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Zip Code 73044: Rising Home Values and Ownership Rates in Guthrie, Oklahoma
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 73044, located in Guthrie, Oklahoma, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a notable increase in population density, growing from 84.74 people per square mile in 2010 to 101.7 in 2022, indicating a steady influx of residents.
The homeownership rate in zip code 73044 has shown a remarkable upward trend, rising from 73% in 2013 to 83% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $138,534, which steadily increased to $228,261 by 2022, representing a 64.8% increase over nine years. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the steady increase in homeownership rates in zip code 73044. The accessibility of affordable financing options likely contributed to the growing number of homeowners in the area.
Conversely, the percentage of renters in zip code 73044 has decreased from 27% in 2013 to 17% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $702, which increased to $814 by 2022, representing a 15.9% increase. This trend suggests that while fewer people are renting, those who do are paying higher prices, possibly due to increased demand for a limited supply of rental properties.
In 2023 and 2024, the housing market in zip code 73044 showed some interesting developments. The average home price slightly decreased from $228,261 in 2022 to $224,782 in 2023, a 1.5% drop. However, it rebounded in 2024 to $228,064, almost reaching the 2022 level. This fluctuation occurred against a backdrop of significantly higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home buying decisions.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 73044 may continue to rise, albeit at a more moderate pace, potentially reaching around $250,000 by 2029. Average rent prices could also continue their upward trajectory, possibly exceeding $900 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 73044 has experienced a significant shift towards homeownership, with rising average home prices and a decreasing renter population. The area has shown resilience in its housing market, maintaining relatively stable prices even in the face of rising interest rates. These trends, combined with the steady population growth, suggest a robust and evolving real estate landscape in this Oklahoma community.
