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Zip Code 74019: Stable Homeownership Amid Rising Home Values in Justice, 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 74019, located in Justice, Oklahoma, has seen significant changes in its housing market over the past decade. This area, with its suburban charm and proximity to urban amenities, has experienced notable shifts in homeownership rates and property values. The overall trend shows a stable homeownership rate with fluctuating average home prices and rent costs.
The homeownership rate in zip code 74019 has remained relatively constant, hovering around 81-82% from 2013 to 2022. This stability in homeownership is impressive, considering the fluctuations in average home prices during the same period. In 2013, the average home price was $154,813, which steadily increased to $258,976 by 2022, representing a substantial 67.3% increase over nine years. Despite this significant rise in home values, the area maintained its high proportion of owner-occupied housing, indicating a strong preference for homeownership among residents.
Federal interest rates have played a role in maintaining the high homeownership rates in this area. From 2013 to 2016, interest rates remained extremely low, ranging from 0.11% to 0.40%, which likely contributed to the sustained high levels of homeownership. Even as interest rates began to rise from 2017 to 2019 (1% to 2.16%), the homeownership rate remained stable, suggesting that other factors such as local economic conditions and housing market dynamics were also influential in maintaining the area's homeownership levels.
The rental market in zip code 74019 has shown interesting trends as well. The percentage of renters remained consistently around 18-19% from 2013 to 2022. Average rent prices, however, experienced more volatility. In 2013, the average rent was $937, which increased to a peak of $1,140 in 2016 and 2017. Interestingly, despite the growing population (from 19,448 in 2013 to 21,331 in 2022), average rent prices actually decreased to $972 by 2022. This decline in average rent, despite population growth, could indicate an increase in affordable rental options or changes in the local rental market dynamics.
Looking at more recent data, the average home price in zip code 74019 continued to rise, reaching $269,727 in 2023 and $274,599 in 2024. This represents a 6% increase from 2022 to 2024, indicating a continued strong housing market in the area. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, the housing market in this zip code has shown resilience with continued price appreciation.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 74019 to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. The average home price could reach approximately $300,000 by 2029. For rent prices, the trend is less clear due to recent fluctuations, but a modest increase to around $1,050-$1,100 per month on average by 2029 is possible, assuming economic stability and continued population growth.
In summary, zip code 74019 in Justice, Oklahoma, demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The area has maintained its attractiveness to homeowners despite significant increases in average home prices and recent rises in interest rates. The rental market, while smaller, has shown interesting dynamics with decreasing average rents in recent years despite population growth. These trends suggest a resilient and adaptable housing market in this Oklahoma community.
