Renter percentages in zip code 59353 have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The renter population declined from 29% in 2013 to 20% in 2019, before rising slightly to 25% in 2022. Interestingly, average rent prices have steadily increased despite these fluctuations. In 2013, the average rent was $701, and by 2022, it had risen to $924, a 31.8% increase. This upward trend in rent prices, even as the renter population decreased, could be attributed to factors such as improved housing quality or increased demand for rental properties among a smaller pool of renters.

Looking at the most recent data, the average home price in zip code 59353 was $230,837 in 2023 and increased to $239,683 in 2024. This represents a 3.8% increase in just one year, indicating a continuing upward trend in property values. Notably, interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and property values in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 59353 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We expect average home prices to reach approximately $275,000 to $290,000 by 2029. Average rent prices are also projected to increase, potentially reaching $1,200 to $1,300 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.

In summary, zip code 59353 has experienced a notable increase in homeownership rates and property values over the past decade. The area has shown resilience in its housing market, with rising home prices and rents despite fluctuations in population and economic conditions. The recent spike in interest rates may present new challenges, but the overall trend suggests a robust and growing real estate market in this Montana town.