Oklahoma City's southern neighborhoods are experiencing a boom in growth, according to a recent report by RentCafe. The report analyzed housing inventory and population growth across 32,400 ZIP codes to identify the 50 fastest-growing new areas in the U.S. Two Oklahoma City ZIP codes, 73173 and 73179, made the list, showcasing the city's diverse and dynamic real estate landscape. What makes this particularly fascinating is the contrast between these two neighborhoods. While 73173, located in southwest Oklahoma City, has seen a surge in established professionals and families, 73179, situated in the southwestern metro, has attracted younger families and first-time buyers. This article delves into the factors driving growth in these areas and explores the broader implications for the city's housing market.
The Boom in 73173
One thing that immediately stands out is the rapid growth in 73173. In 2014, the ZIP code had just 505 housing units, but by 2023, it had nearly tripled to 1,434 units. The population grew at a similar pace, increasing from 1,600 to over 4,500 residents. This growth is not just a numbers game; it reflects a shift in the neighborhood's demographic composition. The report highlights that 97.6% of housing units are occupied, with nearly 95% of residents owning their homes. Moreover, 86% of residents have higher education degrees, and the median income has grown by 11.7% in the last decade. These factors suggest that 73173 is attracting established professionals and families looking for a place outside the urban core.
From my perspective, the growth in 73173 is a testament to the city's ability to cater to diverse housing needs. The neighborhood's proximity to OKC Will Rogers International Airport and the Oklahoma City Outlet Mall, as well as its convenient location near Interstate 44, makes it an attractive option for those seeking a balance between suburban and urban living. Additionally, the availability of larger homes on lots with enough space to build a shop, as seen in Rio de Bella and Rio Del Sol, caters to families looking for more space and privacy.
The Affordability Factor in 73179
In contrast, 73179 has seen a different kind of growth, driven by affordability. The report shows that housing inventory in this ZIP code has more than doubled, increasing 139% from roughly 1,270 to over 3,000 units. The population has also nearly doubled, growing 110% to over 7,500 residents. This growth is attributed to the availability of developable land and the presence of builders like Rausch Coleman and Lennar Homes, who offer smaller, more affordable homes.
What many people don't realize is that the variance in education levels between the two ZIP codes can be explained by the different housing products available. While 73173 has seen a shift towards established professionals and families, 73179 has attracted younger families and first-time buyers who can afford smaller, more affordable homes. This shift in demographic composition could indicate a broader change in the area's housing and development patterns over the last decade.
Broader Implications
The growth in these southern neighborhoods has broader implications for Oklahoma City's housing market. As the city expands, it is essential to consider the diverse needs of its residents. The success of 73173 and 73179 in catering to different housing segments suggests that a one-size-fits-all approach to development may not be the most effective strategy. Instead, the city should focus on creating a mix of housing options that cater to a wide range of income levels and family sizes.
In my opinion, the growth in these southern neighborhoods is a positive sign for Oklahoma City's future. It demonstrates the city's ability to adapt to changing demographics and housing needs. However, it also raises a deeper question: How can the city ensure that this growth is sustainable and equitable for all its residents? As the city continues to expand, it will be crucial to address issues like affordable housing, transportation, and infrastructure to support the diverse needs of its growing population.
