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Home Values and Ownership Trends in Elgin, Oklahoma: A Decade of 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
Elgin, Oklahoma, a small city located in Comanche County, has experienced significant changes in its housing market and population dynamics over the past decade. The city, known for its proximity to Fort Sill Military Reservation, has seen fluctuations in homeownership rates and average home prices, as well as shifts in rental trends.
From 2013 to 2022, Elgin's homeownership rate remained relatively stable, ranging between 70% and 75%. During this period, average home prices showed a steady upward trend, increasing from $179,684 in 2013 to $251,476 in 2022, representing a 40% rise over nine years. This trend suggests a growing demand for housing in the area, potentially driven by the city's proximity to military facilities and its growing population.
The relationship between federal interest rates and homeownership rates in Elgin appears to follow the general trend observed nationwide. As interest rates remained low between 2013 and 2020, ranging from 0.09% to 2.16%, homeownership rates in Elgin stayed relatively high, consistently above 70%. This aligns with the principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Rental trends in Elgin have shown some variability. The percentage of renters fluctuated between 25% and 30% from 2013 to 2022. Average rent prices demonstrated a general upward trend, rising from $1,041 in 2013 to $1,331 in 2022, an increase of about 28% over nine years. This increase in rent prices, coupled with the city's population growth from 4,190 in 2013 to 5,435 in 2022, suggests a growing demand for rental properties in the area.
Looking at more recent data, the average home price in Elgin continued to rise, reaching $263,272 in 2023 and $270,214 in 2024. This represents a further increase of 7.5% from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the city.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in Elgin. Based on historical data and current trends, average home prices could potentially reach around $300,000 by 2029, representing an approximate 11% increase from 2024. Average rent prices may follow a similar trajectory, potentially reaching around $1,600 per month by 2029, an increase of about 20% from 2022 levels.
In summary, Elgin has demonstrated a robust housing market with steady growth in both home values and rent prices over the past decade. The city's consistent homeownership rates, coupled with rising property values, indicate a strong demand for housing. The recent spike in interest rates may pose challenges to homeownership in the short term, but the overall trend suggests continued growth in the local real estate market. As Elgin continues to grow, balancing affordable housing options with the rising property values will be crucial for maintaining a diverse and thriving community.
