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Average Home Values and Ownership in Zip Code 59631: Basin's Dynamic 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
Basin, located in zip code 59631 in Montana, is a small community with a population that has fluctuated between 41 and 52 residents over the past decade. This rural area has seen significant changes in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics. The ownership percentage in Basin has shown a general upward trend, increasing from 81% in 2013 to 84% in 2022. This rise in homeownership corresponded with a substantial increase in average home prices. In 2013, the average home price was $124,575, which more than doubled to $285,738 by 2022. This represents a remarkable 129% increase over nine years, indicating a strong appreciation in property values.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained low, hovering around 0.1% to 0.4%. During this period, homeownership in Basin remained stable at 75%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership actually increased to 84%. This suggests that local factors may have had a stronger influence on homeownership than national interest rates in this small community.
The renter percentage in Basin has shown a general decline, dropping from 19% in 2013 to 11% in 2022. Interestingly, average rent prices have experienced significant volatility. In 2013, the average rent was $804, which increased to $1,113 in 2021, representing a 38% increase. However, 2022 saw a dramatic spike in average rent to $2,036, nearly doubling from the previous year. This substantial increase in rent prices, coupled with the declining renter percentage, suggests a potential shift in the rental market dynamics or limited rental inventory in the area.
Looking at the most recent data, the average home price in Basin continued to rise in 2023, reaching $286,661, and further increased to $288,375 in 2024. This represents a modest but steady appreciation in property values. Concurrently, federal interest rates have climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Basin will continue to appreciate, albeit at a more moderate pace. Given the historical growth rate and recent stabilization, we project average home prices could reach approximately $320,000 to $350,000 by 2029. For rent prices, the extreme volatility makes predictions challenging, but assuming a normalization of the market, we might expect average rents to stabilize between $1,500 and $2,000, depending on local economic conditions and housing supply.
In summary, Basin in zip code 59631 has experienced a significant increase in homeownership rates and average home prices over the past decade. The community has shown resilience in maintaining high homeownership rates despite rising interest rates. The rental market has seen a decline in the percentage of renters, coupled with volatile and recently skyrocketing rent prices. These trends reflect a dynamic housing market in this small Montana community, with potential for continued growth and evolving market conditions in the coming years.
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