The rental market in Viola has shown inverse trends to homeownership. As homeownership rates increased, the percentage of renters decreased from 11% in 2021 to just 4% in 2022. Despite this decrease in renters, average rent prices have remained relatively stable. In 2022, the average rent was $1,230, only slightly lower than the $1,247 observed in 2021. This stability in rent prices, despite fewer renters, suggests a limited but consistent demand for rental properties in the area.

Looking at the most recent data, in 2023, the average home price in zip code 83872 slightly decreased to $586,485. However, in 2024, there has been a rebound with average home prices rising to $604,515. This increase occurs despite a significant jump in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and home prices in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 83872 will continue to show moderate growth, potentially reaching around $650,000 by 2029. This projection is based on the area's recent price increases and the strong homeownership rates. For rent prices, we expect a gradual increase, potentially reaching an average of $1,350 to $1,400 per month by 2029, assuming the local economy remains stable and population growth continues.

In summary, Viola in zip code 83872 has demonstrated a robust housing market characterized by very high homeownership rates and steadily increasing home values. The rental market, while small, has maintained stable prices despite fluctuations in the renter population. The area has shown resilience in the face of rising interest rates, with home prices continuing to appreciate. These trends suggest a strong local housing market with a preference for homeownership, likely driven by the rural setting and community characteristics of Viola.