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Average Home Values and Ownership in Zip Code 59344: A Decade of Rural Housing Dynamics in Plevna, Montana
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 59344, located in Plevna, Montana, is a rural area characterized by fluctuating population and housing dynamics. Over the past decade, this region has experienced notable shifts in homeownership rates, average home prices, and average rent prices, reflecting the changing economic landscape of small-town America.
The homeownership rate in zip code 59344 has shown significant variability from 2013 to 2022. In 2013, the homeownership rate stood at 77%, which increased slightly to 79% in 2014. However, there was a sharp decline to 55% in 2016, followed by a gradual recovery to 72% by 2022. This trend coincides with changes in average home prices, which have been available since 2019. From 2019 to 2022, average home prices in the area increased substantially, rising from $161,698 to $246,278, representing a 52.3% increase over just three years.
Federal interest rates have played a role in shaping homeownership trends in zip code 59344. The period from 2013 to 2016, when homeownership rates dropped significantly, coincided with slightly increasing interest rates, from 0.11% in 2013 to 0.40% in 2016. As interest rates continued to rise more sharply from 2017 to 2019, reaching 2.16%, homeownership rates stabilized and began to recover. This suggests that local factors may have had a stronger influence on homeownership than national interest rate trends in this particular zip code.
Renter percentages in zip code 59344 have inversely mirrored homeownership rates, ranging from a low of 20% in 2021 to a high of 44% in 2016. Average rent prices have shown considerable volatility. In 2013, the average rent was $467, which increased dramatically to $1,530 in 2014. After fluctuating in subsequent years, it settled at $635 in 2022. These changes in rent prices don't show a clear correlation with renter percentages, suggesting that local economic factors and housing availability may be more influential in determining rental occupancy rates in this area.
In 2023 and 2024, average home prices in zip code 59344 experienced a slight decline followed by a modest increase. The average home price in 2023 was $224,916, representing a 8.7% decrease from 2022. However, in 2024, prices rebounded slightly to $227,992, a 1.4% increase from 2023. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on recent trends, we can project that average home prices in zip code 59344 may continue to experience moderate growth over the next five years, potentially reaching around $260,000 by 2029. Average rent prices, given their historical volatility, are more challenging to predict but could stabilize around $800-$900 per month if recent trends continue.
In summary, zip code 59344 has demonstrated resilience in its housing market despite significant fluctuations. The area has seen a recovery in homeownership rates alongside increasing home values, even in the face of rising interest rates. The rental market remains an important component of the local housing ecosystem, with rent prices showing signs of stabilization after periods of high volatility. These trends suggest a dynamic and adapting housing market in this rural Montana town.
