Renter percentages in zip code 59728 have shown an overall increase from 2013 to 2022, inversely mirroring the homeownership trend. The percentage of renters rose from 11% in 2013 to 25% in 2022. Simultaneously, average rent prices have increased substantially. In 2013, the average rent was $441, which climbed to $796 by 2022, representing an 80% increase. This rise in rent prices occurred despite the area's small and fluctuating population, which ranged from 35 to 53 residents during this period.

Looking at the most recent data, the average home price in zip code 59728 reached $383,060 in 2023 and further increased to $405,582 in 2024. This represents a continued upward trend in housing prices. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.

Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in zip code 59728 will continue to rise, potentially reaching around $500,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,000 per month within the same timeframe. These projections are based on the consistent upward trends observed in both home prices and rent over the past decade.

In summary, zip code 59728 has experienced a gradual shift from high homeownership to increased renting, accompanied by substantial increases in both home prices and rent. The area's small population and rural nature have not insulated it from broader economic trends, as evidenced by the significant appreciation in property values. The recent spike in interest rates, coupled with rising housing costs, may continue to influence the balance between homeownership and renting in this Montana community.