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Average Home Values and Ownership in Zip Code 59422: New Rockport Colony's Resilient 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
New Rockport Colony, located in zip code 59422 in Montana, is a rural community with a unique demographic profile. Over the past decade, this area has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local dynamics. The ownership percentage in New Rockport Colony has fluctuated over the years, showing a general trend of decline followed by a recent uptick. In 2013, the homeownership rate stood at 70%, gradually decreasing to 62% by 2017. However, there has been a reversal in recent years, with ownership rates climbing back to 70% in 2022. This trend correlates interestingly with average home prices in the area. From 2013 to 2022, average home prices increased substantially, rising from $117,329 to $249,396, representing a 112.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in New Rockport Colony reveals some intriguing patterns. As interest rates remained historically low from 2013 to 2016, hovering around 0.1%, homeownership rates initially declined. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to rebound. This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a significant role in homeownership trends in this area.
Renter percentages in New Rockport Colony have shown an inverse relationship to ownership rates, naturally. The percentage of renters increased from 30% in 2013 to a peak of 38% in 2017, before declining to 29% in 2022. Average rent prices have generally increased over this period, rising from $618 in 2013 to $784 in 2022, a 26.9% increase. Interestingly, the population has decreased from 2,730 in 2013 to 2,618 in 2022, which may have influenced the rental market dynamics.
Looking at more recent data, average home prices in New Rockport Colony continued to rise, reaching $257,386 in 2023 and $264,085 in 2024. This represents a 5.9% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in New Rockport Colony will continue to rise, albeit at a more moderate pace. By 2029, average home prices could reach approximately $300,000 to $320,000, assuming a continuation of current economic conditions. Average rent prices are also expected to increase, potentially reaching $900 to $950 per month by 2029.
In summary, New Rockport Colony has experienced significant changes in its housing market over the past decade. The area has seen a resurgence in homeownership rates despite rising home prices, suggesting strong local demand for housing. The rental market has also evolved, with rent prices increasing at a slower rate than home prices. These trends, combined with recent interest rate hikes, paint a picture of a dynamic housing market that continues to adapt to changing economic conditions.
