The Hoover neighborhood in Tulsa, Oklahoma, has experienced significant changes in homeownership rates and housing prices over the past decade. This residential area, known for its proximity to local amenities, has undergone a notable transformation in its real estate landscape from 2013 to 2022. During this period, Hoover witnessed a decrease in homeownership rates from 77% to 65%, marking a 12 percentage point decline. Simultaneously, average home prices saw a substantial increase from $98,836 in 2013 to $185,625 in 2022, representing an 87.8% rise over nine years.

The relationship between federal interest rates and homeownership rates in Hoover aligns with general economic trends. When interest rates were historically low between 2013 and 2016 (0.11% to 0.4%), homeownership rates remained relatively high, though they began to decline. As interest rates increased more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued its downward trend, suggesting that higher borrowing costs may have deterred potential buyers.

As homeownership rates declined, the percentage of renters in Hoover increased from 23% in 2013 to 35% in 2022. This shift coincided with a steady rise in average rent prices, from $1,070 in 2013 to $1,178 in 2022, a 10.1% increase. The growing renter population and rising rent prices indicate a strong demand for rental properties in the area, possibly driven by individuals unable to afford homeownership due to increasing home prices and interest rates.