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Average Home Values and Ownership in Zip Code 59746: Maverick Mountain's Rural Real Estate Dynamics
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 59746, located in Maverick Mountain, Montana, is a sparsely populated area with a consistent population density of 1 person per square mile. This rural community has experienced significant shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 59746 has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 63%, which increased substantially to 93% by 2021, before slightly decreasing to 83% in 2022. This overall increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $207,378, which more than doubled to $420,717 by 2022, representing a 102.9% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 59746. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the steady increase in homeownership during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in the area continued to climb, suggesting strong local demand for housing despite higher borrowing costs.
The rental market in zip code 59746 has experienced inverse trends compared to homeownership. The percentage of renters decreased from 34% in 2013 to 17% in 2022. Despite this decline in renter occupancy, average rent prices have shown significant volatility. In 2013, the average rent was $273, which remained relatively stable until 2017. However, there was a sharp increase to $857 in 2020, followed by a decrease to $631 in 2022. This volatility in rent prices, coupled with the decreasing renter population, suggests a complex rental market affected by factors beyond simple supply and demand.
Looking at the most recent data, the average home price in zip code 59746 decreased slightly to $397,138 in 2023 but is projected to rebound to $437,112 in 2024. This represents a 10.1% increase from 2023 to 2024. 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, we anticipate that average home prices in zip code 59746 will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project average home prices could reach approximately $500,000 by 2029. For rent prices, the forecast suggests a potential stabilization, with average rents likely to fluctuate between $650 and $750 over the next five years, assuming no major economic disruptions.
In summary, zip code 59746 has experienced a significant increase in homeownership rates and average home prices over the past decade, while the rental market has seen a decrease in occupancy and volatile rent prices. The recent rise in interest rates and the projected increase in home prices suggest that the local real estate market will continue to evolve, potentially presenting both opportunities and challenges for residents and investors in this Montana community.
