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Erick, Oklahoma: A Decade of Housing Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Erick, located in Oklahoma, is a small community with a rich history rooted in agriculture and transportation. Over the past decade, this city has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of its real estate market.
The homeownership rate in Erick has shown variability from 2013 to 2022. In 2013, the homeownership rate stood at 71%. It decreased to 64% in 2014 and 2015, before rising to 73% in 2018. By 2022, the rate settled at 67%. This fluctuation in homeownership rates corresponds with changes in average home prices. In 2013, the average home price was $95,140, which increased to $114,420 by 2015. However, prices began to decline thereafter, reaching $73,991 in 2022. This inverse relationship suggests that as home prices decreased, homeownership became more accessible for some residents.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained low, ranging from 0.11% to 0.40%. During this period, homeownership rates in Erick fluctuated between 64% and 71%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates showed some volatility, peaking at 73% in 2018 before settling at 67% in 2019. The low interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with a slight increase in homeownership to 71% in 2020 and 75% in 2021.
Renter percentages and average rent prices in Erick have also shown interesting trends. In 2013, 29% of residents were renters, with an average rent of $487. The renter percentage increased to 36% in 2014 and 2015, with average rent rising to $574. By 2018, the renter percentage decreased to 27%, but average rent spiked to $1,052. This significant increase in rent prices may have contributed to the higher homeownership rate that year. In 2022, the renter percentage was 33%, with average rent at $611, showing a moderation in both rental occupancy and prices.
Looking at the most recent data, the average home price in Erick for 2023 was $75,844, showing a slight increase from 2022. In 2024, the average home price further increased to $82,646. This upward trend in home prices coincides with higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact affordability and potentially influence homeownership rates in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Erick may continue to rise moderately, potentially reaching around $90,000 by 2029. Average rent prices are also expected to increase, possibly reaching $700-$750 per month in the same timeframe. These projections are based on historical trends and current economic indicators.
In summary, Erick's real estate market has demonstrated resilience and adaptability over the past decade. The inverse relationship between home prices and homeownership rates, the impact of federal interest rates on buying decisions, and the fluctuations in rental markets all contribute to a complex and evolving housing landscape in this Oklahoma community. As the city moves forward, these trends will likely continue to shape its residential profile and economic development.
