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Zip Code 74047: Liberty, Oklahoma's Rising Home Values and Ownership Rates
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 74047, located in Liberty, Oklahoma, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a steady increase in owner-occupied housing, coupled with fluctuating average home and rent prices.
The homeownership rate in zip code 74047 has shown a consistent upward trend, rising from 81% in 2013 to 85% in 2022. This increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $131,431, which steadily increased to $238,801 by 2022, representing an impressive 81.7% growth over nine years. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $179,915 to $211,164, a 17.4% surge in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. The period from 2013 to 2022 was characterized by historically low interest rates, ranging from 0.11% in 2013 to 1.68% in 2022. These low rates likely contributed to the increased homeownership rates by making mortgages more affordable for potential buyers. The correlation between low interest rates and rising homeownership is particularly evident in the years 2020 and 2021, when interest rates dropped to 0.38% and 0.08% respectively, coinciding with a jump in homeownership from 84% to 85%.
As homeownership increased, the percentage of renters in zip code 74047 decreased from 19% in 2013 to 15% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. The average rent rose from $808 in 2013 to $954 in 2022, peaking at $1,089 in 2018. This increase in rent prices, despite a shrinking renter population, suggests a tightening rental market, possibly due to limited rental inventory as more properties transitioned to owner-occupied status.
In 2023 and 2024, the housing market in zip code 74047 continued to evolve. The average home price in 2023 was $239,866, showing a slight increase from 2022. In 2024, the average home price further rose to $250,474, indicating continued growth in the real estate market. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 74047 over the next five years. If the current trajectory continues, average home prices could potentially reach around $300,000 by 2029. Average rent prices may also continue to rise, albeit at a slower pace, potentially reaching approximately $1,200 per month in the same timeframe. However, these projections could be influenced by various factors, including economic conditions, local development, and changes in federal interest rates.
In summary, zip code 74047 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has seen significant growth in average home prices, particularly between 2020 and 2022, while maintaining a high rate of owner-occupied housing. Despite a decreasing renter population, average rent prices have generally trended upwards, indicating a competitive rental market. The recent increases in federal interest rates in 2023 and 2024 may introduce new dynamics to this housing market in the coming years.
