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Zip Code 73165: Rising Home Values and High Ownership Rates in Oklahoma City's Growing Suburb
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 73165, located in Oklahoma City, Oklahoma, presents an intriguing case study of homeownership trends and real estate dynamics. This area has maintained a consistently high rate of homeownership, hovering above 90% throughout the analyzed period. Alongside this stability in ownership, the zip code has experienced a steady increase in average home prices and fluctuating average rent prices over the years.
The homeownership rate in zip code 73165 has remained remarkably stable, with only minor fluctuations between 91% and 94% from 2013 to 2022. This high rate of owner-occupied housing coincides with a significant increase in average home prices. In 2010, the average home price was $198,152, which rose steadily to reach $333,335 by 2022, representing a 68% increase over 12 years. This trend suggests that despite rising home values, residents in this area have maintained their ability and preference for homeownership.
Federal interest rates have played a role in supporting homeownership in this zip code. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the sustained high levels of homeownership. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in the zip code remained robust at 92%, indicating a strong local preference for owning rather than renting.
The rental market in zip code 73165 has been characterized by a small but consistent presence, with the percentage of renters ranging from 6% to 8% between 2013 and 2022. Average rent prices have shown some volatility, starting at $1,477 in 2013, dropping to $1,323 in 2014, and then fluctuating before settling at $1,401 in 2022. Despite these fluctuations, the low percentage of renters suggests that this area remains predominantly owner-occupied, even as the population grew from 7,747 in 2013 to 10,015 in 2022.
In 2023 and 2024, the real estate market in zip code 73165 continued its upward trajectory. The average home price reached $350,481 in 2023 and further increased to $358,636 in 2024, representing a 7.5% growth over two years. This rise occurred despite a significant increase in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 73165 over the next five years. Assuming a conservative annual growth rate of 3-4%, average home prices could potentially reach $425,000 to $435,000 by 2029. Average rent prices, which have shown more variability, may stabilize or see modest increases, potentially reaching $1,500 to $1,600 per month in the same timeframe.
In summary, zip code 73165 in Oklahoma City demonstrates a strong and persistent culture of homeownership, with consistently high rates of owner-occupied housing despite rising home values. The area has shown resilience to changes in interest rates and continues to attract residents, as evidenced by its population growth. The steadily increasing average home prices, coupled with a relatively small rental market, suggest that this zip code remains an attractive area for long-term homeowners and investors alike.
