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Average Home Values and Ownership in Zip Code 73045: A Decade of Stability Amid Rising Prices
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 73045, located in Harrah, Oklahoma, has experienced significant changes in its housing market over the past decade. This area has maintained a consistently high rate of homeownership while seeing substantial growth in both average home prices and average rent prices.
The homeownership rate in zip code 73045 has remained relatively stable, with a slight decrease from 80% in 2013 to 77% in 2019, before rebounding to 80% in 2022. Despite this minor fluctuation, the average home prices have shown a steady upward trend. In 2010, the average home price was $123,967, which increased to $223,888 by 2022, representing an impressive 80.6% growth over 12 years. This trend suggests that while homeownership rates remained high, property values in the area appreciated significantly.
Federal interest rates have played a role in shaping homeownership trends in zip code 73045. From 2010 to 2016, interest rates remained below 0.5%, coinciding with the period of stable homeownership rates around 80%. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, there was a slight dip in homeownership to 78%. However, the area's strong propensity for homeownership seemed to withstand these interest rate changes, as rates rebounded to 80% by 2022 despite further increases in federal interest rates.
Renter percentages in zip code 73045 have shown minor fluctuations, ranging from 19% to 23% between 2013 and 2022. Interestingly, average rent prices have increased substantially during this period. In 2013, the average rent was $760, which rose to $852 by 2022, marking a 12.1% increase. The most dramatic jump occurred between 2020 and 2021, when average rent prices surged from $1,014 to $1,117, a 10.2% increase in just one year. This rise in rent prices, coupled with the area's growing population (from 10,440 in 2013 to 11,153 in 2022), suggests increasing demand for rental properties in the area.
In 2023 and 2024, the housing market in zip code 73045 continued its upward trajectory. The average home price reached $234,988 in 2023 and further increased to $238,665 in 2024, representing a 6.6% growth from 2022 to 2024. This growth occurred despite rising federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating strong underlying demand in the local housing market.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach $275,000 to $300,000 by 2029, while average rent prices might climb to the $950 to $1,000 range. These projections assume continued population growth and economic stability in the area.
In summary, zip code 73045 has demonstrated a robust and growing housing market characterized by high homeownership rates, steadily increasing average home prices, and rising average rent prices. The area has shown resilience to fluctuations in federal interest rates, maintaining strong homeownership levels even as property values appreciated significantly. The consistent population growth and rising property values suggest that this zip code remains an attractive area for both homeowners and investors.
