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Zip Code 73013: Rising Home Values and Stable Ownership in Oklahoma City's Resilient Housing Market
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 73013, located in Oklahoma City, Oklahoma, has experienced significant growth and changes in its housing market over the past decade. This area has seen a steady increase in population and a generally upward trend in homeownership rates. The average home prices have shown substantial growth, particularly in recent years, while average rent prices have also increased, albeit at a more moderate pace.
The homeownership rate in zip code 73013 has remained relatively stable with a slight upward trend from 2013 to 2022. In 2013, the homeownership rate was 74%, and by 2022, it had increased to 77%. This 3% increase coincided with a significant rise in average home prices. In 2013, the average home price was $199,318, and by 2022, it had risen to $301,571, representing a 51.3% increase over this period. Despite the substantial increase in home prices, the homeownership rate continued to rise, suggesting strong demand for homeownership in this area.
Federal interest rates have played a role in homeownership trends in zip code 73013. From 2013 to 2016, interest rates remained very low, below 0.5%, which likely contributed to the stable homeownership rate of 74% during this period. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), the homeownership rate actually increased slightly to 75-76%, possibly due to anticipation of further rate increases. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a jump in homeownership to 77%, as lower rates made financing more affordable.
The renter percentage in zip code 73013 has remained relatively stable, fluctuating between 23% and 24% from 2013 to 2022. Average rent prices have shown a general upward trend during this period. In 2013, the average rent was $1,467, and by 2022, it had increased to $1,548, representing a 5.5% rise. The population of the zip code grew from 44,278 in 2013 to 56,086 in 2022, a 26.7% increase. Despite this significant population growth, the renter percentage remained stable, suggesting that new housing development kept pace with population growth and maintained a balance between rental and owner-occupied units.
In 2023, the average home price in zip code 73013 reached $315,100, a 4.5% increase from 2022. This growth continued into 2024, with the average home price rising further to $317,689, albeit at a slower rate of 0.8%. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and home price growth in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 73013 will continue to rise, but at a more moderate pace due to the current higher interest rate environment. We project average home prices could reach approximately $350,000 to $370,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,700 to $1,800 per month by 2029, driven by population growth and inflation.
The most important discoveries for zip code 73013 include the resilience of its housing market, with increasing homeownership rates despite rising home prices. The area has experienced significant population growth while maintaining a stable balance between owners and renters. Average home prices have shown substantial appreciation, outpacing the growth in average rent prices. The recent sharp increase in interest rates may moderate future home price growth and potentially impact homeownership rates in the coming years. Overall, zip code 73013 demonstrates a robust and growing housing market with strong demand for both owned and rental properties.
