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Average Home Values and Ownership in Zip Code 73065: A Decade of Resilience Amidst Growth
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 73065, located in Newcastle, Oklahoma, has experienced significant growth and changes in its housing market over the past decade. This area has seen a steady increase in population and housing prices, with some fluctuations in homeownership rates and average rent prices.
The homeownership rate in zip code 73065 has remained relatively stable, with a slight decline from 84% in 2013 to 81% in 2022. During this same period, average home prices have shown a consistent upward trend. In 2013, the average home price was $164,578, which increased to $268,978 by 2022, representing a substantial 63.4% growth over nine years. This trend suggests that despite rising home values, the area has maintained a high rate of homeownership.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained stable at around 83-84%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership to 81%. However, when interest rates dropped again in 2020 (0.38%) and 2021 (0.08%), homeownership rebounded to 84% and 83% respectively, demonstrating the inverse relationship between interest rates and homeownership.
The percentage of renters in zip code 73065 has shown a slight increase from 14% in 2013 to 19% in 2022. This trend coincides with a rise in average rent prices, which increased from $953 in 2013 to $1,155 in 2022, a 21.2% increase. The most significant jump in average rent occurred between 2020 and 2021, rising from $1,142 to $1,327, a 16.2% increase in a single year. This sharp rise in rent prices may be attributed to the growing population, which increased from 9,575 in 2020 to 10,477 in 2022, potentially increasing demand for rental properties.
In 2023 and 2024, the housing market in zip code 73065 continued to evolve. The average home price reached $275,644 in 2023 and further increased to $278,425 in 2024, showing a continued upward trend. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 73065 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the rising cost of homeownership. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply catches up with demand.
In summary, zip code 73065 has maintained a strong homeownership rate despite rising home prices, demonstrating the area's desirability. The slight increase in renters and significant rise in rent prices indicate a growing demand for rental properties. As the population continues to grow and housing prices increase, the balance between homeownership and renting may continue to shift, with affordability playing a crucial role in future housing trends.
