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Average Home Values and Ownership in Zip Code 59913: A Rural Montana Housing Market Analysis
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 59913, located in Coram, Montana, is a small rural area with a remarkably low population density. This sparsely populated region has seen interesting fluctuations in homeownership rates and housing prices over the years, making it a unique case study in real estate trends. The homeownership rate in zip code 59913 has shown significant variability over the past decade. In 2013, the area had a 67% homeownership rate, which remained stable through 2015. Interestingly, this rate jumped to 100% in 2016 and 2017, before returning to 67% from 2018 to 2022. During this period, average home prices in the area experienced a substantial increase. In 2013, the average home price was $169,748, and by 2022, it had risen dramatically to $531,385, representing a 213% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code doesn't follow typical patterns. Despite historically low interest rates from 2013 to 2015 (ranging from 0.09% to 0.13%), the homeownership rate remained at 67%. Surprisingly, when interest rates began to rise in 2016 (0.4%) and 2017 (1%), homeownership peaked at 100%. This suggests that in this particular area, factors other than interest rates may have a more significant influence on homeownership decisions.
Renter percentages and average rent prices in zip code 59913 show an interesting trend. From 2013 to 2015, the renter-occupied rate was consistently 33%. During this period, average rent increased from $809 in 2013 to $990 in 2015, a 22% rise. However, from 2016 onwards, renter data becomes unavailable, coinciding with the period when homeownership reached 100%. Despite this, average rent prices continued to fluctuate, reaching a peak of $1,109 in 2017 before decreasing to $695 in 2022.
In 2023 and 2024, we observe a slight decline in average home prices followed by a modest increase. The average home price in 2023 was $520,912, a 2% decrease from 2022. However, in 2024, the price rose to $539,718, a 3.6% increase from 2023. This occurs against the backdrop of significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 59913 may continue to rise, but at a more moderate pace than the rapid growth seen in the past decade. We might expect average home prices to reach around $600,000 by 2029. Average rent prices, which have shown volatility, could stabilize and potentially increase in line with housing prices, possibly reaching $1,200 per month by 2029.
In summary, zip code 59913 presents a unique real estate landscape characterized by extremely low population density and significant fluctuations in homeownership rates. Despite its small size, the area has experienced substantial growth in average home prices, outpacing changes in rental rates. The coming years may see continued, albeit more moderate, growth in both home prices and rents, shaped by broader economic factors and local market dynamics.
