Loading Content...
Zip Code 73703: Rising Home Values and Stable Ownership in Enid, Oklahoma
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 73703, located in Enid, Oklahoma, has experienced notable shifts in its housing market over the past decade. This area, covering 118.43 square miles, has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 73703 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 68%, and by 2022, it had increased slightly to 69%. During this period, average home prices in the area saw a significant upward trend. In 2013, the average home price was $127,794, and by 2022, it had risen to $173,304, representing a 35.6% increase over nine years. This trend suggests that despite rising home prices, the area maintained a relatively consistent level of homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 73703. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at around 67-68%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight dip in homeownership to 65% in 2018. However, the rate rebounded to 70% in 2020 when interest rates dropped sharply to 0.38%, demonstrating the inverse relationship between interest rates and homeownership.
Renter occupancy in zip code 73703 has shown minor fluctuations, complementing the homeownership trends. In 2013, the renter occupancy rate was 32%, and it peaked at 35% in 2018 before settling back to 31% in 2022. Average rent prices have shown volatility during this period. In 2013, the average rent was $1,049, which decreased to $949 by 2017. However, rent prices then began to climb, reaching $1,275 in 2021 before slightly decreasing to $1,047 in 2022. These fluctuations in rent prices did not directly correlate with changes in renter occupancy rates, suggesting other factors, such as local economic conditions or housing supply, may have influenced renting patterns.
In 2023 and 2024, the housing market in zip code 73703 continued its upward trajectory. The average home price reached $177,957 in 2023 and further increased to $181,524 in 2024. This represents a 4.7% increase from 2022 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen since 2007.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 73703 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. If the current trend continues, average home prices could reach approximately $200,000 by 2029. Average rent prices may also see moderate increases, potentially reaching around $1,300 to $1,400 per month by 2029, assuming stable economic conditions and consistent demand for rental properties in the area.
In summary, zip code 73703 has demonstrated resilience in its housing market, maintaining relatively stable homeownership rates despite rising home prices. The inverse relationship between federal interest rates and homeownership is evident, with lower rates generally supporting higher homeownership. The rental market has shown more volatility in pricing, but with relatively stable occupancy rates. As the area moves forward, it's likely to see continued growth in both home values and rent prices, shaped by broader economic factors and local market conditions.
