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Zip Code 73162: Rising Home Values and Stable Ownership in Oklahoma City's Resilient Real Estate Market
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 73162, located in Oklahoma City, Oklahoma, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with a slight upward trend in recent years. The average home and rent prices have also shown significant changes, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 73162 has remained relatively stable, with a slight increase from 69% in 2015 to 73% in 2021, before settling at 70% in 2022. This trend coincides with fluctuations in average home prices. In 2015, the average home price was $173,737, which steadily increased to $256,690 by 2022, representing a 47.7% growth over seven years. The relationship between homeownership rates and average home prices suggests that despite rising property values, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a significant role in shaping homeownership trends. From 2015 to 2020, interest rates remained relatively low, ranging from 0.13% to 2.16%. This period of low interest rates coincided with the steady increase in homeownership rates observed in zip code 73162. The accessibility of affordable financing options likely contributed to the area's high rate of owner-occupied housing, peaking at 73% in 2021 when interest rates were at a mere 0.08%.
Renter percentages in zip code 73162 have shown a slight decrease, from 31% in 2015 to 27% in 2021, before rising to 30% in 2022. Average rent prices have generally increased over this period, from $1,182 in 2015 to $1,163 in 2022, with some fluctuations in between. The highest average rent was recorded in 2019 at $1,234. The slight decrease in renter percentages, despite rising rent prices, may be attributed to the area's strong homeownership culture and the growing population, which increased from 29,702 in 2015 to 29,845 in 2022.
In 2023 and 2024, average home prices in zip code 73162 continued to rise, reaching $268,474 in 2023 and $271,248 in 2024. This represents a 5.7% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area, potentially making it more challenging for new buyers to enter the market.
Looking ahead, based on historical trends and current market conditions, we can forecast continued growth in average home prices for zip code 73162 over the next five years. Assuming a conservative annual growth rate of 3-4%, average home prices could reach approximately $315,000 to $330,000 by 2029. Average rent prices are also likely to continue their upward trajectory, potentially reaching around $1,300 to $1,350 per month in the same timeframe, assuming a 2-3% annual increase.
In summary, zip code 73162 has demonstrated resilience in maintaining high homeownership rates despite rising property values. The area has seen significant appreciation in average home prices, with a 47.7% increase from 2015 to 2022, and further growth in 2023 and 2024. While renter percentages have fluctuated slightly, they remain relatively low compared to owner-occupied housing. The recent sharp increase in federal interest rates may introduce new dynamics to the local housing market, potentially affecting future homeownership trends and property values in this Oklahoma City neighborhood.
