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Zip Code 74015: Rising Home Values and Stable Ownership in Catoosa, 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 74015, located in Catoosa, Oklahoma, presents an interesting case study of homeownership and rental trends over the past decade. This area has experienced notable fluctuations in both average home prices and rental rates, with a generally stable homeownership rate. The homeownership rate in zip code 74015 has remained relatively consistent, hovering around 74% from 2013 to 2019. However, there was a slight decrease to 70% in 2020, followed by a modest recovery to 72% by 2022. This stability in homeownership occurred despite significant changes in average home prices. In 2010, the average home price was $147,845, which steadily increased to $241,850 by 2022, representing a substantial 63.6% increase over 12 years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. Despite historically low interest rates from 2010 to 2021, ranging from 0.08% to 2.16%, the homeownership rate remained relatively stable. This suggests that other local factors may have played a more significant role in housing decisions than national interest rates in this particular zip code.
Renter percentages in zip code 74015 have shown a slight upward trend, increasing from 25% in 2013 to 28% in 2022. This shift coincided with changes in average rent prices. The average rent rose from $792 in 2013 to a peak of $949 in 2017, before decreasing to $827 in 2022. Interestingly, the population in this zip code decreased from 9,975 in 2010 to 9,443 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, the housing market in zip code 74015 continued to evolve. The average home price reached $253,121 in 2023 and further increased to $259,824 in 2024, marking a 7.4% rise over two years. This occurred alongside a significant increase in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and purchase decisions.
Looking ahead, predictive models suggest a continued upward trend in average home prices for zip code 74015 over the next five years, albeit at a potentially slower rate than seen in recent years. Average rent prices are expected to stabilize or show modest increases, reflecting the area's economic conditions and housing supply.
In summary, zip code 74015 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The rental market has shown more volatility, with fluctuating rent prices and a slight increase in the percentage of renters. The recent sharp rise in interest rates, coupled with continued home price appreciation, may present new challenges for both homeowners and renters in this area in the coming years.
