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Average Home Values and Ownership in Zip Code 59053: A Resilient Rural Montana Housing 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 59053, located in Martinsdale, Montana, is a rural area characterized by its low population density and fluctuating homeownership rates. Over the past decade, this zip code has experienced significant changes in both ownership percentages and average home prices, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 59053 has shown considerable volatility between 2013 and 2022. In 2013, the ownership rate stood at 74%, gradually decreasing to 69% by 2016. However, a dramatic shift occurred in 2020, with homeownership surging to 95%. This peak was followed by a slight decrease, settling at 84% in 2022. Concurrently, average home prices have shown a steady upward trend. From 2015 to 2022, average home prices rose from $136,410 to $286,019, representing a substantial 110% increase over seven years.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. As interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates actually declined slightly. However, the dramatic increase in homeownership from 73% in 2019 to 95% in 2020 coincided with a sharp drop in interest rates from 2.16% to 0.38%. This surge in homeownership likely reflects the increased affordability of mortgages due to lower interest rates, combined with potential shifts in housing preferences during the COVID-19 pandemic.
Renter percentages in zip code 59053 have generally mirrored the inverse of homeownership trends. The renter population peaked at 30% in 2016, corresponding with the lowest homeownership rate of 69%. As homeownership rates increased, particularly in 2020, the renter percentage dropped significantly to just 5%. By 2022, the renter percentage had risen slightly to 16%. Specific average rent price data is not available for this zip code.
Looking at the most recent data, average home prices in zip code 59053 reached $281,305 in 2023 and increased to $291,393 in 2024. This represents a 3.6% year-over-year increase. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 59053 will continue to rise, albeit at a more moderate pace. Based on the historical data and current economic conditions, we project average home prices could reach approximately $330,000 to $350,000 by 2029. This forecast assumes a continuation of the current economic stability and gradual population growth in the area.
In summary, zip code 59053 has experienced significant fluctuations in homeownership rates, with a notable surge in 2020 coinciding with low interest rates. Average home prices have shown consistent growth, more than doubling from 2015 to 2022. The recent increase in federal interest rates may moderate future home price growth and potentially impact homeownership rates. As the area continues to evolve, these trends will likely shape the local real estate market and community demographics in the coming years.
