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Zip Code 73722: Home Values and Ownership Trends in Rural Burlington, 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
Burlington, Oklahoma, zip code 73722, is a small town that has experienced fluctuating population and housing trends over the past decade. This rural community has seen interesting shifts in homeownership rates and housing prices, reflecting broader economic changes in the region. The homeownership rate in Burlington has remained relatively stable, hovering around 75-80% between 2013 and 2022. In 2013, the homeownership rate was 78%, which increased slightly to 82% in 2019, before settling at 78% in 2022. During this period, average home prices in the area saw significant growth. From 2016 to 2022, average home prices increased from $103,425 to $185,668, representing a substantial 79.5% increase over six years.
Federal interest rates have played a role in shaping homeownership trends in Burlington. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. This coincided with relatively stable homeownership rates in the area. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Burlington remained resilient, suggesting other local factors may have influenced housing decisions.
The rental market in Burlington has shown some variability. The percentage of renters decreased from 25% in 2014 to 18% in 2019, before rising again to 22% in 2022. Average rent prices fluctuated during this period, with notable increases and decreases. In 2013, the average rent was $574, which rose to $686 in 2018, but then decreased to $579 in 2019. By 2022, the average rent had increased again to $665. These fluctuations in rent prices and renter percentages suggest a dynamic rental market, possibly influenced by changes in the local economy and population, which grew from 454 in 2013 to 537 in 2022.
In 2023 and 2024, Burlington's housing market showed signs of stabilization. The average home price in 2023 was $182,942, a slight decrease from 2022, but it rebounded to $185,094 in 2024. This trend occurred while federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer behavior.
Looking ahead, predictive models suggest that average home prices in Burlington may continue to increase moderately over the next five years, potentially reaching around $200,000 by 2029. Rent prices are also expected to follow an upward trend, possibly averaging around $700-$750 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Burlington's housing market has demonstrated resilience and growth over the past decade. The town has maintained a high rate of homeownership despite fluctuations in home prices and interest rates. The rental market has shown adaptability to changing economic conditions. As Burlington moves forward, it will likely continue to see gradual increases in both home values and rent prices, reflecting the ongoing development and desirability of this Oklahoma community.
