My kid can read but prefers to be read to. Is that OK?
There's nothing wrong with a child of reading age (or an adult, for that matter) wanting to be read to. It's comforting, entertaining, and great for auditory processing. But there may be something else going on that even your child may not be aware of. He may not be as proficient as you think, perhaps struggling with a reading issue; he may not feel confident reading; he may dislike reading out loud; or he may not have found a book that really motivates him to read. Because the early elementary years are a key time to keep your kid reading at grade level, you'll want to probe a bit.
A few things you can try:
Take turns. You read a page, he reads a page. Fair deal, right?
Let him pick the book -- or books. Visit the library and let him check out as many titles as he wants.
Find companion reading material for subjects he already likes. Whether it's mitochondria or Minecraft, there's a book on it.
Approve comic books. Some kids are really motivated to read by the fantastical illustrations, story lines, and unique format of comics.