Loading Content...
Zip Code 73109: Rising Home Values and Fluctuating Ownership Trends in Oklahoma City
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 73109, located in Oklahoma City, Oklahoma, has experienced significant shifts in its housing market dynamics over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions. The homeownership rate in zip code 73109 has shown variability over the years. In 2013, the area had a homeownership rate of 49%, which declined to 43% by 2017. However, there was a notable increase to 52% in 2020, followed by a slight decrease to 49% in 2022. This fluctuation in homeownership rates correlates interestingly with changes in average home prices. In 2013, the average home price was $46,460, which steadily increased to $108,084 by 2022, representing a substantial 132.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period from 2013 to 2016 saw relatively low interest rates (ranging from 0.11% to 0.4%), coinciding with homeownership rates around 46-49%. The sharp increase in homeownership to 52% in 2020 aligns with a significant drop in interest rates to 0.38% that year, likely making home financing more accessible.
Renter percentages and average rent prices in zip code 73109 have also shown notable trends. The renter-occupied percentage increased from 51% in 2013 to a peak of 57% in 2017, before decreasing to 51% again in 2022. During this period, average rent prices generally increased, rising from $718 in 2013 to $789 in 2021, before slightly decreasing to $722 in 2022. The population in the zip code grew from 21,542 in 2013 to a peak of 23,850 in 2018, potentially contributing to increased rental demand and prices during this period.
In 2023 and 2024, the housing market in zip code 73109 continued to evolve. The average home price reached $110,800 in 2023 and further increased to $113,196 in 2024, showing a continued upward trend. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and market dynamics.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices for zip code 73109 over the next five years. Average home prices are expected to increase by approximately 3-5% annually, potentially reaching around $130,000 to $140,000 by 2029. Average rent prices are also projected to rise, albeit at a slower rate of about 2-3% per year, potentially reaching $800 to $850 by 2029.
In summary, zip code 73109 has experienced significant changes in its housing market over the past decade. The area has seen a general trend of increasing home prices, fluctuating homeownership rates, and rising rent prices. The recent surge in interest rates may impact future homeownership trends, while continued population growth could sustain demand for both owned and rented properties. These factors suggest a dynamic housing market in this Oklahoma City zip code for the foreseeable future.
