Buyers in Oklahoma are embracing the state’s “Boomer Sooner” spirit by snapping up additional properties to be used as vacation, investment or second homes.

According to LendingTree’s latest real estate market analysis, Oklahoma City has the highest share of non-owner occupied mortgages (15.4 percent) out of the 50 largest cities in the United States. The average loan size for a non-owner occupied property in Oklahoma City is $193,000 — $11,000 more than the average loan size for an owner-occupied home ($182,000).

Philadelphia (14.6 percent), Memphis (14.6 percent), Miami (14.5 percent) and San Francisco (13.9 percent) rounded out the top five cities with the largest share of non-owner occupied mortgages.

LendingTree Chief Economist Tendayi Kapfidze said non-owner occupied mortgage rates are highest in the South and West, but for very different reasons.

“Southern cities may be attracting investors due to low prices and growing populations,” Kapfidze said in the report. “Many residents in Southern cities may not be able to access homeownership due to lower median salaries, creating a ready pool of renters.”

“In the West, the opportunity for rapid price appreciation is likely attracting investors,” he added. “But high prices also suppress homeownership, creating a pool of renters.”

On the other hand, Northeastern and Midwestern states have the lowest share of non-owner occupied mortgages. In Detroit, only 5.2 percent of mortgages are for non-owner occupied properties. Following not too far behind is Cleveland, Ohio, and Hartford, Connecticut, with a share of 5.7 percent and a 5.9 percent, respectively.

“In the Northeast and Midwest, affordable homes mean the opportunity to be a homeowner is high and less appreciation attracts less investors,” Kapfidze noted. “The homeownership rate in the top 10 cities is an average 59 percent compared with … 67 percent in the bottom 10.”

“Even Detroit, a city often cited as having a challenging housing market, has a homeownership rate above all the top 10 cities,” he added.

Kapfidze said the share of non-owner occupied mortgages is an important metric to keep track of, especially during this long-lasting inventory shortage. Every non-owner occupied home, he said, takes away a viable option for a would-be buyer.

“In this environment, every unit of inventory makes a difference for homebuyers,” Kapfidze said.

Email Marian McPherson.

Back to top
The best event in real estate kicks off next week! Tickets are selling quickly.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription