states. There are fantastic healthcare facilities, recreational activities, and dining experiences available throughout metro and rural areas of Oklahoma.
Land in Oklahoma can be developed for a number of reasons such as housing developments, wind farms, and agricultural ventures. Since foreigners are generally restricted from owning farmland in Oklahoma, there are excellent opportunities to lease land to foreign companies.
Oklahoma has superb prospects for career and business development. Many respectable startups and Fortune 500 companies are based in, or have locations in, Oklahoma. The outlook for jobs is phenomenal in a variety of sectors including aerospace, biotechnology, energy, and logistics.
The Upsides Of Owning Land In Oklahoma
Oklahoma has many qualities that make it an outstanding state for owning land. Buying land anywhere can be challenging and risky, and Oklahoma is no exception. Regardless, the relatively low cost to acquire and maintain land in Oklahoma makes it a great state for land ownership.
Oklahoma land can also be a safe portfolio asset with solid growth potential since it’s a tangible property that can generate income many ways. Below are some of the reasons owning land in Oklahoma can be a fantastic value.
Low Overall Costs
If you have never owned land and are looking for a low-priced entry point, Oklahoma is one of the best places to look. It has some of the cheapest land rates in the United States, so you’ll be able to acquire land at a fraction of the cost of other states.
Oklahoma has a low cost of living that makes it more attractive to people looking to raise a family or retire. The more people move to Oklahoma, the more housing and land prices could rise, which could then boost leasing and selling opportunities.
If the land in Oklahoma you own is vacant, you should have very low startup and maintenance costs since there is no building or other structures to manage. Common upkeep costs like plumbing, pest control, and landscaping costs are not required.
Property management is simple with vacant land in Oklahoma. Your property taxes and insurance costs would be quite low, if you have to pay insurance at all. You would also have little to no utility bills to worry about.
Multiple Income Streams
As I touched on before, land in Oklahoma can generate wealth in several ways. Land owners can add assets like houses, apartments, and storage facilities to be rented, leased, or sold. If you prefer a more hands-off approach, you can lease your land to a company and let them run their business on it.
The western side of Oklahoma has become a hotspot for wind energy farms, but the land can be used for a number of other projects related to agriculture, camping, golf, or real estate. Aside from legal restrictions, there is essentially no limit to how you can generate money from your land.
Even if your Oklahoma land isn’t used for anything, it can simply be held alongside stocks, bonds, and mutual funds in your investment portfolio.
Though growth may not happen quickly when owning land in Oklahoma, you’ll still have a sound financial asset you can later leverage should a lease, development, or sell opportunity arise.
Delightful Living Standards
There are countless reasons people love to live in Oklahoma including its low traffic, courteous culture, food options, and career opportunities.
You can find restaurants in Oklahoma that serve food from many popular cuisines of the world. However, foods that really stand out in Oklahoma are regional favorites like barbeque, chicken-fried steak, fried okra, and pecan pie. That kind of food might not be for everyone, but it’s definitely a plus for me.
Though there aren’t as many transportation options as there are in bigger cities, there are more than enough options for Oklahoma’s low traffic demands. Even during rush hour in the state’s biggest city, Oklahoma City, people can often get to where they want without any major holdups.
The job market obviously plays a key role in any state’s growth and land values. Though not everyone will be able to fill top jobs, desirable jobs in attractive industries are plentiful and trending upwards in Oklahoma.
The Downsides Of Owning Land In Oklahoma
Like any land in the world, there are going to be drawbacks to owning land in Oklahoma. A major consideration includes the land’s current and potential value, which can be affected by a number of factors.
Among many factors, the value of land in Oklahoma can be adversely impacted due to potentially unfavorable weather, municipal deficiencies, and a slower-than-average economic growth rate.
Though Oklahoma’s weather can be pleasant much of the time, it is known for having bouts of severe weather where it either gets very hot or very cold. Aside from extreme temperatures, Oklahoma can be quite muggy in the summer and snowy in the winter.
Unlike some climates that lean more towards a hot or cold environment year round, Oklahomans typically experience the principle weather condition of each season. In other words, summers are hot and winters are cold.
The degree to which weather affects land prices mostly depends on prospective buyers. The region probably won’t attract people that don’t like Oklahoma's weather, or businesses that may not operate well in that weather.
There are several government-related issues that could harm the value of land in Oklahoma. Those issues include substandard education, high taxes, and neglected infrastructure.
On average, Oklahoma’s public education system ranks low compared to other American states. Oklahoma contributes less per child to education compared to average state contributions.
Though education in Oklahoma ranks low overall, there may be certain cities and schools in Oklahoma that rank high, which could mean land values in those areas are higher.
Though Oklahoma is a low personal income tax state, it has relatively high sales and excise taxes. Also, lower-income residents tend to pay a higher tax rate compared to higher-income residents.
Poorly maintained roads and bridges are a big part of Oklahoma’s infrastructure problems. Roads with potholes and bumps can cause serious damage to vehicles and make the area less desirable to new residents and businesses.
The state’s attractiveness might improve if one or more cogs in the Oklahoma economy can be uplifted. Investing in land in Oklahoma can pay off if you believe such improvements will be made.
Slower Economic Growth
Though Oklahoma is a terrific state in many ways, its overall land value and economic growth rates are lower compared to other states. Contributing factors might include its deficient education system, less-qualified workforce, lower incomes, and fewer commercial investments.
As Oklahoma is one of the poorest states in the country, consumer spending tends to be lower, which means less income for businesses. However, there are still worthy land ownership opportunities to be found if you are patient and willing to look for the right parcels.
While Oklahoma’s culture is generally considered welcoming and considerate, it isn’t as diverse as many other states. Potential residents and businesses that don’t mesh well with the culture might avoid Oklahoma altogether and diminish its growth.
Finding a wide array of entertainment options can also be hard in Oklahoma. To attract a larger and more diverse range of people, it’s often simple amenities and daily activity options that can make the difference.
Those looking for more aggressive investments might prefer land options in other states. If you are willing to be patient, you may see growth in Oklahoma if education is improved, infrastructure issues are resolved, and more companies are established.
About THE AUTHOR
We loved family’s outdoor adventures so much we started a land business just to help others buy their own land. We’ve sold to dozens of people from ATV weekend warriors to camping enthusiasts to retired truck drivers. Our inventory spans five western states. We’ve been trained by experience, land acquisition courses, and hundreds of hours meeting with county assessors and clerks, zoning officials, realtors, and land investors. We’ve answered hundreds of questions from people regarding the buying and use of land.Read More About Brittany Melling