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Average Home Values and Ownership in Zip Code 73562: A Decade of Growth in Rural Oklahoma
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
Randlett, located in zip code 73562 in Oklahoma, is a small community that has experienced fluctuating population and housing trends over the past decade. This analysis explores the relationship between homeownership rates, average home prices, and average rent prices in this area. Homeownership in Randlett has shown significant variability between 2013 and 2022. In 2013, the homeownership rate was 79%, which increased to a peak of 88% in 2019 before declining to 76% in 2022. Concurrently, average home prices have shown a general upward trend. In 2013, the average home price was $42,512, which rose dramatically to $141,515 by 2022, representing a 233% increase over this period.
The relationship between federal interest rates and homeownership rates in Randlett appears to be complex. While lower interest rates typically encourage homeownership, this correlation is not consistently observed in the data. For instance, despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates fluctuated between 76% and 79%. Interestingly, the highest homeownership rate of 88% in 2019 coincided with a relatively higher interest rate of 2.16%.
Renter percentages in Randlett have inversely mirrored homeownership rates, ranging from a low of 12% in 2019 to a high of 29% in 2020. Average rent prices have shown volatility, with notable changes occurring between 2018 and 2020. In 2018, the average rent was $833, which dropped significantly to $598 in 2019, before increasing to $724 in 2020 and remaining stable through 2022.
Looking at the most recent data, the average home price in Randlett for 2023 was $144,077, showing a slight increase from 2022. In 2024, the average home price further rose to $150,352, indicating a continuing upward trend in property values. Notably, the federal interest rate increased substantially to 5.02% in 2023 and further to 5.33% in 2024, which could potentially impact future homeownership rates and property values.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Randlett will continue to rise, albeit at a more moderate pace. The average home price could potentially reach around $165,000 to $170,000 by 2029. As for rent prices, if the current stability persists, we might see a gradual increase to approximately $750-$800 per month over the next five years.
In summary, Randlett has experienced significant fluctuations in homeownership rates and substantial growth in average home prices over the past decade. The relationship between interest rates and homeownership has been inconsistent, suggesting that local factors may play a more significant role in housing trends. The recent increase in interest rates, coupled with rising home prices, may present challenges for potential homebuyers in the coming years. However, the steady population and relatively stable rent prices indicate a balanced housing market that could continue to attract both homeowners and renters to this small Oklahoma community.
