The 2003 estimated number of households is 3603 and the 2008 projection is 3506. By the year 2030, MVRPC projects that Oakwood will have approximately 4043 households, an increase of 410 households from the 2000 Census.
Racial/Ethnic Identification
The vast majority of Oakwood’s population identifies themselves as “White” (97.4%). This has remained consistent over the last twenty years and Oakwood’s racial composition reflects little change. From 1980-1990, the racial/ethnic characteristics have remained almost the same.
However, over the ten-year period of 1990-2000, the population saw some very minor changes in composition. The growing minority population in Oakwood is the Asian/Pacific Islander sector that comprises 1 percent of the population. This sector has doubled and has increased by approximately 45 persons over the last ten years.
While the African-American population in Oakwood remains small, it has made a slight increase from 0% in 1990 to .05% of the population in 2000.
The 2003 estimates are nearly identical to the 2000 Census data. Five-year (2008) projections of race and ethnicity are not available at this time. However, based on recent trends, it is unlikely that the racial/ethnic composition of Oakwood will change significantly.
Housing
The number of housing units in Oakwood has remained fairly stable over the last 20 years. Between the years 1980-2000, Oakwood’s housing stock decreased by only 8 units, from 3823 to 3815. The current estimate of housing units in the City is 3787, a decrease of 28 housing units (.7%) over the past three years (2000-2003).
The City has a very low vacancy rate (4.8%). The vacancy rate has remained low, and has actually decreased by about 2% over the last twenty years. The low vacancy rate is a sign of consistently high demand for housing within Oakwood. Centerville’s vacancy rate is similar (4.1%), as is Kettering’s (4.7%). Compared to Montgomery County (7.7%) and the region (7.0%), Oakwood’s vacancy rate is quite low.
Oakwood is a community of homeowners. In the most recent census, 83.6% of the housing units in Oakwood are owner-occupied, as opposed to renter-occupied units that account for 16.4%. The previous two censuses have shown a high owner-occupancy rate of 81.7% and 78.3%, respectively. Oakwood has a higher owner-occupancy rate than Kettering (66.6%), Centerville (73.5%), Montgomery County (64.7%) and the region (67.2%).
Oakwood has an older housing stock. According to the 2000 Census, the largest percent of homes in the City fall into the “built before 1939” category. Only about 3% of the homes in Oakwood have been built since 1980.
Housing values in Oakwood are high. The median home value has increased by $15,903 in just three years. Both the 2000 Census and the 2003 estimates indicate a very high median home value, which were $183,500 in 2000 and $199,403 in 2003. In 2000, Centerville’s median household value was $148,700; Kettering’s was $111,000; Montgomery County’s was $95,900; and the median home value in the region was $98,300.
Education, Income and Employment
Oakwood has a highly educated population, with almost all of its residents having a high school diploma or higher (95.5%). The majority of the population has a college education (63%).