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Muskogee's Rising Home Values and Shifting Ownership: A Musical City's Housing Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Muskogee, Oklahoma, a city with a rich Native American heritage and historical significance, has experienced notable shifts in its housing market over the past decade. Located in eastern Oklahoma, Muskogee has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Muskogee has shown a gradual decline from 2013 to 2022. In 2013, 64% of housing units were owner-occupied, but by 2022, this figure had decreased to 61%. Interestingly, this decline in homeownership coincided with a significant increase in average home prices. In 2013, the average home price in Muskogee was $76,238. By 2022, it had risen to $121,414, representing a substantial 59.3% increase over nine years.
The relationship between federal interest rates and homeownership rates in Muskogee follows a generally established pattern. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 62-64%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates showed a slight decline, settling at 61% in 2022.
Conversely, the percentage of renters in Muskogee has increased from 36% in 2013 to 39% in 2022. This trend aligns with the rise in average rent prices, which increased from $681 in 2013 to $687 in 2022. While this represents only a modest 0.9% increase over nine years, it's worth noting that rent prices peaked at $745 in 2021 before declining slightly in 2022. The increasing renter population, despite relatively stable rent prices, suggests other factors such as job market dynamics or demographic shifts may be influencing housing choices in Muskogee.
In 2023 and 2024, Muskogee's housing market continued to evolve. The average home price rose to $125,838 in 2023 and further increased to $129,742 in 2024, marking a 6.9% growth over two years. This price increase occurred despite a significant jump in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that Muskogee's housing market may continue its upward trajectory. Average home prices are projected to maintain a steady growth rate, potentially reaching around $140,000 to $145,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, possibly rising to approximately $720 to $740 per month in the next five years.
In summary, Muskogee has experienced a gradual shift towards renting, with a corresponding decrease in homeownership rates. Despite this trend, average home prices have shown substantial growth, particularly in recent years. The interplay between rising home prices, fluctuating interest rates, and changing renter dynamics paints a picture of a housing market in transition, reflecting both local economic conditions and broader national trends.
