Loading Content...
Zip Code 73061: Rising Home Values and Shifting Ownership in Morrison, Oklahoma
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 73061, located in Morrison, Oklahoma, has experienced fluctuating trends in homeownership and housing prices over the past decade. This rural area has seen a general decline in homeownership rates, while average home prices have steadily increased. The average rent prices have also shown an upward trend, albeit with some volatility.
Examining the homeownership trends in zip code 73061, we observe a gradual decline from 87% in 2013 to 83% in 2022. This decrease coincides with a significant increase in average home prices, which rose from $125,541 in 2013 to $212,066 in 2022, representing a 68.9% increase over this period. The inverse relationship between homeownership rates and home prices suggests that rising property values may have made homeownership less attainable for some residents.
The federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, corresponding with relatively stable homeownership rates around 85-86%. However, as interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, we see a more pronounced decline in homeownership, dropping to 81% that year. This trend aligns with the general principle that higher interest rates can discourage home purchases due to increased borrowing costs.
Renter percentages in zip code 73061 have shown an overall increase, rising from 13% in 2013 to 17% in 2022. This trend correlates with the rise in average rent prices, which increased from $799 in 2013 to $814 in 2022, representing a 1.9% increase. It's worth noting that rent prices peaked at $883 in 2021, possibly influenced by the population surge to 1,857 that year, the highest in the observed period. The subsequent decrease in population to 1,752 in 2022 may have contributed to the slight decline in average rent prices.
Looking at the most recent data, the average home price in zip code 73061 slightly decreased from $212,066 in 2022 to $211,083 in 2023, marking a 0.46% decline. However, in 2024, prices have rebounded to $214,022, showing a 1.39% increase from 2023. Notably, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 73061 will continue to rise, albeit at a more moderate pace. Based on historical data and current economic conditions, we project average home prices to reach approximately $235,000 by 2029. For average rent prices, we expect a continued upward trend, potentially reaching around $950 per month by 2029, assuming steady population growth and economic stability in the area.
In summary, zip code 73061 has experienced a gradual shift towards renting, with homeownership rates declining as average home prices have significantly increased. The interplay between federal interest rates, population changes, and housing costs has shaped these trends. Moving forward, we anticipate continued growth in both home prices and rent prices, though potentially at a more moderate rate. The area's housing market appears to be evolving, with renters comprising an increasing portion of the population, a trend that may continue if home prices outpace income growth in the coming years.
