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Rising Home Values and High Ownership Rates in Zip Code 73026: Norman, Oklahoma's Suburban Real Estate Trends
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
Zip code 73026, located in Norman, Oklahoma, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, covering 120.05 square miles, has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices.
The homeownership rate in zip code 73026 has shown a steady upward trend, increasing from 87% in 2014 to 93% in 2022. This rise in homeownership coincides with a significant increase in average home prices. In 2014, the average home price was $177,720, and it rose consistently year over year, reaching $296,999 by 2022. This represents a substantial 67% increase in average home prices over eight years. The trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a role in homeownership trends in zip code 73026. From 2014 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the increase in homeownership from 87% to 90%. As interest rates began to rise more significantly in 2022 to 1.68%, homeownership still increased to 93%, indicating other factors may have influenced this continued growth in ownership.
The renter population in zip code 73026 has decreased over time, from 13% in 2018 to 7% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2018, the average rent was $884, which increased to $907 in 2019 before dropping to $842 in 2020. By 2022, the average rent had slightly decreased to $840. This downward trend in both renter percentage and average rent prices suggests a shift towards homeownership in the area, possibly driven by the relative affordability of homes compared to renting.
In 2023, the average home price in zip code 73026 reached $310,904, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $318,272, while interest rates rose slightly to 5.33%. These figures indicate a continued upward trajectory in home values, despite higher interest rates which typically can slow housing market growth.
Looking ahead, predictive models suggest that average home prices in zip code 73026 may continue to rise over the next five years, potentially reaching around $350,000 by 2029. Average rent prices, however, are projected to remain relatively stable, possibly increasing slightly to around $900 per month. These predictions are based on current trends and economic factors, but actual future values may vary.
In summary, zip code 73026 has demonstrated a clear trend towards increased homeownership and rising average home prices over the past decade. The area has seen a significant decrease in the renter population, coupled with relatively stable average rent prices. Despite recent increases in interest rates, the housing market in this zip code appears to remain strong, with continued growth in both homeownership rates and average home values expected in the near future.
