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Average Home Values and Ownership in Zip Code 59464: Moore's Dynamic Real Estate 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
Moore, located in zip code 59464 in Montana, is a small rural community with a population that has fluctuated between 188 and 235 residents over the past decade. This area has seen significant changes in homeownership rates and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in zip code 59464 has shown a notable trend over the years. In 2013, 75% of residents were homeowners. This percentage steadily increased to a peak of 88% in 2019, indicating a strong preference for homeownership in the community. However, from 2020 to 2022, there was a slight decline, with the homeownership rate settling at 76% in 2022. This trend correlates interestingly with average home prices in the area. Average home prices rose from $155,743 in 2016 to $313,289 in 2022, a substantial increase of over 101% in just six years.
The relationship between federal interest rates and homeownership rates in Moore shows some correlation. As interest rates remained low from 2013 to 2015 (around 0.1%), homeownership rates increased. The slight rise in interest rates from 2016 to 2019 (0.4% to 2.16%) coincided with the peak in homeownership at 88%. However, the dramatic drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) didn't prevent a decline in homeownership, suggesting other factors were at play.
Renter percentages in zip code 59464 have inversely mirrored homeownership trends. The proportion of renters decreased from 23% in 2013 to a low of 12% in 2019, before rising again to 24% in 2022. Interestingly, average rent prices have shown significant volatility. They decreased from $422 in 2013 to a low of $208 in 2019, then sharply increased to $841 in 2022, a 304% increase in just three years. This steep rise in rent prices coincides with the increase in the renter population, possibly reflecting increased demand for rental properties.
In 2023 and 2024, we see a slight correction in the housing market of zip code 59464. Average home prices decreased from $313,289 in 2022 to $298,040 in 2023, before rebounding to $311,537 in 2024. This coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home buying decisions.
Looking ahead, predictive models suggest that average home prices in zip code 59464 may continue to rise moderately over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,000 per month within the same timeframe, assuming current trends persist.
In summary, Moore in zip code 59464 has experienced significant fluctuations in homeownership rates and housing prices. The area saw a peak in homeownership in 2019, followed by a shift towards renting. Average home prices have more than doubled since 2016, while rent prices have shown dramatic increases, especially in recent years. The interplay between interest rates, housing prices, and ownership trends paints a picture of a dynamic local real estate market responding to broader economic factors and changing resident preferences.
