Comprehensive Housing Market Analysis
RKG Associates, Inc. was engaged by the City of Moore, Oklahoma in October 2013 to prepare an assessment of the conditions and characteristics of the housing market in the city. The impetus of the study was the May 2013 F5 tornado that destroyed almost 1,350 homes, damaged 728 others, and also damaged and destroyed businesses and a hospital. In the course of applying for a federal disaster relief grant, HUD suggested that Moore conduct the housing study, the first of its kind for the city.
Key objectives of the study include: (1) assess the current and projected demographic and economic characteristics of households in the community; (2) identify future population, economic and employment trends; (3) assess the nature and extent of short to mid-term housing demand with respect to various market segments; (4) assess the public perception of Moore with respect to the high incidences of tornados, and how the most recent event may impact future housing trends; and (5) evaluate the city center for future housing potential.
The City of Moore was a very small community until it annexed 21.6 square miles of land in 1961, becoming a full-fledged city in 1962, which in turn increased its population from 1,221 in 1960 to 18,761 in 1970, and 56,391 in 2012. The City is surrounded on the north, east and west by Oklahoma City, and the City of Norman forms its southern border. Moore has been characterized as a bedroom community for Oklahoma City and Norman, attracting new families who are drawn by its highly regarded public school system. Although Moore’s at-place employment population equals only 25% of its resident population, and twice as many people commute out as commute in, the city has managed to increase employment by over 13% since 2002, adding over 1,600 jobs. The city saw an unemployment rate of 4.45 in 2012, compared to over 8% for the nation. The City of Moore has managed to grow and thrive despite a series of tornados, the most recent of which occurred in May of 2013. Other significant tornado events occurred in 1998, 1999, 2003 and 2010.
In the course of the housing study work program, RKG professionals reviewed relevant plans and documents, and interacted with key stakeholders including Town staff, Community Development Department staff, elected officials, local real estate professionals and developers, property owners and managers, economic development professionals, and others. In addition, a visual inventory of Moore’s housing stock was conducted.