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Average Home Values and Ownership in Zip Code 59722: A Decade of Change in Anaconda-Deer Lodge County, Montana
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 59722, located in Anaconda-Deer Lodge County, Montana, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its rich mining history and scenic mountain views, has seen a dynamic real estate market with fluctuating trends in both ownership and rental sectors.
The homeownership rate in zip code 59722 has shown some variability over the years, with a general downward trend followed by a recent uptick. In 2013, the area had a 72% homeownership rate, which gradually declined to 60% by 2020. However, there was a significant rebound to 70% in 2022. This trend correlates interestingly with average home prices, which have seen a substantial increase. The average home price in the area rose from $109,643 in 2013 to $247,022 in 2022, representing a remarkable 125% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. Despite these low rates, homeownership initially declined, possibly due to other economic factors. However, as interest rates began to rise in 2022 to 1.68%, we saw a significant increase in homeownership, possibly indicating a rush to purchase homes before rates climbed further.
Renter percentages in zip code 59722 have shown an inverse relationship to homeownership rates, as expected. The renter population increased from 28% in 2013 to a peak of 40% in 2020, before decreasing to 30% in 2022. Interestingly, average rent prices have not always moved in tandem with renter percentages. Average rent increased from $445 in 2013 to $749 in 2019, but then saw a decrease to $628 in 2022, despite the reduction in renter percentage. This could suggest a complex interplay of factors affecting the rental market, including overall housing affordability and local economic conditions.
Looking at the most recent data, the average home price in zip code 59722 continued its upward trajectory, reaching $260,940 in 2023 and further increasing to $271,223 in 2024. This represents a 9.8% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 59722 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project the average home price could reach approximately $300,000 by 2029. For average rent prices, we expect a moderate increase, potentially reaching around $750 per month by 2029, assuming economic conditions remain stable and housing demand continues to grow in the area.
In summary, zip code 59722 has experienced significant changes in its housing market over the past decade. The area has seen a substantial increase in average home prices, a recent rebound in homeownership rates, and fluctuations in the rental market. The interplay between federal interest rates, housing prices, and ownership rates highlights the complex dynamics of the local real estate market. As we look to the future, continued growth in both home prices and rent is anticipated, though the pace may be moderated by rising interest rates and other economic factors.
