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Rising Home Values and Ownership in Zip Code 73150: A Decade of Change in Oklahoma City
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 73150, located in Oklahoma City, Oklahoma, has experienced significant changes in homeownership, average home prices, and average rent prices over the past decade. This area has maintained a high rate of homeownership throughout the years, with notable fluctuations in both housing and rental markets.
The homeownership rate in zip code 73150 has remained consistently high, ranging from 81% to 92% between 2013 and 2022. In 2013, the homeownership rate was 90%, and it reached its peak of 92% in 2017 and 2018. However, there was a slight decline to 83% by 2022. Concurrently, average home prices in the area have shown a steady upward trend. In 2013, the average home price was $201,599, which increased to $338,479 by 2022, representing a substantial 68% growth over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. Despite historically low interest rates between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable at around 90-91%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership rates to 83%. This suggests that while low interest rates may have supported high homeownership levels, other factors also played a role in the area's housing market dynamics.
Renter percentages in zip code 73150 have fluctuated inversely to homeownership rates, ranging from 7% to 19% between 2013 and 2022. The lowest renter percentage was observed in 2014 and 2017 at 7%, while the highest was recorded in 2020 at 19%. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,044, which increased to a peak of $1,281 in 2014. Since then, rent prices have fluctuated, settling at $1,116 in 2022. Interestingly, the population of the zip code has grown from 4,257 in 2013 to 5,253 in 2022, potentially influencing the demand for rental properties.
Looking at the most recent data, average home prices in zip code 73150 continued to rise in 2023 and 2024, reaching $351,852 and $357,129 respectively. This represents a 4% increase from 2022 to 2023 and a further 1.5% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 73150 will continue to rise, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $400,000 to $425,000, assuming a continuation of current economic conditions and local market factors. For average rent prices, we project a modest increase over the next five years, potentially reaching $1,200 to $1,300 per month by 2029, factoring in historical fluctuations and population growth trends.
In summary, zip code 73150 has maintained high homeownership rates despite rising home prices over the past decade. The area has experienced significant population growth and volatility in the rental market. Recent increases in interest rates and continued growth in home prices suggest a potentially changing landscape for both homeowners and renters in this Oklahoma City neighborhood. The coming years may see a more balanced market as housing prices stabilize and rental demand adjusts to evolving economic conditions.
