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Stillwater, Oklahoma: Rising Home Values and Stable Ownership in a College Town
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
Stillwater, Oklahoma, home to Oklahoma State University, is a vibrant city known for its academic atmosphere and thriving community. With a population of 54,865 in 2022, this college town has experienced notable shifts in homeownership rates and housing costs over the past decade. The city has seen a gradual increase in average home prices, while homeownership rates have fluctuated, and average rent prices have shown moderate growth.
The relationship between homeownership rates and average home prices in Stillwater presents an interesting dynamic. In 2013, the homeownership rate was 40%, with an average home price of $142,711. As average home prices steadily increased, reaching $178,061 by 2019, the homeownership rate remained relatively stable at 41%. However, a significant shift occurred in 2020 when the homeownership rate jumped to 43% despite average home prices rising to $187,277. This trend continued into 2021, with homeownership peaking at 44% while average home prices surged to $204,965.
Federal interest rates have played a crucial role in shaping homeownership trends in Stillwater. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which coincided with stable homeownership rates around 40-41%. As interest rates began to rise gradually from 2016 to 2019, reaching 2.16% in 2019, homeownership rates remained steady. Interestingly, the sharp drop in interest rates to 0.38% in 2020 and 0.08% in 2021 corresponded with the notable increase in homeownership to 43% and 44%, respectively, suggesting that lower interest rates indeed encouraged home purchases in Stillwater.
Renter percentages and average rent prices in Stillwater have shown their own distinct patterns. In 2013, 59% of the population were renters, with an average rent of $889. As the population grew from 51,421 in 2013 to 55,811 in 2019, the renter percentage remained relatively stable, fluctuating between 59% and 60%. During this period, average rent prices increased moderately, reaching $944 in 2019. However, a shift occurred in 2020 and 2021, with the renter percentage decreasing to 57% and 56% respectively, while average rent continued to rise, reaching $976 in 2021.
Looking at the most recent data, 2023 saw average home prices in Stillwater reach $233,286, with federal interest rates at 5.02%. In 2024, average home prices further increased to $239,432, while interest rates climbed to 5.33%. These figures represent a continuation of the upward trend in both home prices and interest rates observed in recent years.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Stillwater will continue to rise, potentially reaching around $270,000 by 2029. This projection is based on the consistent year-over-year increases observed since 2010. For average rent prices, the forecast suggests a more moderate growth, potentially reaching approximately $1,050 by 2029, considering the fluctuations and overall upward trend seen in recent years.
In summary, Stillwater has experienced a notable increase in homeownership rates in recent years, despite rising average home prices. This trend appears to have been influenced by periods of low interest rates, particularly in 2020 and 2021. Meanwhile, the rental market has seen a slight decrease in the percentage of renters, coupled with a steady increase in average rent prices. As Stillwater continues to grow and evolve, these housing market dynamics will likely play a crucial role in shaping the city's future development and demographic composition.
