They’re a small but influential group: Oklahoma households earning over $500,000 a year—about the top 1%—live in a different financial world than the average buyer. With incomes nearly eight times the state median, these high earners have distinct homebuying patterns and preferences. Many already own property, often multiple homes, and their choices send ripples through the housing market.
Whether it’s luxury neighborhoods in Tulsa, custom builds in Edmond, or secluded ranch-style estates, their purchases help shape where development happens and what high-end living looks like in the Sooner State.
High-Income Homebuyers: Market Overview
Only about 1-2% of Oklahoma households earn over $500,000 a year, but this small group plays a big role in the luxury home market. In Oklahoma, homeownership is the norm for high earners. Overall, about 67% of Oklahoma households own their homes (slightly above the U.S. average), and for the top 1% income group the homeownership rate is even higher.
Most affluent families own expensive homes with substantial equity, and many are repeat buyers who have bought and sold property before. Nationally, the average home buyer’s age has hit record highs – about 56 years old for all buyers and 61 for repeat buyers in 2023 – meaning many high-income buyers are older, established in their careers, and often on their second or third homes.
Market Dynamics (2019-2024)
The period from 2019 to 2024 was dynamic for housing in Oklahoma. Overall, it was largely a seller’s market, even at the high end. Several factors shaped these conditions:
Rising Home Prices
Home values climbed significantly during this period, especially during the pandemic boom. Both Oklahoma and the U.S. saw double-digit annual home price growth (~14–20%) from mid-2020 through 2021. In the early months of 2021, home-buying demand surged; home sales in Oklahoma were up nearly 30% year-over-year at one point.
This surge, combined with a limited supply of homes for sale, drove prices up rapidly. By mid-2021, Oklahoma had only about 1 month of housing supply available (down from 4 months in 2020), indicating a very tight market. Even luxury properties appreciated fast.
Interest Rate Fluctuations
Until late 2021, mortgage interest rates were historically low, often around 3-4%. This made it cheap to borrow money and encouraged buying and upgrading homes. Many high-income buyers took advantage of low rates to get larger mortgages on pricier properties.
However, starting in 2022, the Federal Reserve raised interest rates to combat inflation, causing mortgage rates to jump (around 6-7% by 2023). Higher rates made monthly payments more expensive, which cooled demand among typical buyers. But affluent buyers were less affected by high rates – many either already locked in low rates, could pay in cash, or could afford large down payments to reduce their loan needs.
By late 2023, the luxury market remained robust despite rates: nearly half (46.5%) of luxury home purchases nationwide in Q4 2023 were made with all cash, bypassing mortgages altogether.
Pandemic Effects
The COVID-19 pandemic initially caused a brief slowdown in 2020, but soon after it boosted housing demand dramatically. With remote work and lifestyle changes, people sought bigger living spaces.
This “pandemic boom” in housing was evident in Oklahoma. By mid-2020 through 2021, houses at all price levels were selling quickly, often with multiple offers. High-income families led a “space race” – they were eager to upgrade to larger homes or acquire second properties where they could work, study, and enjoy leisure time under one roof.
The influx of stimulus money and savings also put many in a better position to buy. Realtors in Oklahoma City noted that the luxury market was booming and that by early 2023 there were more high-end homes listed than at any time since COVID began.
Housing Supply Constraints
Even before 2019, Oklahoma (like the rest of the country) was not building enough homes to meet demand. Years of underbuilding after the 2008 housing crash led to a nationwide shortage of homes, estimated at 3.8 million units in 2020.
In Oklahoma, new construction, especially at the high end, picked up in the late 2010s but still lagged behind the surge in demand. During 2019–2024, labor and material shortages made construction slower and more expensive, so the inventory of homes for sale stayed tight.
High-end neighborhoods saw new custom homes and upscale developments spring up, but not enough to eliminate competition. By 2022–2023, even as rising interest rates cooled some buyer enthusiasm, inventory remained relatively low.
Oklahoma’s Affordability Advantage
Despite market challenges, Oklahoma’s high-income buyers remained active. The state’s housing is still much more affordable than coastal markets. A million-dollar home in Oklahoma is a large luxury estate – the median $1M+ property in Oklahoma is about $1.25 million, often featuring expansive land or high-end amenities.
In contrast, a $1 million home in California might be a modest house or condo. This relative affordability attracted not just local high earners but also some out-of-state transplants. In the early 2020s, some people from high-cost states moved to Oklahoma for cheaper housing and lower taxes.
Overall, from 2021 to 2022 Oklahoma saw a net gain of population and income from people moving in – the state gained about $480 million in Adjusted Gross Income from new residents during that period. Many of these movers were higher-income earners seeking a more affordable lifestyle.
Preferred Property Types
Luxury Single-Family Homes
High-income homebuyers in Oklahoma mostly purchase single-family homes, typically on the larger and more expensive side. Unlike some big cities where wealthy buyers might choose penthouses or ultra-modern condos, in Oklahoma the preference is firmly for houses with land and privacy.
The vast majority of $500k+ earners opt for single-family detached homes with 4+ bedrooms, large lots, and premium features. It’s common to see high-income buyers purchasing homes with 4,000 to 10,000+ square feet of living space, far above the average home size.
They favor features like gourmet kitchens, spa-like bathrooms, home theaters, wine cellars, and 3-4 car garages. High-end finishes (granite, marble, custom woodwork) and technology (smart home systems, security, media integration) are expected in this price range.
Custom-Built Dream Homes
With ample funds available, many $500k+ earners decide to build their dream home from scratch. Custom construction allows them to get exactly what they want – whether that’s a specific architectural style or unique amenities.
Oklahoma’s cost of construction is lower than in many states, so a few million dollars can build a truly spectacular home. From 2019 to 2024, custom home builders in Oklahoma saw steady business from wealthy clients looking to upsize or create a home tailored to their tastes.
Upscale areas on the outskirts of cities had new gated communities where buyers could purchase a lot and then hire builders to design luxury residences. Around Tulsa’s southern edge and Oklahoma City’s far north, new luxury developments have popped up to cater to this demand.
Rural Estates and Acreage
Some high-income Oklahomans are drawn to rural properties. It’s not uncommon for a wealthy buyer to purchase a large ranch, farm, or country estate. These could be second homes or even primary residences if the buyer values seclusion.
Large properties in areas outside the big metros – for instance, horse ranches in Osage County or expansive farms in western Oklahoma – can offer hundreds of acres of land. Buyers who enjoy hunting, ranching, or simply want vast space and privacy might choose these options.
Limited Interest in Urban Condos
Unlike in some states, Oklahoma’s wealthy have shown limited interest in urban high-rise living. Cities like Oklahoma City and Tulsa have been developing some downtown condos and lofts to rejuvenate their cores. A few high-end penthouse units exist, offering skyline views and luxury finishes.
But these are few and far between. In Oklahoma, the culture leans toward owning land. Thus, even those who choose “urban” living often still buy a traditional house. Overall, less than 5% of high-end purchases by local $500k+ earners would be condos or townhouses.
Location Preferences
Upscale Suburban Enclaves
Many of Oklahoma’s wealthiest residents buy homes in the best neighborhoods of the Oklahoma City and Tulsa metro areas. In the Oklahoma City area, popular choices include Nichols Hills, an enclave known for its mansions and high property values (the median listing price in Nichols Hills is around $985,000 as of 2025).
Nearby areas like Edmond (especially parts with gated communities and golf course developments) and Norman (for those tied to the university or medical center) also have luxury homes and estates.
In Tulsa, high-income buyers seek out areas like Midtown Tulsa (e.g., Maple Ridge or Gillette historic districts) for stately older homes, or suburban areas like Jenks and Bixby which offer newer luxury developments and acreage estates.
Historic City Neighborhoods
There is a segment of high-income buyers that loves historic or central city neighborhoods. In Oklahoma City, areas like Heritage Hills or Crown Heights feature classic 1920s mansions and luxury homes in the heart of the city.
In Tulsa, Maple Ridge, Gillette, and Lewiston Gardens near downtown have beautiful older homes that attract some affluent buyers who appreciate history and central location. These buyers enjoy being close to urban amenities – museums, fine dining, performing arts, boutiques – and the charm of tree-lined city streets.
Upsizing vs. Downsizing Trends
Interestingly, many high-income Oklahomans have been upsizing or at least staying in larger homes rather than significantly downsizing in recent years. Several factors explain this trend:
Pandemic Space Priorities
The COVID-19 pandemic emphasized the value of having more space at home. Wealthy families who spent much more time at home starting in 2020 wanted properties that could comfortably accommodate work, study, exercise, and recreation.
Instead of downsizing, they sought larger homes with extra rooms – dedicated home offices, a home gym, a spacious backyard, and even multi-generational living setups.
Financial Advantages of Staying Put
A unique issue for the very affluent is capital gains tax on home sales. U.S. tax law allows a married couple to exclude up to $500,000 of profit from the sale of their primary home from capital gains taxes. But if a homeowner has owned a luxury property for a long time, the home’s value could have increased by more than $500k.
Some wealthy homeowners have realized that downsizing could trigger a big tax bill if their current home is highly appreciated. To avoid this, some choose not to sell or only to sell if they are buying another property of equal or greater value.
Second Homes and Investment Properties
While primary residences are the focus for most high-income buyers, many also own second homes or investment properties:
Vacation Properties
A number of affluent Oklahomans purchase second homes for leisure. Popular choices include lake houses, hunting cabins, or weekend ranches. For instance, Grand Lake in northeastern Oklahoma has some million-dollar lakefront homes that serve as vacation retreats for the well-to-do.
Nationwide, there was a surge in vacation-home buying in 2020–2021 – at one point, about 5% of all mortgages were for second homes (during the peak in 2021), as people sought retreats during the pandemic.
Investment Real Estate
High-income individuals often invest in real estate as part of their portfolio. In Oklahoma, this could mean buying rental homes, duplexes, or even small apartment buildings. Some $500k+ earners bought additional houses during the period as rental properties, taking advantage of rising rents.
It’s noted nationally that high-income homeowners captured a huge share of housing wealth gains over the past decade, partly because they were in a position to buy more properties.
How 2019–2024 Differs from 2009–2018
Market Recovery vs. Boom
The 2009–2011 period was marked by the after-effects of the 2008 financial crisis and housing crash. During those years, even high-income buyers were cautious. The luxury home market in Oklahoma was relatively sluggish in the early 2010s.
By 2018–2019, there was a renewed surge of high-income buyers stepping into the market, which then intensified during the 2020–2021 pandemic boom. The post-recession luxury housing sector of the early 2010s was sluggish, whereas the late 2010s into early 2020s was a roaring seller’s market for high-end homes.
Buyer Behavior Evolution
In the earlier decade, coming off a crash, buyers (even rich ones) were more cautious and value-conscious. There was a sense of “bargain hunting” in luxury real estate around 2010-2012.
From 2019–2024, the psychology was the opposite: buyers often had to outbid others and pay top dollar. Instead of hesitating, affluent buyers felt urgency to purchase before prices rose more or to seize a home when inventory was scarce.
Cash is King
In 2009–2018, interest rates were generally low and stable. High-income buyers often took out jumbo loans to finance luxury homes, but lending standards were tighter right after the housing crash.
Fast forward to 2019–2024: we saw a significant jump in all-cash purchases at the high end. By late 2023, almost 46.5% of luxury home purchases were cash – a record high share. This tilt toward cash wasn’t as prevalent in the earlier decade.
Conclusion
The 2019–2024 era was characterized by growth, competition, and higher stakes in the luxury housing market, whereas 2009–2018 was more about recovery and gradual growth.
High-income buyers today are generally older, richer, and buying more expensive homes (often with cash) compared to their counterparts a decade ago. The homes themselves are larger and more often custom-fitted to new lifestyles (like work-from-home) than those bought in the earlier period.
Despite these differences, one thing remains constant: Oklahoma’s wealthiest households continue to favor real estate as a cornerstone of living and investing.
- U.S. Census Bureau – Oklahoma QuickFacts – Median household income and housing values in Oklahoma.
- World Population Review – Top 1% Income by State (2025) – Top 1% income threshold in Oklahoma (~$483,606).
- The Journal Record – In Oklahoma, more can afford million-dollar homes – Only ~0.9% of Oklahoma houses are $1M+, but luxury market booming (Feb 23, 2023).
- The Journal Record – Oklahoma ranks 40th for sales of $1 million-plus homes – Stats on luxury home sales: 0.68% of sales in 2020 were $1M+, median $1.255M price, $405k buyer income (Apr 25, 2022).
- Federal Reserve Bank of Kansas City – Oklahoma Housing Demand – Home values rose ~15% annually in 2021; housing supply dropped, fueling price gains.
- Redfin Press Release – Record Share of High-End Buyers Pay Cash – Nearly 46.5% of luxury U.S. home purchases were all-cash by late 2023, up from 40% a year earlier.
- Tax Foundation – Oklahoma’s Low Taxes Helped Migration – Oklahoma gained ~$480 million in AGI from 2021–2022 movers, including high-income migrants.
- National Mortgage Professional – Second Home Purchases 2023 – Second-home mortgage demand fell; 86% of those who did get a vacation-home loan were high-income buyers (May 13, 2024).
- HomeStratosphere – Kansas’s $500K+ Homebuying Trends – Regional context: high-income buyers prefer single-family homes, often upsizing; luxury market saw record cash purchases.
