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Rising Home Values and High Ownership in Zip Code 73090: Union City's Resilient Real Estate Market
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
Union City, Oklahoma, zip code 73090, is a small town that has experienced fluctuating population and housing trends over the past decade. This analysis explores the relationship between homeownership rates, average home prices, and average rent prices in this area. The homeownership rate in Union City has remained relatively stable, ranging from 80% to 85% between 2013 and 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $104,071, which increased to $180,581 by 2022, representing a substantial 73.5% increase over nine years.
Examining the relationship between federal interest rates and homeownership rates, we observe that despite fluctuations in interest rates, homeownership in Union City has remained relatively stable. For instance, when interest rates were at historic lows of 0.08% in 2021, homeownership was at 80%. In 2022, when interest rates rose to 1.68%, homeownership actually increased to 85%, suggesting that local factors may have a stronger influence on homeownership than national interest rates in this particular area.
Renter percentages in Union City have fluctuated between 15% and 20% from 2013 to 2022. Average rent prices have shown a significant upward trend during this period. In 2013, the average rent was $668, which increased to $1,094 by 2022, representing a 63.8% increase. This rise in rent prices occurred despite fluctuations in the town's population, which ranged from 957 to 1,146 residents during this period.
In 2023 and 2024, we see a continuation of the upward trend in average home prices. The average home price in Union City reached $190,088 in 2023 and further increased to $194,372 in 2024. This represents a 5.3% increase from 2022 to 2023 and a 2.3% increase from 2023 to 2024. These price increases occurred alongside a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the historical trends and current market conditions, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices are likely to surpass $200,000 within the next two years and could potentially reach $220,000 by 2029. Average rent prices may continue their upward trajectory, potentially reaching $1,300 to $1,400 per month by 2029.
In summary, Union City has demonstrated a resilient housing market with consistently high homeownership rates and steadily increasing property values. The town has experienced significant growth in both average home prices and rent prices over the past decade, outpacing population growth. Despite rising interest rates, the local real estate market appears to remain strong, suggesting a continued demand for housing in this Oklahoma town.
