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Rising Home Values and Ownership Trends in Avalon Lakes/Mill Creek Pond: A Decade of Growth
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
Avalon Lakes/Mill Creek Pond, a neighborhood in Midwest City, Oklahoma, has experienced significant growth and change in its real estate market over the past decade. This area has seen a notable increase in population and home values, while maintaining relatively high homeownership rates. From 2013 to 2022, the neighborhood witnessed a slight decrease in homeownership from 80% to 76%, yet average home prices rose dramatically from $173,997 to $255,832, representing a 47% increase.
The relationship between federal interest rates and homeownership rates in Avalon Lakes/Mill Creek Pond shows some correlation. In 2013, when interest rates were at a low 0.11%, homeownership stood at 80%. As interest rates increased to 1.68% in 2022, homeownership rates experienced a minor decline to 76%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Rental market trends in the neighborhood have shown significant fluctuations. The renter percentage increased slightly from 20% in 2013 to 24% in 2022. However, average rent prices saw a dramatic rise from $301 to $1,766 during the same period, marking a 487% increase. This substantial rise in rent prices, coupled with the area's population growth from 859 in 2013 to 2,459 in 2022, indicates a high demand for rental properties in the neighborhood.
The years 2023 and 2024 saw continued growth in average home prices in Avalon Lakes/Mill Creek Pond, reaching $269,560 and $273,216 respectively. This represents a 5.4% increase from 2022 to 2023 and a further 1.4% increase from 2023 to 2024. Notably, federal interest rates also increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property values.
Looking ahead, predictive models forecast continued growth in both home prices and rent prices for Avalon Lakes/Mill Creek Pond. Average home prices are projected to reach approximately $300,000 by 2029, while average rent prices could climb to around $2,200 per month within the next five years. These projections assume steady population growth and sustained demand for housing in the area.
In conclusion, Avalon Lakes/Mill Creek Pond has demonstrated robust growth in both population and property values over the past decade. Despite a slight decrease in homeownership rates, average home prices have shown consistent appreciation. The significant increase in average rent prices, combined with population growth, indicates strong demand for housing in the area. These trends suggest that Avalon Lakes/Mill Creek Pond will continue to be an attractive location for both homeowners and renters in the coming years.
