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Average Home Values and Ownership in Zip Code 59802: Evaro's Resilient 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
Zip code 59802, located in Evaro, Montana, has experienced notable shifts in its housing market over the past decade. This area, characterized by its mountainous terrain and proximity to Missoula, has seen fluctuations in homeownership rates and significant changes in both average home prices and average rent prices.
The homeownership rate in zip code 59802 has shown a gradual decline from 2013 to 2018, followed by a slight recovery. In 2013, 49% of housing units were owner-occupied, which decreased to 42% by 2018. However, by 2022, the ownership rate had rebounded to 49%. This trend coincides with substantial increases in average home prices. In 2013, the average home price was $240,615, which steadily rose to $525,062 by 2022, representing a 118% increase over nine years.
Federal interest rates appear to have influenced homeownership trends in this area. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates declined from 49% to 46%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates stabilized and then increased slightly, possibly due to buyers rushing to secure mortgages before rates climbed further.
Renter occupancy in zip code 59802 has shown an inverse relationship to homeownership rates, increasing from 50% in 2013 to a peak of 56% in 2017-2018, before settling at 51% in 2022. Average rent prices have fluctuated during this period, starting at $982 in 2013, peaking at $1,044 in 2021, and then decreasing slightly to $984 in 2022. The population has also varied, from 19,470 in 2013 to 19,094 in 2022, which may have influenced rental demand and prices.
In 2023 and 2024, average home prices in zip code 59802 continued to rise, reaching $536,949 in 2023 and $552,816 in 2024. This represents a 5.3% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 59802 may continue to rise over the next five years, potentially reaching around $650,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections assume continued economic growth and stable population trends in the area.
In summary, zip code 59802 has experienced a complex interplay between homeownership rates, average home prices, and rental markets. The area has seen substantial appreciation in home values, fluctuating rental prices, and a recent rebound in homeownership rates despite rising interest rates. These trends reflect the dynamic nature of the local real estate market and suggest ongoing changes in the coming years.
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