Historically, I've been told, home prices tend to fluctuate in a range of 3 to 5 times an area's median household income. Here's an article that discusses that ratio:
newgeography.com: Improving Housing Affordability
In it, we're told:
So where does this put Oklahoma?
Well, according to the U.S. Trustee Program / Department of Justice, Oklahoma's median income for a one-person/one-earner household is $38,244 (as of May 2009). (Such figures would be applicable to bankruptcy courts, and regularly updated, obviously, since how a BK filer's income compares to his/her state's median income forms a primary basis for how the debts are treated in court.)
Census.gov shows Oklahoma's median income, as of 2005, to have been $39,292, though we don't know if this was for one-, two-, or more-earner households ... or for some combination thereof.
Now for home sales: According to Housingtracker.net, the median listing price for Oklahoma City homes (they don't show a statewide figure) as of December 21 was $157,900.
For a second source, MLS shows Oklahoma's median home sales price to be $122.5k as of October 2009.
So if we divide the MLS median sales price ($122,500) by the DOJ's median income figure ($38,244), we get a housing-price ratio of 3.2 for Oklahoma. This is well within historical norms, and certainly FAR away from the 10x ratio my fellow poster was suggesting.
(For those interested, the same calculations would put California at a ratio of 5.2, utilizing a median income of $48,140 and a median home sales price of $250k.)