Claremore Economic Development shares results of 2023 Housing Market Analysis
December 1, 2023
Claremore falls within the core of one of Oklahoma's most active economic development corridors, supporting talent for megasites within the Tulsa Ports, MidAmerica Industrial Park, as well as Claremore's own booming manufacturing and health care sectors. While people may travel across Rogers and Mayes County to work, most call our community home. Given Oklahoma's local municipalities are funded by sales tax income, and counties are funded by ad valorem taxes (property taxes) it is critical Claremore not only serve as a quality place to work, but also to shop and reside.
With the announcement of the selection of the Tulsa Port of Inola as the future home for 3Sun USA, bringing an additional 1,900 jobs to the region, Claremore must ensure it is positioned to meet future housing needs. To assist with this effort, Claremore Economic Development partnered with Catalyst Commercial to conduct a comprehensive housing analysis for the community. The study took place over six months and included a series of public engagement sessions with area residents and professionals, data analysis and driving tours of area neighborhoods.
The study found that Claremore benefits from a relatively affordable housing stock that spans many decades of construction and various housing types and styles. The analysis shows that the neighborhoods and residential areas surrounding Downtown Claremore are generally older, workforce-oriented housing, but this area is attracting new investment in terms of redevelopment and revitalization. Newer residential construction of traditional neighborhoods is generally on the periphery of Claremore.
Catalyst reviewed population growth figures, demographic changes, market turnover, and regional job growth when looking at upcoming demand. It is estimated that Claremore could sustain 1,220 new single-family homes over the next five years and 1,035 new rental properties. Projected job growth from the regional manufacturing sector provides an opportunity for Claremore to capture another 635 units over the next five years.
From these findings, Catalyst recommended six action items for consideration to aid the City in its housing development efforts.
- Create an infill housing program - This initiative would take advantage of existing infrastructure, reducing the cost of development and encouraging the use of underutilized or vacant properties.
- Increase the quality of existing residential - This recommendation promotes the consideration of a property tax abatement or exemption program that allows owners to offset the cost of improvements to their property.
- Create a rental registration program - Establishing a rental registration program would aid in ensuring that renter-occupied housing units in Claremore are maintained, up to code, and safe for the tenants to occupy. Additionally, this program protects the property values of surrounding properties and may aid in reducing the concern over the existence of renter-occupied properties.
- Encourage Housing Balance - Over the past five years, Claremore has had roughly 144 new housing units constructed each year. While this is significantly higher than in previous years, it still isn't keeping pace with the current demand for 451 housing units annually.
- Explore Planned Developments - Look at upcoming economic growth (such as 3Sun USA) to ensure that housing construction reflects the needs of the future workforce and the types of homes they will seek.
- Develop a Housing Dashboard - Creating a publicly accessible housing dashboard would allow the City and interested parties to monitor the market better and allow for more informed decision-making from stakeholders and city staff.
This is just a small overview of the crucial information provided by the Claremore Housing Analysis. You can find a complete copy of the housing study here. This nearly 40-page document is full of fascinating findings and lays a comprehensive groundwork for our community to strategically position its housing development efforts.
You can learn more about Claremore's residential development efforts and the next steps for the housing study by connecting with us on Facebook. With more than 1,400 housing units currently in planning or construction, we are just getting started!