Known as the "panhandle state" and the historic location of the 1930s Dust Bowl, Oklahoma still retains a status as both an agriculture zone as well as a natural gas and oil producer. Oklahoma provides a great location for nature lovers, being home to 50 state parks as well as least six national federal parks as well. The major industries for the state include the government, natural resource mining, airline maintenance, aerospace development and manufacturing, and biotechnology. Agriculture also plays a significant role in the state economy as well as exports.
In terms of both population and land mass, the Sooner State is right about average. The state is home to about 3.8 million, which ranks 28th in the nation, and its total size ranks 20th. The OK economy produces a shade above $130 billion annually, and per capita income is around $35,000. In general, the state is very business friendly and is home to a handful of Fortune 500 companies.
Today, the average home in Oklahoma is worth around $110,000, a roughly 4% improvement year-over-year. The Sooner State does not have the sort of price disparity that you see in other states. In the more expensive areas, median home sale price tops out between $300,000 and $400,000. In lower priced areas, the median sale price is anywhere from $80,000 - $110,000. CNNMoney recently placed the cities of Broken Arrow, Edmond, Moore, and Norman on its list of the best places to live in the United States.
Oklahoma City, sometimes abbreviated OKC, is a large city, both in terms of population and total area. The city is about 600 square miles large, which ranks 8th in the United States alongside cities from more sparsely populated states like Alaska and Montana. OKC's metropolitan area is home to around 1.3 million. Like much of the rest of Oklahoma, OKC's economy is driven by energy, although IT, healthcare and other sectors have emerged in recent years as well. In 2008, the city welcomed the National Basketball Association's Thunder, giving Oklahoma its first major professional sports team.
Tulsa is one of the 50 largest American cities, and its metro area is home to more than a million people. Known as the Oil Capital of the World, the city has diversified its economy in the past decade, and the telecom, financial, and aviation industries now provide a number of jobs. Tulsa is known for both its walkability and livability, and it has been recognized by publications like Forbes as an underrated, high quality American city.
Norman, OK, is perhaps best known as the home of the University of Oklahoma. As you may expect, the university is a major local employer, employing more than 10,000 people. Other large companies with offices in Norman include the US Postal Service, MSCI, and AT&T.
Though primarily known as an "energy and oil" state, the banking sector has grown very strong in Oklahoma over the past decade. BOK Financial Corporation, which owns the Bank of Oklahoma, is headquartered in Tulsa. Beyond BOK, there are a number of local and community banks & credit unions competing to provide banking services to Oklahomans. Of course, a number of larger, multi-state banks have branches & ATMs in OK.
Below, we've outlined a few of your banking options, from the local players to the national banks that operate in Oklahoma. If you wish to learn more, here is a list of every chartered bank in Oklahoma.
National banks, local branches:
As you can see, Oklahoma is a state full of proud, community banks ready to serve local citizens. However, it's still important that you compare prices before committing, just like you would with any other kind of transaction. At RateZip, you can see offers from lenders in OK and across the nation to find the deal that's best for you.
For those who want to live in the land of the great homesteads and the center of the U.S., RateZip.com can help find affordable lending rates offered by regional banks and lenders, potentially providing savings in home purchases. Whether you're buying a new home or refinancing an existing mortgage, comparison shopping online is likely to save you money. Naturally, the first step is understanding your home loan options.
The most popular home loan in OK, as in the rest of the country, is the fixed rate mortgage. As the name implies, the interest rate stays the same for as long as you have the loan. Other options are the adjustable rate mortgage (ARM), with a mortgage rate that adjusts annually, and the home equity loan, a home loan product designed to help you take hard earned equity out of your house and use it as you see fit.