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Boise City, Oklahoma: Rising Home Values Amidst Rural Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Boise City, Oklahoma, a small rural community in the panhandle region, has demonstrated notable resilience in its housing market over the past decade. This city, with its rich history rooted in agriculture and ranching, has experienced significant fluctuations in homeownership rates and housing prices. The overall trend shows a slight increase in homeownership, accompanied by a steady rise in average home prices since 2016. Average rent prices, however, have exhibited more volatility, with substantial year-to-year changes.
The homeownership rate in Boise City has followed a general upward trend, increasing from 76% in 2013 to 79% in 2022. This rise coincided with a considerable growth in average home prices, which surged from $44,572 in 2016 to $68,036 in 2022, marking a 52.6% increase over six years. A particularly significant jump in homeownership occurred in 2018, reaching 82%, which corresponded with a modest increase in average home prices to $46,454. This suggests that despite rising prices, more residents were able to enter the housing market.
Federal interest rates have played a crucial role in shaping homeownership trends in Boise City. From 2013 to 2015, homeownership rates remained relatively stable around 75-76%, coinciding with historically low interest rates of 0.11% to 0.13%. As interest rates began to rise more significantly from 2016 onwards, reaching 1.83% by 2018, homeownership actually increased to 82%, possibly due to residents rushing to purchase homes before rates climbed further. The subsequent drop in interest rates to 0.38% in 2020 corresponded with a slight decrease in homeownership to 80%, which could be attributed to economic uncertainties during the pandemic.
Renter percentages in Boise City have fluctuated inversely to homeownership rates, ranging from a high of 26% in 2014 to a low of 18% in 2018. Average rent prices have shown considerable variation, increasing from $768 in 2013 to a peak of $1,067 in 2019, before declining sharply to $619 in 2022. This significant drop in rent prices occurred despite a slight increase in the renter population from 18% in 2018 to 21% in 2022, suggesting factors beyond supply and demand were at play, possibly including local economic conditions or policy changes.
In 2023 and 2024, Boise City experienced a slight dip followed by an increase in average home prices. The average home price in 2023 was $67,384, showing a small decrease from 2022. However, in 2024, prices rebounded to $69,983, surpassing previous years. This coincides with higher federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting housing market dynamics.
Looking ahead, based on current trends, we can expect average home prices in Boise City to continue their upward trajectory, potentially reaching around $75,000 to $80,000 by 2029. Average rent prices, given their recent volatility, are more challenging to predict but may stabilize and gradually increase to approximately $700-$750 per month over the next five years, assuming economic conditions remain stable.
In summary, Boise City has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The interplay between federal interest rates, home prices, and ownership rates highlights the complex dynamics at work in this small Oklahoma community. The recent sharp decline in average rent prices, coupled with stable renter percentages, presents an intriguing development that warrants attention in the coming years.
