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Average Home Values and Ownership in Zip Code 59639: Lincoln's Stable 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
Lincoln, situated in zip code 59639 in Montana, is a small rural community that has experienced fluctuations in population and housing dynamics over the past decade. The area has witnessed an overall trend of increasing homeownership rates and rising average home prices, while rental trends have shown more variability.
Homeownership rates in Lincoln have generally increased over the years, with some fluctuations. In 2013, the homeownership rate was 85%, which dipped slightly to 78% in 2018 and 2019, before rising again to 85% in 2022. This upward trend in homeownership coincides with a significant increase in average home prices. The average home price in the area rose from $159,119 in 2010 to $341,967 in 2022, representing a substantial 115% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Lincoln shows some correlation. As interest rates remained low between 2010 and 2016 (ranging from 0.1% to 0.4%), homeownership rates stayed relatively stable, hovering around 84-87%. However, as interest rates began to rise from 2017 onwards, there was a slight decrease in homeownership rates, dropping to 78% in 2018 and 2019. Interestingly, despite further increases in interest rates, homeownership rebounded to 85% by 2022, possibly due to other local economic factors.
Rental trends in Lincoln have shown more variability compared to homeownership. The percentage of renters fluctuated between 7% and 15% from 2013 to 2022. Average rent prices have also experienced ups and downs, ranging from a low of $544 in 2016 to a high of $758 in 2021. It's worth noting that the population of Lincoln has varied over the years, from a low of 722 in 2011 to a high of 1,011 in 2021, which may have influenced rental market dynamics.
In 2023 and 2024, the average home prices in Lincoln continued to show strength, with values of $340,709 and $357,740 respectively. This represents a slight dip in 2023 followed by a recovery in 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and average home prices in the area.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Lincoln will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, driven by ongoing demand for rental properties in the area.
In summary, Lincoln has demonstrated resilience in its housing market, with a general trend towards increased homeownership and rising average home prices. The rental market has shown more variability, influenced by population fluctuations and economic factors. The interplay between interest rates, homeownership rates, and housing prices will likely continue to shape the local real estate landscape in the coming years.
