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Average Home Values Soar in Rural Zip Code 59923: Happys Inn, Montana Sees Doubling of Prices
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 59923, located in Happys Inn, Montana, presents an interesting case study in homeownership and housing market trends. This rural area has experienced significant fluctuations in population and housing dynamics over the past decade, with a general trend towards increased homeownership and rising average home prices.
The homeownership rate in zip code 59923 has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 73%, which increased to 79% by 2019, before settling at 73% in 2022. During this period, average home prices saw a substantial increase. In 2013, the average home price was $139,619, which rose steadily to $314,056 by 2022, representing a remarkable 125% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 74%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased, reaching 79% in 2019. This suggests that factors other than interest rates, such as local economic conditions or housing supply, may have played a more significant role in homeownership trends in this area.
Renter percentages in zip code 59923 have generally decreased over time, from 27% in 2013 to 21% in 2019, before rising slightly to 27% in 2022. Average rent prices have shown some volatility, starting at $721 in 2013, peaking at $767 in 2019, and then decreasing to $691 in 2022. This trend doesn't directly correlate with the population changes, which saw a decline from 9,717 in 2013 to 9,596 in 2022, suggesting that local economic factors or changes in housing stock may be influencing rent prices more than population shifts.
In 2023 and 2024, average home prices in zip code 59923 continued their upward trajectory, reaching $331,891 in 2023 and $350,417 in 2024. This represents a 11.6% increase from 2022 to 2024, despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024. These figures indicate a resilient housing market in the area, with demand remaining strong even in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 59923 will continue to rise over the next five years, potentially reaching around $425,000 by 2029. This projection assumes a continuation of the current growth rate and stable economic conditions. Average rent prices, which have been more volatile, may stabilize and show modest growth, potentially reaching around $750 per month by 2029.
In summary, zip code 59923 has demonstrated a robust housing market with increasing homeownership rates and substantial growth in average home prices over the past decade. Despite fluctuations in population and federal interest rates, the area has maintained a strong preference for homeownership. The continued rise in home prices, even in the face of higher interest rates, suggests a sustained demand for housing in this Montana community. However, the rental market has shown more variability, indicating a need for close monitoring of local economic factors that might influence future trends.
