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Rising Home Values and Stable Ownership in Zip Code 73016: Cashion's 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
Zip code 73016, located in Cashion, Oklahoma, has experienced significant population growth and dynamic real estate trends over the past decade. This area has seen a strong preference for homeownership, with ownership rates consistently above 89% throughout the observed period. Alongside this, average home prices have shown a steady upward trajectory, while average rent prices have fluctuated.
The homeownership rate in zip code 73016 has remained remarkably stable, ranging from 89% to 92% between 2013 and 2022. This high rate of ownership coincides with a substantial increase in average home prices. In 2010, the average home price was $147,345, which grew steadily to reach $277,615 by 2022, representing an impressive 88.4% increase over 12 years. This trend suggests a strong correlation between sustained high homeownership rates and rising property values in the area.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2010 to 2021 was characterized by historically low interest rates, ranging from 0.08% to 2.16%. These low rates likely contributed to maintaining the high homeownership levels in zip code 73016 by making mortgages more affordable. For instance, in 2020, when the federal interest rate dropped to 0.38%, the homeownership rate in the area stood at a robust 91%.
The rental market in zip code 73016 has shown interesting trends. The percentage of renters has remained relatively low, fluctuating between 8% and 11% from 2013 to 2022. Average rent prices have shown some volatility, peaking at $1,260 in 2013 and reaching a low of $899 in 2022. This decline in average rent prices, coupled with the area's population growth from 1,089 in 2013 to 1,642 in 2022, suggests an interesting dynamic where increased housing supply may be outpacing rental demand.
In 2023 and 2024, the real estate market in zip code 73016 continues to evolve. The average home price in 2023 reached $281,990, a further increase from 2022. In 2024, this upward trend persists with average home prices rising to $287,435. Notably, these price increases are occurring in a context of significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a robust local housing market that is maintaining its growth trajectory despite less favorable financing conditions.
Looking ahead, predictive models suggest that average home prices in zip code 73016 are likely to continue their upward trend over the next five years, albeit potentially at a more moderate pace due to the higher interest rate environment. Average rent prices, which have shown volatility, may stabilize or see modest increases as the local population continues to grow and potentially creates more demand for rental properties.
In summary, zip code 73016 demonstrates a strong preference for homeownership, supported by consistently rising property values. The area has maintained high ownership rates even as home prices have nearly doubled over a 12-year period. While the rental market has seen some fluctuations, the overall trend points to a community deeply rooted in homeownership, with property values that have shown resilience even in the face of changing economic conditions.
