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Rising Home Values and Strong Ownership in Medford, Oklahoma: A Decade of Housing Resilience
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
Medford, Oklahoma, a small city in Grant County, is characterized by its agricultural heritage and close-knit community. Over the past decade, Medford has experienced fluctuations in population and housing dynamics while maintaining a strong tradition of homeownership. The city has seen a general trend of increasing owner-occupied housing units, with steady growth in average home prices and an upward trajectory in average rent prices.
The homeownership rate in Medford has shown a general increase over the years, rising from 75% in 2013 to 78% in 2022. This trend has coincided with a significant increase in average home prices, which grew from $43,757 in 2013 to $80,538 in 2022, representing an 84% increase over this period. The relationship between homeownership rates and average home prices suggests that despite rising costs, Medford residents have continued to prioritize homeownership, possibly due to the perceived stability and investment potential of owning property in the area.
Federal interest rates have played a role in homeownership trends in Medford. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the initial increase in homeownership from 75% to 76% during this time. As interest rates began to rise more substantially from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Medford continued to climb, reaching 78% in 2022. This suggests that local factors, such as community preference for homeownership, may have outweighed the impact of rising interest rates on homebuying decisions.
The percentage of renters in Medford has fluctuated but generally decreased from 25% in 2013 to 22% in 2022. During this period, average rent prices increased from $543 in 2013 to $803 in 2022, a 48% rise. The inverse relationship between renter percentages and average rent prices indicates that as rents became more expensive, fewer residents opted for rental housing. This trend could be attributed to the relative affordability of homeownership compared to rising rents, encouraging more residents to transition from renting to owning.
In 2023, the average home price in Medford reached $83,602, representing a 3.8% increase from 2022. The federal interest rate for 2023 was 5.02%, a significant jump from the previous year. Moving into 2024, the average home price has slightly decreased to $82,578, while the interest rate has further increased to 5.33%. These recent figures suggest a potential cooling in the housing market, possibly influenced by the higher interest rates making mortgages more expensive for potential buyers.
Looking ahead, predictive models forecast a continued but moderate increase in average home prices over the next five years. Based on historical trends and current economic factors, average home prices in Medford could potentially reach around $95,000 to $100,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially reaching $900 to $950 per month in the same timeframe.
In summary, Medford has demonstrated a strong preference for homeownership, with rates increasing despite rising home prices. The city has shown resilience in its housing market, maintaining high ownership rates even as both home prices and interest rates have increased. The rental market has seen a decrease in the percentage of renters while average rents have risen significantly. These trends suggest a community that values homeownership and has found ways to achieve it even in the face of economic challenges.
