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Atkinson Park: Resilient Housing Market Sees Rising Home Values and Ownership Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Atkinson Park: A Decade of Housing Market Changes Atkinson Park, located in Midwest City, Oklahoma, has experienced significant changes in its housing market over the past decade. This neighborhood has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Atkinson Park has shown notable variability from 2013 to 2022. In 2013, the ownership rate stood at 47%, and by 2018, it had increased substantially to 63%. However, this upward trend did not persist, as the ownership rate declined to 47% by 2022. During this same period, average home prices in the neighborhood demonstrated a consistent upward trajectory. In 2013, the average home price was $69,101, which steadily increased to reach $129,029 by 2022, representing an impressive 86.7% growth over nine years.
The relationship between federal interest rates and homeownership rates in Atkinson Park reveals some interesting patterns. For instance, when interest rates were relatively low in 2013 at 0.11%, the homeownership rate was 47%. As interest rates gradually increased, reaching 1.83% in 2018, the homeownership rate peaked at 63%. However, despite interest rates dropping to 0.08% in 2021, the homeownership rate decreased to 44%, suggesting that other factors beyond interest rates were influencing homeownership decisions in the neighborhood.
Renter percentages and average rent prices in Atkinson Park have also shown notable trends. The renter-occupied percentage fluctuated between 37% and 56% from 2013 to 2022. Interestingly, average rent prices did not always correlate directly with renter percentages. For example, in 2014, when the renter percentage was 53%, the average rent was $1,018. By 2022, with the same renter percentage, the average rent had decreased to $835. This suggests that factors beyond supply and demand, such as local economic conditions or housing policies, may have influenced rent prices in the neighborhood.
Looking at the most recent data, the average home price in Atkinson Park reached $137,856 in 2023 and further increased to $140,884 in 2024. This represents a continued upward trend in home values, with a 6.8% increase from 2022 to 2023 and a further 2.2% rise from 2023 to 2024. Notably, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home price growth in the neighborhood.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Atkinson Park will continue to rise, albeit at a potentially slower rate due to higher interest rates. The average home price could potentially reach around $160,000 to $170,000 by 2029. Average rent prices, which have shown more volatility, may stabilize or see modest increases, potentially reaching $900 to $950 per month by 2029.
In summary, Atkinson Park has experienced significant changes in its housing market over the past decade. The neighborhood has seen a general upward trend in average home prices, despite fluctuations in homeownership rates. Renter percentages and average rent prices have shown less consistent patterns, influenced by various economic factors. The recent increases in both home prices and interest rates suggest a changing landscape for both buyers and renters in the coming years, with continued growth in property values expected, albeit potentially at a more moderate pace.
