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Zip Code 74135: Rising Home Values and Ownership Trends in Tulsa's Resilient Housing Market
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 74135, located in Tulsa, Oklahoma, has experienced significant shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 74135 has shown a slight decline over the years, starting at 55% in 2013 and settling at 53% in 2022. This trend coincides with an overall increase in average home prices. In 2010, the average home price was $141,547, which steadily rose to $236,877 by 2022, representing a substantial 67.3% increase over 12 years. The relationship between homeownership rates and average home prices suggests that as properties became more expensive, fewer residents were able to transition from renting to owning.
Federal interest rates have played a crucial role in shaping homeownership trends in this zip code. For instance, when interest rates were historically low between 2013 and 2016 (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable, hovering around 51-55%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a slight decrease in homeownership rates, dropping to 53% by 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 74135 has shown a corresponding increase as homeownership rates declined. The percentage of renters rose from 45% in 2013 to 47% in 2022. This shift coincided with a significant increase in average rent prices. In 2013, the average rent was $908, which steadily climbed to $1,074 by 2022, marking an 18.3% increase over nine years. The rise in both renter percentage and average rent prices could be attributed to factors such as increasing property values and a growing demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 74135 reached $247,724 in 2023 and further increased to $257,255 in 2024. This represents a 4.7% year-over-year increase from 2022 to 2023, and a 3.8% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 74135 will continue to rise, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a continued increase, potentially surpassing $1,300 per month by 2029, assuming the current growth rate persists.
In summary, zip code 74135 has experienced a gradual shift towards a more rental-oriented market, with increasing average home and rent prices. The interplay between federal interest rates, property values, and housing affordability has shaped these trends. As we look to the future, the area is likely to see continued growth in both home values and rental costs, potentially affecting the balance between homeowners and renters in this Tulsa neighborhood.
