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Average Home Values and Ownership in Zip Code 59008: Belfry's Resilient Rural Real Estate 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 59008, located in Belfry, Montana, is a small rural area spanning 74.02 square miles. This community has experienced fluctuations in homeownership rates and housing prices over the years, with a general trend towards increasing average home prices and relatively stable ownership percentages.
The homeownership rate in Belfry has remained relatively consistent over the past decade, ranging from 76% to 83%. In 2013, the homeownership rate was 80%, and it remained at this level through 2022, with only minor fluctuations in between. During this same period, average home prices saw a significant increase. In 2016, the average home price was $176,231, and by 2022, it had risen to $391,768, representing a 122% increase over six years.
Federal interest rates have played a role in homeownership trends in Belfry. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with stable homeownership rates in the area, likely due to more affordable financing options. However, despite the sharp increase in interest rates to 1.68% in 2022, the homeownership rate in Belfry remained steady at 80%, suggesting other factors may be influencing homeownership in this particular area.
Renter percentages in Belfry have shown slight variations over the years, ranging from 17% to 22% between 2013 and 2022. The average rent prices have generally increased during this period, albeit with some fluctuations. In 2013, the average rent was $644, and it rose to $754 by 2022, representing a 17% increase. The highest average rent was recorded in 2019 at $801. It's worth noting that despite the small population changes, ranging from 78 to 102 residents between 2013 and 2022, rent prices have continued to rise overall.
In 2023, the average home price in Belfry reached $395,134, showing a slight increase from the previous year. The federal interest rate in 2023 was 5.02%, significantly higher than in previous years. Moving into 2024, the average home price has further increased to $411,635, while the federal interest rate has risen to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates.
Looking ahead, based on the historical data and current trends, we can expect average home prices in Belfry to continue rising over the next five years, potentially reaching around $500,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $900 per month within the same timeframe. However, the rate of increase may slow down if interest rates remain high, potentially affecting affordability and demand.
In summary, Belfry has demonstrated resilience in homeownership rates despite rising home prices and interest rates. The community has seen substantial growth in property values, with average home prices more than doubling since 2016. Rent prices have also shown an upward trend, albeit at a slower pace. These trends suggest a robust local housing market, but ongoing monitoring will be crucial to understand how future economic conditions may impact housing affordability and ownership patterns in this small Montana community.
