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Zip Code 73842: Rising Home Values and Strong Ownership in Freedom, 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
Zip code 73842, located in Freedom, Oklahoma, presents an intriguing case study of homeownership and housing market dynamics in a rural setting. This area has experienced fluctuations in its ownership percentages and housing prices over the past decade, reflecting broader economic trends and local factors.
The homeownership rate in zip code 73842 has remained relatively high, ranging from 83% to 90% between 2013 and 2022. This strong preference for homeownership is notable, especially when compared to national averages. Average home prices in the area have shown a general upward trend, particularly in recent years. From 2015 to 2022, average home prices increased from $96,521 to $125,401, representing a significant 30% growth over seven years.
Examining the relationship between federal interest rates and homeownership rates reveals interesting patterns. From 2013 to 2016, when interest rates were exceptionally low (0.11% to 0.40%), homeownership rates in the zip code increased from 84% to 90%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more sharply from 2017 onwards, homeownership rates showed some fluctuation but remained relatively stable, suggesting other local factors may also influence homeownership decisions in this area.
The rental market in zip code 73842 has shown interesting trends as well. The percentage of renters has fluctuated between 10% and 17% from 2013 to 2022. Average rent prices have seen considerable variation, ranging from a low of $431 in 2017 to a high of $599 in 2019. Notably, there was a significant increase in average rent from $447 in 2018 to $599 in 2019, coinciding with a slight increase in the renter population from 16% to 17%. The population of the zip code has also fluctuated, reaching a peak of 484 in 2020, which may have influenced rental demand and prices.
Looking at the most recent data, average home prices in zip code 73842 reached $127,088 in 2023, showing continued growth from previous years. However, in 2024, there was a slight decrease to $125,466. This slight downturn coincides with a significant increase in federal interest rates, which rose to 5.33% in 2024, potentially impacting home affordability and demand.
Applying predictive models to forecast 5-year trends, we can anticipate continued but moderate growth in average home prices for zip code 73842. The recent pattern of price increases, albeit with some fluctuation, suggests that home values may continue to appreciate, but at a more tempered pace given the current higher interest rate environment. For rent prices, the forecast indicates potential stability or modest increases, considering the historical volatility and the area's predominantly owner-occupied housing market.
In summary, zip code 73842 demonstrates a strong preference for homeownership, with average home prices showing substantial growth over the past decade. The rental market, while smaller, has experienced notable fluctuations in both occupancy rates and prices. The recent rise in interest rates may impact future housing market dynamics, potentially moderating home price growth and influencing the balance between ownership and renting in this rural Oklahoma community.
