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Brookside: Rising Home Values and Shifting Ownership in a Tulsa Neighborhood
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
Brookside, a vibrant neighborhood in Tulsa, Oklahoma, has experienced significant shifts in its housing market over the past decade. This area, known for its charming mix of residential and commercial spaces, has seen fluctuating trends in homeownership rates and property values. From 2013 to 2022, the neighborhood witnessed a slight decline in homeownership, while average home prices and average rents generally trended upward.
The homeownership rate in Brookside saw a gradual decrease from 52% in 2013 to 49% in 2022. This decline coincided with a substantial increase in average home prices, rising from $146,164 in 2013 to $262,429 in 2022, representing a 79.5% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents. The steepest annual increase in average home prices occurred between 2019 and 2020, jumping from $189,160 to $213,029, a 12.6% rise in a single year.
Federal interest rates play a crucial role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates in Brookside remained relatively stable at around 52%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight decline in homeownership rates to 50% by 2019. The sudden drop in interest rates to 0.38% in 2020 and 0.08% in 2021 did not immediately reverse this trend, possibly due to other economic factors at play.
Renter percentages in Brookside increased from 48% in 2013 to 51% in 2022, mirroring the decline in homeownership. Average rent prices showed a general upward trend, rising from $921 in 2013 to $1,177 in 2022, a 27.8% increase. The most significant jump in average rent occurred between 2016 and 2017, increasing from $862 to $1,107, a 28.4% rise. This sharp increase coincided with a slight dip in the neighborhood's population, potentially indicating a shift in housing demand or changes in the local rental market.
Looking at the most recent data, average home prices in Brookside continued to rise, reaching $266,926 in 2023 and $280,821 in 2024. This represents a 1.7% increase from 2022 to 2023 and a further 5.2% increase from 2023 to 2024. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since before 2008. These higher interest rates could potentially impact future homeownership trends in the neighborhood.
Applying predictive models to forecast the next five years, we anticipate average home prices in Brookside to continue their upward trajectory, potentially reaching around $320,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. Average rent prices are also expected to increase, potentially surpassing $1,400 per month by 2029, following the trend of the past decade.
In summary, Brookside has experienced a gradual shift towards a more renter-dominated market, with homeownership rates declining slightly as property values and rents have increased. The neighborhood has shown resilience in its housing market, with consistent growth in property values despite fluctuations in interest rates and economic conditions. The coming years may see continued appreciation in both home values and rental rates, potentially reshaping the demographic makeup of this dynamic Tulsa neighborhood.
