Counties / Oklahoma / Cleveland County

Cleveland County, OK

FIPS 40027 · population 300,047 · part of Oklahoma City, OK

$256k
Zillow home value · 2026-06
The numbers

What this county costs and earns

Everything here joins on the county FIPS code, so each figure comes from the agency that publishes it with no name matching in between.

Zillow home value
$256k
▲ 1.2% year over year
Zillow ZHVI · direct
Median asking rent
$1,391
▲ 3.6% year over year
Zillow ZORI · direct
Gross yield
6.5%
annual rent ÷ price, before costs
derived: rent × 12 ÷ price ✓
HUD 2-bed standard
$1,244
market rent is 1.12x the standard
HUD Fair Market Rent · direct
Independent price check

Do two methods point the same way?

Zillow estimates a current home value. FHFA tracks repeat mortgage transactions. Their growth rates should be read side by side, not averaged.

Both annual signals move in the same direction
FHFA five-year cumulative+44.9%not annualized · through 2025
0%ZILLOW ZHVI2026-06+1.2%FHFA HPI2025+0.9%
Annual changes use different methods and may use different periods. The comparison checks direction and magnitude; it does not create a blended estimate. Zillow county ZHVI pulled 2026-07-26; FHFA annual county HPI pulled 2026-07-28.
Owner-reported value$236k
Surveyed gross rent$1,167
Rent burden 30%+48.2%
Median year built1990
Housing composition

Who occupies the stock—and what it is

ACS 2024 5-year
6.1%vacant
124,442estimated housing units
Occupied tenure36.1% renter
owner 63.9%renter 36.1%
Structure mix73.3% single-family
Single-family 73.3%20+ units 5.7%Mobile home 5.5%Other 15.5%
ACS estimates describe the standing housing stock and occupied tenure. They do not measure current listings, transaction prices or asking rents.

Survey source: Census ACS 5-year — county housing value, tenure and stock · ACS 2024 5-year · pulled 2026-07-30. These values describe different housing universes and are not combined into gross yield.

Annual average covered jobs91,948▲ 0.7% from the prior annual release
Covered establishments7,503annual average reporting locations
Average weekly wage$1,014▲ 3.0% from the prior annual release
Largest private supersectorTrade, transportation, and utilities25.9% of disclosed private covered jobs
Local labor base

Jobs, pay and private-sector concentration

2025
0%COVERED JOBS+0.7%WEEKLY WAGE+3.0%Trade, transportation, and utilities25.9%
Annual QCEW counts cover jobs located at reporting establishments. The industry share uses disclosed private covered employment; it is not a resident-employment measure or a forecast.

Workplace source: BLS QCEW — county employment and wages · annual county employment and wages 2025 vs 2024 · pulled 2026-07-31. QCEW counts covered jobs located in the county, not employed residents or the metro score’s CES/LAUS series.

County brief

What the local evidence says

01Decision frame

Cleveland County poses a carry-versus-exit tension: Zillow’s 2026-06 county observation puts median home value at $256,404, up 1.21% year over year. Separately, measured median asking rent is $1,391 per month, and the supplied gross yield is 6.51% before costs. County-level averages therefore merit submarket investigation for hold-oriented buyers, while buyers needing a quick resale should be cautious because visible listing conditions warrant exit caution.

02Housing economics

The supplied gross yield is not net return: the effective property-tax rate is 1.00%, while operating costs, vacancy and financing are not published. HUD’s supplied two-bedroom FMR is a payment standard, not an estimate of asking rent, so it cannot replace the county market-rent measure. FHFA’s 2025 repeat-transaction HPI rose 0.85% annually. That supports a positive price direction but is neither a dollar home value nor a matching vintage or method to Zillow; the series should not be averaged.

03Demand & competition

Realtor.com’s MLS listing-market evidence is softer at the margin: active listings rose 2.85%, and 22.45% of listings carried price reductions. They indicate visible supply and seller concessions, respectively; neither is a closed-sale price or standalone proof of buyer demand. Annual QCEW covered jobs at county workplaces grew 0.65%, with a $1,014 average weekly covered-worker wage. Trade, transportation, and utilities is the largest disclosed private supersector, not the whole economy. Tax-return movers show a small net outflow and lower average AGI among entrants than leavers. Investors made 538 of 3,478 purchase mortgages, a 15.47% share, which establishes participation but not cash-buyer activity or pricing power.

04Risk & next checks

Inland flood is the named dominant hazard, and modeled expected annual building-value loss is 0.16%. This is a ratio, not a dollar loss, and it does not identify parcel exposure. Property-level flood zones, elevations, insurance quotes, deductibles, operating expenses, vacancy, lease renewals, debt terms and closed-sale or lease comps are not published. Their absence prevents underwriting net yield, insurance burden, debt coverage or a defensible acquisition value; next checks are parcel hazards and verified rents, taxes and transaction comps.

Cities & communities

Where people live within Cleveland County

Census-recognized incorporated places and CDPs that intersect this county. The list does not pretend to include every neighborhood or informal community.

Population scale

Largest Census places

ACS 2024 5-year
Oklahoma City city*697.1KNorman city129.7KMoore city63.4KNoble city7.5KPurcell city*6.8KSlaughterville town4.3KLexington city2KEtowah town138
Bars use total place population, not a county-share estimate. An asterisk marks a place that crosses a county line.
Official directory

8 Census places

Population
  1. 01
    Oklahoma City cityIncorporated place · spans 4 counties
    697,125
  2. 02
    Norman cityIncorporated place
    129,672
  3. 03
    Moore cityIncorporated place
    63,420
  4. 04
    Noble cityIncorporated place
    7,493
  5. 05
    Purcell cityIncorporated place · spans 2 counties
    6,803
  6. 06
    Slaughterville townIncorporated place
    4,251
  7. 07
    Lexington cityIncorporated place
    1,972
  8. 08
    Etowah townIncorporated place
    138

Population is the total place-wide ACS estimate, not an allocated county share. A place crossing a county line is labelled explicitly. Source: Census ACS 5-year — cities and communities · ACS 2024 5-year · pulled 2026-07-30.

Risk, demand and competition

The three things a price does not tell you

01
Risk & carrying costFEMA NRI + Census ACS
Dominant hazardinland flooding

0.162% of building value expected lost per year

Effective property tax1.00%

$2,360 median annual bill

02
DemandIRS SOI household flows
Net migration-34

9,805 in · 9,839 out

Arriving vs leaving income−$2,940

$54,167 arriving · $57,107 leaving

03
CompetitionHMDA financed purchases
Purchases by investors15.5%

538 of 3,478 mortgages

investorother financed
Current listing pressure

What sellers and visible supply are doing

Realtor.com® Economic Research · county inventory 2026-06 · pulled 2026-07-28
Active listings939▲ 2.9% year over year
Median days on market48▲ 9.7% year over year
Listings price-reduced22.4%seller-concession signal
Median listing pricen/a▼ 2.0% year over year

Listing price is an asking price, not a closed sale. Quality-flagged county rows are withheld instead of displayed.

Same metro

The other counties in Oklahoma City, OK

A metro is an average of these. Which side of a county line a property sits on can change the tax bill, the hazard profile and the tenant pool.

CountyPopulationPriceRentYieldHazard
Cleveland County300,047$256k$1,3916.5%inland flooding
Oklahoma County806,199$227k$1,3597.2%inland flooding
Canadian County168,985$275k$1,5997.0%inland flooding
Grady County56,606$250k$1,3616.5%inland flooding
Logan County51,938$317k$1,4365.4%inland flooding
McClain County45,273$289k$1,6586.9%inland flooding
Lincoln County34,219$197kn/an/ainland flooding
Bear case

What can break the county thesis

  1. County-level rent, value and tax figures may not represent an individual neighborhood or property.
  2. Parcel flood exposure, insurance pricing and deductibles may differ materially from the county modeled loss ratio.
  3. MLS listing and purchase-mortgage evidence may not translate into closed-sale liquidity, cash-buyer competition or lease performance.
Underwriting questions

Before pricing a property

Is the stated gross yield a net cash yield?

No. It reflects annual market rent relative to price before costs; operating, vacancy and financing inputs are not published.

Can HUD's two-bedroom FMR be treated as county asking rent?

No. The record identifies FMR as a payment standard and separately publishes measured market asking rent.

Can the FHFA HPI be used as the county's current home value?

No. It is a repeat-transaction appreciation index, not a dollar home value, and it has a different vintage and method from Zillow.