Renter percentages in zip code 59101 have generally decreased from 2013 to 2022, moving from 42% to 41%. However, this trend hasn't been linear, with the percentage of renters reaching a low of 38% in 2020 before increasing again. Average rent prices have shown an overall upward trend, rising from $770 in 2013 to $835 in 2022, an increase of about 8.4%. It's worth noting that the population in this zip code has grown from 39,604 in 2013 to 40,516 in 2022, which may have contributed to the pressure on both home prices and rents.

In 2023 and 2024, we see a continuation of the upward trend in average home prices in zip code 59101. The average home price reached $308,749 in 2023 and further increased to $317,761 in 2024. This represents a 9.2% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels seen since 2007.

Looking ahead, based on the observed trends, we can predict that average home prices in zip code 59101 may continue to rise over the next five years, albeit potentially at a slower rate due to the higher interest rates. We might expect average home prices to reach around $350,000 to $375,000 by 2029. Average rent prices may also continue their upward trajectory, potentially reaching $950 to $1,000 per month by 2029.

In summary, zip code 59101 has experienced a significant increase in average home prices, a slight overall increase in homeownership rates, and a moderate rise in average rent prices from 2013 to 2024. The area has shown resilience in maintaining relatively stable homeownership rates despite fluctuating economic conditions and rising home prices. The continued upward trend in both home prices and rents, coupled with population growth, suggests a strong and potentially competitive housing market in this Montana zip code.