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Zip Code 73078: High Homeownership and Rising Property Values in Piedmont, 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
Zip code 73078, located in Piedmont, Oklahoma, has demonstrated remarkable stability and growth in its housing market over the past decade. This area has maintained a consistently high rate of homeownership, with average home prices steadily increasing alongside a growing population. The homeownership rate in zip code 73078 has remained exceptionally high, hovering around 94% from 2013 to 2022. This stability in homeownership coincides with a significant increase in average home prices. In 2010, the average home price was $179,510, and by 2022, it had risen to $294,053, representing a 63.8% increase over 12 years. This trend suggests a strong correlation between sustained high homeownership rates and rising property values in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 73078. Despite fluctuations in interest rates, the area maintained its high homeownership rate. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained stable at 94-96%. This suggests that other factors, such as local economic conditions or housing supply, may have a more significant impact on homeownership in this particular zip code than national interest rate trends.
The rental market in zip code 73078 has shown interesting trends. The percentage of renters has remained low, ranging from 4% to 7% between 2013 and 2022. Despite this small renter population, average rent prices have fluctuated significantly. In 2013, the average rent was $1,485, peaking at $1,625 in 2015, before declining to $1,117 in 2022. This 31.3% decrease in average rent from 2015 to 2022 occurred while the population grew from 7,963 to 11,280, suggesting that factors beyond population growth are influencing rental prices in this area.
In 2023 and 2024, the housing market in zip code 73078 continued its upward trajectory. The average home price reached $311,757 in 2023 and further increased to $317,992 in 2024, representing a 8.1% growth over two years. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, highlighting the resilience of the local housing market.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 73078. Over the next five years, average home prices could potentially increase by 15-20%, reaching approximately $365,000 to $380,000 by 2029. The rental market may stabilize, with average rents potentially rising modestly by 5-10% over the same period, reaching around $1,230 to $1,290 per month.
In summary, zip code 73078 demonstrates a robust and stable housing market characterized by consistently high homeownership rates and steadily increasing average home prices. The area has shown resilience to national economic factors such as interest rate changes, suggesting strong local market fundamentals. While the rental market has experienced some fluctuations, it remains a small segment of the overall housing landscape in this zip code. The continued population growth and rising home values indicate a positive outlook for the real estate market in this area over the coming years.
