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Average Home Values and Ownership: Yukon's Resilient Housing Market Amid 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
Yukon, located in Oklahoma, is a growing suburban community known for its strong sense of community and proximity to Oklahoma City. Over the past decade, this city has experienced notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Yukon has remained relatively stable, fluctuating between 73% and 77% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $153,345, which steadily increased to $241,679 by 2022, representing a significant 57.6% growth over nine years. This rise in home values has not significantly deterred homeownership, as the rate remained relatively constant, suggesting a resilient local housing market.
Federal interest rates have played a role in shaping homeownership trends in Yukon. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained high at 75-77%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight decrease in homeownership, dropping to 73% in 2019. However, the dramatic drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a rebound in homeownership to 74-75%, demonstrating the influence of favorable financing conditions on homebuying decisions.
Renter percentages in Yukon have inversely mirrored homeownership rates, ranging from 23% to 27% between 2013 and 2022. Average rent prices have shown moderate fluctuations during this period. In 2013, the average rent was $1,141, which increased to $1,166 by 2016. However, there was a slight dip to $1,092 in 2018 before rising again to $1,180 in 2022. These fluctuations in rent prices appear to have had a minimal impact on the overall renter percentage, which has remained relatively stable. The city's growing population, which increased from 27,258 in 2013 to 31,559 in 2022, likely contributed to sustained demand for rental properties despite price variations.
In 2023 and 2024, Yukon experienced a significant surge in average home prices. The average home price reached $257,158 in 2023 and further increased to $261,731 in 2024. This represents a 6.4% increase from 2022 to 2023 and an additional 1.8% rise from 2023 to 2024. Concurrently, federal interest rates have risen substantially, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest levels in over a decade.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Yukon will continue to rise over the next five years, albeit at a more moderate pace. The average home price could potentially reach around $290,000 to $300,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,300 to $1,350 per month in the same timeframe, driven by population growth and housing demand.
In summary, Yukon has demonstrated a robust and growing housing market over the past decade. The stability in homeownership rates despite rising home prices indicates a strong local economy and desirable living conditions. The recent sharp increase in home values and interest rates presents new challenges and opportunities for both buyers and renters in this thriving Oklahoma community.
