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Avalon Lakes/Mill Creek Pond in 2022: Neighborhood with the highest median rent in Midwest City, Oklahoma
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Top Regions
DATA
Median Rent
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Top Regions
Median Rent
The Avalon Lakes/Mill Creek Pond neighborhood in Midwest City, Oklahoma, stands out as the area with the highest median rent in 2022. This distinction highlights the neighborhood's status as a premium residential location within the city. With a median rent of $1,386 in 2022, Avalon Lakes/Mill Creek Pond demonstrates a strong rental market, reflecting its desirability and potentially high-quality housing stock. The neighborhood's rental rates, coupled with other socioeconomic factors, paint a picture of an affluent area with unique characteristics that contribute to its top position in Midwest City's rental landscape.
An examination of the median rent trends in Avalon Lakes/Mill Creek Pond reveals interesting patterns over the past decade. In 2013, the neighborhood commanded an impressive median rent of $1,750, which was significantly higher than the 2022 figure. However, there was a notable decline in subsequent years, with the median rent dropping to $1,413 in 2014 and remaining relatively stable until 2016. The neighborhood experienced its lowest median rent of $1,350 in 2017, before seeing a resurgence to $1,592 in 2018 and peaking at $1,655 in 2019. The COVID-19 pandemic appears to have impacted rental prices, as evidenced by a decrease to $1,386 in 2020, a level that has remained constant through 2022.
The fluctuations in median rent over the years suggest that Avalon Lakes/Mill Creek Pond has experienced various economic and market forces influencing its rental prices. Despite these changes, the neighborhood has maintained its position as the highest median rent area in Midwest City, indicating a consistent level of demand and perceived value among renters.
An analysis of related factors provides insight into why Avalon Lakes/Mill Creek Pond commands the highest median rent in Midwest City. The neighborhood's median income, although fluctuating, has remained relatively high over the years. In 2022, the median income was $81,547, which, while lower than some previous years, still indicates a generally affluent population. This economic stability likely contributes to the ability of residents to afford higher rents and maintains the neighborhood's desirability.
The housing market in Avalon Lakes/Mill Creek Pond also supports its high rental rates. Average home prices have shown a steady increase over the years, rising from $171,443 in 2012 to $255,832 in 2022. This appreciation in property values reflects the neighborhood's growing attractiveness and investment potential, which in turn supports higher rental prices.
Demographic shifts in the neighborhood may also play a role in sustaining high rental rates. The population has grown significantly, from 859 residents in 2013 to 2,459 in 2022. This population growth, combined with increasing population density (from 9,015 per square mile in 2013 to 25,807 in 2022), suggests a rising demand for housing in the area, which can drive up rental prices.
Interestingly, while Avalon Lakes/Mill Creek Pond maintains the highest median rent, there has been a shift in the occupancy type over the years. The percentage of owner-occupied housing units has decreased from 80% in 2013 to 75.58% in 2022, with a corresponding increase in renter-occupied units. This trend towards more renters could be indicative of changing demographics, possibly including an influx of young professionals or families who prefer to rent in this desirable neighborhood.
The racial composition of the neighborhood has also evolved, potentially influencing its rental market. In 2022, the population was predominantly white (57.10%), with significant Black (23.22%) and Hispanic (11.63%) populations. This diversity may contribute to the neighborhood's appeal, attracting a wide range of renters and maintaining high demand for rental properties.
In conclusion, Avalon Lakes/Mill Creek Pond's distinction as the neighborhood with the highest median rent in Midwest City, Oklahoma, in 2022 is the result of various interrelated factors. Despite fluctuations in rental prices over the past decade, the area has consistently maintained its top position. The combination of high median incomes, appreciating property values, population growth, and changing demographics all contribute to the neighborhood's ability to command premium rental rates. These factors collectively paint a picture of a dynamic, desirable community that continues to attract residents willing to pay higher rents for the privilege of living in this sought-after area of Midwest City.
