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Wilson, Oklahoma: Rising Home Values and Ownership Rates Amidst Interest Rate Fluctuations
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
Wilson, Oklahoma, is a small urban center with a population of 3,019 as of 2022. The city has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
Homeownership in Wilson has shown a significant upward trend, increasing from 72% in 2013 to 86% in 2022. This rise in ownership coincides with a substantial increase in average home prices. In 2013, the average home price was $65,549, which steadily climbed to $140,787 by 2022, representing a 114.8% increase over nine years. This correlation suggests that as home values appreciated, more residents may have been motivated to invest in property, viewing homeownership as a viable long-term financial strategy.
The relationship between federal interest rates and homeownership rates in Wilson appears to follow the expected pattern. As interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 1.68%, homeownership rates continued to climb. This trend aligns with the principle that lower interest rates generally encourage homeownership by making mortgages more affordable.
Conversely, the percentage of renters in Wilson has decreased from 28% in 2013 to 14% in 2022. Despite this decline in the renter population, average rent prices have shown volatility. The average rent increased from $577 in 2013 to a peak of $767 in 2017, before decreasing to $723 in 2022. This fluctuation in rent prices, coupled with the declining renter population, suggests a complex rental market possibly influenced by factors such as local economic conditions and housing supply.
In 2023 and 2024, Wilson's housing market continued to evolve. The average home price slightly decreased to $139,885 in 2023 but rebounded to $143,505 in 2024. This represents a 2.6% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and further to 5.33% in 2024, potentially impacting future homeownership trends.
Looking ahead, predictive models suggest that average home prices in Wilson may continue to rise moderately over the next five years, potentially reaching around $160,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $800 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, Wilson has experienced a substantial increase in homeownership rates and average home prices over the past decade, supported by a prolonged period of low interest rates. The rental market has contracted in terms of population but has seen fluctuating prices. Recent increases in interest rates and a slight cooling in home price growth may signal a shift in the housing market dynamics, potentially affecting future homeownership rates and property values in the coming years.
