Loading Content...
Average Home Values and Ownership in Zip Code 59447: A Rural Montana Community's Unique Housing Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 59447, located in Geyser, Montana, is a rural area spanning 546.04 square miles. This region has experienced notable fluctuations in homeownership rates and housing prices over the past decade, with a generally upward trend in average home values and a relatively stable ownership percentage.
The homeownership rate in zip code 59447 has remained relatively steady, ranging from 71% to 77% between 2013 and 2022. Despite some minor fluctuations, the overall trend shows a slight increase in homeownership. In 2013, the ownership rate was 76%, and by 2022 it had maintained this level at 76%. Concurrently, average home prices have shown a significant upward trend. From 2016 to 2022, average home prices in the area increased dramatically from $148,392 to $355,613, representing a 139.6% increase over six years.
The relationship between federal interest rates and homeownership rates in this zip code doesn't follow the typical inverse correlation often seen in other areas. For instance, despite historically low interest rates between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate only increased slightly from 77% to 77%. This suggests that other local factors may have a stronger influence on homeownership in this rural area than national interest rates.
Renter percentages in zip code 59447 have remained relatively stable, ranging from 23% to 29% between 2013 and 2022. The average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $524, which increased to $585 by 2022, representing an 11.6% increase over nine years. The population has also grown slightly during this period, from 640 in 2013 to 658 in 2022, which may have contributed to the modest increase in rent prices.
In 2023 and 2024, the housing market in zip code 59447 experienced some changes. The average home price decreased slightly from $355,613 in 2022 to $339,467 in 2023, a 4.5% drop. However, it rebounded in 2024, increasing to $359,610, a 5.9% rise from the previous year. This occurred despite a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024.
Looking ahead, based on the historical data and recent trends, we can predict that average home prices in zip code 59447 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also likely to increase, following the long-term upward trend observed in the data. However, the rate of increase may be moderate, considering the relatively stable population growth in the area.
In summary, zip code 59447 has demonstrated resilience in its housing market, with steadily increasing average home prices and a stable homeownership rate despite fluctuations in the broader economic environment. The area's rural nature and consistent population growth appear to be significant factors influencing its housing trends, often outweighing the impact of national economic indicators such as federal interest rates.
