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Average Home Values and Ownership in Zip Code 59462: Moccasin'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
Zip code 59462, located in Moccasin, Montana, is a rural area characterized by a small population and low density. This zip code has experienced subtle shifts in homeownership and rental trends over the past decade, with average home prices and rent values showing interesting fluctuations.
The homeownership rate in zip code 59462 has generally remained high, but with some variations. In 2013, the ownership rate stood at 78%, gradually decreasing to 69% by 2017. However, it rebounded to 75% in 2022. This overall trend suggests a relatively stable homeownership market in the area. Average home prices for this zip code are only available for recent years, with the 2023 average at $368,890.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates in the zip code remained relatively high, between 73% and 78%. As interest rates began to rise from 2017 onwards, there was a slight dip in homeownership, reaching a low of 69% in 2017 when the federal interest rate was 1%. However, the community seemed to adapt, with ownership rates recovering to 75% by 2022, despite rising interest rates.
Renter percentages in zip code 59462 have shown an inverse relationship to homeownership rates, as expected. The renter population increased from 22% in 2013 to a peak of 30% in 2017, before settling at 24% in 2022. Average rent prices have fluctuated over the years, with a general upward trend from $458 in 2013 to a peak of $557 in 2019. Interestingly, there was a significant drop in average rent to $369 in 2021, followed by a slight increase to $405 in 2022. These changes in rent prices don't seem to correlate directly with the percentage of renters, suggesting other factors influencing the rental market.
In 2023, the average home price in zip code 59462 was $368,890, with federal interest rates at 5.02%. Moving into 2024, the average home price has increased to $382,319, while interest rates have slightly risen to 5.33%. This represents a 3.64% increase in average home prices over one year, despite the higher interest rates.
Looking ahead, based on the recent trends and current economic conditions, we can predict that average home prices in zip code 59462 may continue to rise moderately over the next five years. However, the rate of increase might slow down if interest rates remain high. For rent prices, we may see a gradual increase from the current levels, potentially returning to the higher rates seen in 2018-2019, unless local economic factors intervene.
In summary, zip code 59462 demonstrates a strong preference for homeownership, with rates consistently above 69% over the past decade. Despite fluctuations in federal interest rates, the community has maintained a high level of homeownership. The recent increase in average home prices, even in the face of rising interest rates, suggests a robust local housing market. Rent prices have shown volatility, with recent decreases followed by a slight uptick, indicating a dynamic rental market responding to local conditions.
