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Average Home Values and Ownership in Polebridge, ZIP Code 59928: A Decade of Significant Changes
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 59928, located in Polebridge, Montana, is a sparsely populated area that has experienced significant changes in recent years. This rural community has seen fluctuations in homeownership rates and a notable increase in average home prices, particularly since 2016.
The ownership percentage in zip code 59928 has shown a general decline from 2013 to 2022, despite some fluctuations. In 2013, the homeownership rate was 82%, which peaked at 87% in 2014. However, by 2022, it had decreased to 70%. Interestingly, this downward trend in homeownership coincided with a substantial increase in average home prices. From 2016 to 2022, average home prices rose dramatically from $261,747 to $587,358, representing a 124% increase over six years.
Federal interest rates have played a role in homeownership trends in the area. The period from 2013 to 2015 saw relatively low interest rates, ranging from 0.09% to 0.13%, which may have contributed to the high homeownership rates during those years. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, we observed a corresponding decline in homeownership percentages.
The renter population in zip code 59928 has shown an inverse relationship to homeownership trends. The percentage of renters increased from 16% in 2013 to 30% in 2022. Average rent prices have fluctuated over the years, with notable increases in certain periods. For instance, average rent rose from $636 in 2013 to $925 in 2017, before decreasing to $646 in 2022. The population growth from 48 in 2013 to 150 in 2022 may have contributed to the increased demand for rental properties.
In 2023 and 2024, we observe a slight decline in average home prices, with values of $549,464 and $550,730 respectively. This represents a 6.4% decrease from the 2022 peak. Concurrently, federal interest rates have risen significantly to 5.02% in 2023 and 5.33% in 2024, which may be influencing the housing market dynamics.
Looking ahead, predictive models suggest that average home prices in zip code 59928 may continue to stabilize or experience modest growth over the next five years. The recent plateau in prices could indicate a market correction after the rapid increases seen from 2016 to 2022. Average rent prices are projected to remain relatively stable, potentially with slight increases to keep pace with inflation and housing demand in the area.
In summary, zip code 59928 has experienced a shift from high homeownership to an increasing renter population, coupled with substantial growth in average home prices from 2016 to 2022. The recent stabilization of home prices and increase in interest rates may signal a new phase in the local real estate market, potentially affecting future homeownership rates and rental demand in this Montana community.
