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Average Home Values and Ownership in Zip Code 59828: Rural Charm Meets Evolving Market 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 59828, located in Corvallis, Montana, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices.
The homeownership rate in zip code 59828 has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 73%, and by 2022, it had risen to 78%. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $224,876, and by 2022, it had dramatically increased to $642,109, representing a 185% increase over this period. This trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), the homeownership rate increased from 73% to 74%. As interest rates began to rise more substantially from 2017 to 2019 (1.00% to 2.16%), the homeownership rate continued to climb, reaching 79% by 2019. This suggests that other factors, such as local economic conditions or housing market dynamics, may have had a stronger influence on homeownership rates in this zip code than national interest rates alone.
Renter percentages in zip code 59828 have generally decreased as homeownership has increased. In 2013, the renter-occupied rate was 27%, which decreased to 22% by 2022. Despite this decline in the renter population, average rent prices have shown significant volatility. In 2013, the average rent was $685, which increased to $966 in 2019, representing a 41% increase. However, rent prices then decreased to $786 in 2020 before rising again to $932 in 2022. This fluctuation in rent prices, despite a decreasing renter population, may indicate changes in the quality or type of rental properties available or shifts in local economic conditions.
Looking at the most recent data, the average home price in zip code 59828 for 2023 was $607,768, showing a slight decrease from the 2022 peak. In 2024, the average home price has rebounded slightly to $624,401. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 59828 will continue to rise, albeit at a slower pace than the rapid growth seen in recent years. The area's desirability and limited housing supply may contribute to sustained price growth. Average rent prices are expected to stabilize and potentially increase moderately, reflecting the area's overall housing market strength and potential demand from those priced out of homeownership.
In summary, zip code 59828 has experienced a significant increase in homeownership rates and average home prices over the past decade. The area has shown resilience in maintaining high homeownership rates despite rising interest rates. While renter percentages have decreased, rent prices have fluctuated considerably. The coming years may see continued but more moderate growth in home prices, with potential stabilization in the rental market.
