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Average Home Values and Ownership Trends in Zip Code 59930: West Kootenai's Unique Real Estate Landscape
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
West Kootenai, located in zip code 59930 in Montana, is a rural community with a relatively small population. Over the past decade, this area has experienced notable fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in West Kootenai has shown a general upward trend, with some fluctuations. In 2013, the homeownership rate was 87%, which increased to a peak of 95% in 2019. However, there was a slight decline to 82% by 2022. Concurrently, average home prices in the area have seen significant growth. In 2013, the average home price was $215,860, which steadily increased to $476,662 by 2022, representing a remarkable 121% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in West Kootenai. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates increased from 87% to 93%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise from 2017 onwards, homeownership rates in the area remained high, suggesting other local factors may have influenced this trend.
Renter percentages in West Kootenai have generally been low, reflecting the high homeownership rates. In 2013, renters made up 12% of the population, which decreased to just 4% by 2019. However, there was a notable increase to 17% in 2022. Average rent prices have remained relatively stable over this period, with only minor fluctuations. The average rent was $773 in 2013 and slightly increased to $774 by 2022. This stability in rent prices, combined with the significant increase in home prices, may have contributed to the recent uptick in renter percentages.
In 2023 and 2024, the housing market in West Kootenai continued to show strength. The average home price reached $486,367 in 2023 and further increased to $513,512 in 2024, representing a 5.6% year-over-year increase. This growth occurred despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting robust demand for housing in the area.
Looking ahead, based on the historical trends and current market conditions, we can expect the average home prices in West Kootenai to continue their upward trajectory over the next five years. A conservative estimate would suggest an annual growth rate of 5-7%, potentially reaching around $650,000-$700,000 by 2029. Rent prices, which have been stable, may see moderate increases of 2-3% annually, potentially reaching around $850-$900 by 2029.
In summary, West Kootenai has experienced a significant increase in average home prices over the past decade, coupled with generally high homeownership rates. The recent increase in renter percentages and the continued rise in home prices suggest a dynamic housing market that may be becoming less accessible for new homebuyers. The area's ability to maintain high home values despite rising interest rates indicates strong local demand and potentially limited housing supply.
