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Average Home Values and Ownership in Zip Code 59250: Opheim's Rural Housing Dynamics
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 59250, encompassing Opheim in Montana, presents an intriguing case study of rural housing dynamics. This sparsely populated area, with a land area of 271.41 square miles, has seen fluctuating homeownership rates and modest changes in average home and rent prices over the past decade.
The relationship between homeownership rates and average home prices in zip code 59250 shows some interesting trends. In 2016, when average home prices were recorded at $140,529, the homeownership rate stood at 75%. As average home prices steadily increased to $240,793 in 2022, the homeownership rate also rose to 78%. This suggests a positive correlation between rising home values and homeownership in this rural community.
Federal interest rates have played a role in homeownership trends in zip code 59250. When interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained relatively stable at 71% in 2020 and increased to 76% in 2021. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages and average rent prices in zip code 59250 have shown some fluctuations. In 2016, the renter-occupied percentage was 25% with an average rent of $543. By 2022, the renter percentage decreased slightly to 22%, while the average rent decreased to $509. This slight decrease in both renter percentage and average rent could be attributed to the area's small population, which grew from 117 in 2016 to 135 in 2022, potentially impacting the rental market dynamics.
Looking at the most recent data, average home prices in zip code 59250 reached $224,598 in 2023 and further increased to $233,745 in 2024. This represents a slight dip from the 2022 peak of $240,793, but still indicates a strong housing market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 59250 to continue a moderate upward trajectory, potentially reaching around $260,000 by 2029. Average rent prices are expected to follow a similar trend, potentially increasing to approximately $550 per month in the same timeframe.
In summary, zip code 59250 demonstrates a resilient housing market with increasing homeownership rates despite rising home prices. The area has maintained a high proportion of owner-occupied homes, even as average home values have significantly increased. The rental market has remained relatively stable, with slight decreases in both renter percentages and average rents. These trends, combined with the recent uptick in interest rates, suggest a dynamic housing landscape in this rural Montana community for the coming years.
