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Zip Code 73073: Rising Home Values and High Ownership Rates in Rural Oklahoma
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
Orlando, located in zip code 73073 in Oklahoma, is a small community that has experienced fluctuations in population and housing trends over the past decade. This analysis explores the relationship between homeownership rates, average home prices, and average rent prices in the area. The homeownership rate in Orlando has remained relatively high, ranging from 78% to 91% between 2013 and 2022. During this period, average home prices have shown a consistent upward trend. In 2012, the average home price was $119,071, which increased to $293,179 by 2022, representing a significant 146% growth over a decade. This substantial rise in home values has occurred despite some fluctuations in the homeownership rate.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (0.11% to 0.40%), homeownership rates remained high at 88% to 91%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight decrease in homeownership, reaching a low of 78% in 2018. However, the community quickly rebounded, with homeownership rising back to 90% in 2020 when interest rates dropped to 0.38%.
Renter percentages in Orlando have generally been low, ranging from 9% to 21% between 2013 and 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $613, which decreased to $523 in 2019, before rising to $629 in 2022. Interestingly, the highest average rent of $757 was recorded in 2017 when the renter percentage was 16%, suggesting that increased demand for rentals may have temporarily driven up prices.
Looking at the most recent data, the average home price in Orlando reached $293,402 in 2023 and further increased to $296,046 in 2024. This represents a modest 0.9% growth from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Orlando will continue to rise, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $330,000 to $350,000, assuming a steady growth rate of 2-3% annually. Average rent prices are expected to follow a similar upward trajectory, potentially reaching $700 to $750 per month by 2029, based on historical trends and accounting for inflation.
In summary, Orlando has maintained a high rate of homeownership despite significant increases in average home prices over the past decade. The community has shown resilience in the face of fluctuating interest rates and economic conditions. While renter percentages have remained relatively low, there have been notable variations in average rent prices. The recent uptick in interest rates may influence future homeownership trends and housing affordability in the area.
