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Zip Code 74555: Lane's Rising Home Values and Ownership Amid Population Decline
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
Lane, located in zip code 74555 in Oklahoma, is a small rural community that has experienced notable shifts in its housing market over the past decade. The area has seen a general trend of increasing homeownership rates alongside fluctuating average home prices and rent costs. The homeownership rate in Lane has shown a gradual increase from 2013 to 2022. In 2013, the homeownership rate was 81%, and by 2022, it had risen to 83%. This upward trend in homeownership coincided with a significant increase in average home prices. In 2016, the average home price was $115,288, and by 2022, it had risen to $214,684, representing an impressive 86% increase over six years.
The relationship between federal interest rates and homeownership rates in Lane appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.40%), the homeownership rate remained relatively stable around 79-81%. As interest rates began to rise from 2017 to 2019 (1% to 2.16%), the homeownership rate actually increased slightly to 82-83%, possibly due to anticipation of future rate hikes.
Renter percentages in Lane have shown a slight decline from 2013 to 2022, moving from 18% to 17%. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $511, which increased to $651 in 2014 before declining to $479 in 2019. However, by 2022, the average rent had risen significantly to $735, representing a 53% increase from the 2019 low. This increase in rent prices occurred despite a declining population, which fell from 1,371 in 2013 to 1,182 in 2022.
Looking at the most recent data, the average home price in Lane continued to rise in 2023, reaching $220,436. In 2024, it further increased to $232,973. This upward trend has persisted despite the federal interest rate rising to 5.33% in 2024, which is significantly higher than the rates seen in the previous decade.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Lane to continue their upward trajectory, potentially reaching around $280,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $900 per month within the same timeframe. These projections assume that current economic conditions and local market factors remain relatively stable.
In summary, Lane has experienced a steady increase in homeownership rates over the past decade, accompanied by significant growth in average home prices. Despite fluctuations in the rental market, recent years have seen a sharp increase in average rent prices. The community's housing market has shown resilience in the face of changing interest rates and a declining population, suggesting a strong local demand for housing.
