Loading Content...
Rising Home Values and Ownership Rates in Zip Code 73729: Cleo Springs' Rural Housing Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 73729, located in Cleo Springs, Oklahoma, presents an intriguing case study of homeownership and housing market dynamics in a small rural community. Over the past decade, this area has experienced a notable increase in homeownership rates, coupled with fluctuating average home prices and rent costs.
The trend of homeownership in zip code 73729 shows a steady increase from 2013 to 2022. In 2013, the homeownership rate was 83%, which rose to 91% by 2022. This significant increase of 8 percentage points indicates a strong preference for homeownership in the community. Concurrently, average home prices in the area have shown an upward trend. In 2013, the average home price was $80,326, which increased to $121,585 by 2022, representing a substantial 51.4% increase over nine years.
Federal interest rates have played a role in shaping homeownership trends in zip code 73729. From 2013 to 2016, interest rates remained relatively low, hovering around 0.1% to 0.4%. During this period, homeownership rates increased from 83% to 82%. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, homeownership rates continued to climb, reaching 87% in 2019. The sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with further increases in homeownership, reaching 91% by 2022 despite a slight rise in interest rates to 1.68% that year.
The renter population in zip code 73729 has decreased as homeownership rates have risen. In 2013, 16% of the population were renters, which decreased to 9% by 2022. Average rent prices have fluctuated over this period. In 2013, the average rent was $843, which peaked at $1,224 in 2017 before declining to $813 in 2022. This volatility in rent prices, coupled with the declining renter population (from 461 in 2013 to 442 in 2022), suggests a shift towards homeownership in the community.
Looking at the most recent data, average home prices in zip code 73729 continued to rise in 2023 and 2024, reaching $123,661 and $125,020 respectively. This represents a modest increase of 2.8% from 2022 to 2024. Interestingly, federal interest rates also saw a significant increase during this period, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the upward trend in home prices has persisted, albeit at a slower pace.
Based on these trends, we can predict that over the next five years, average home prices in zip code 73729 are likely to continue increasing, though potentially at a more moderate rate due to higher interest rates. We might expect average home prices to reach around $135,000 to $140,000 by 2029. Average rent prices, which have shown volatility, may stabilize or increase slightly, potentially reaching $850 to $900 per month by 2029, assuming the trend of decreasing renter population continues.
In summary, zip code 73729 has demonstrated a strong trend towards homeownership, with rates increasing from 83% to 91% between 2013 and 2022. This shift has been accompanied by a substantial increase in average home prices and fluctuating rent costs. The community has shown resilience in maintaining upward pressure on home prices despite recent increases in interest rates, suggesting a robust local housing market with a strong preference for homeownership.
