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Ballantine, Montana: Rising Home Values and Ownership Rates in a Growing Community
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
Ballantine, Montana, is a small community that has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate dynamics.
The homeownership rate in Ballantine has shown a general upward trend, with some fluctuations. In 2013, the homeownership rate was 81%, which increased to 86% by 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $193,259, which steadily climbed to $389,327 by 2022, representing a remarkable 101.5% increase over this period.
The relationship between federal interest rates and homeownership rates in Ballantine appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), the homeownership rate increased from 81% to 91% by 2017. However, as interest rates began to rise more sharply from 2017 onwards, the homeownership rate experienced some fluctuations, settling at 86% in 2022.
Renter percentages in Ballantine have generally decreased as homeownership rates increased. In 2013, the renter-occupied percentage was 19%, which decreased to 14% by 2022. Interestingly, average rent prices have shown significant volatility. The average rent was $680 in 2013, dropped to $485 in 2017, and then rose sharply to $948 in 2022, a 39.4% increase from 2013 to 2022. This trend might be influenced by the changing population, which grew from 267 in 2013 to 375 in 2022, potentially increasing demand for rental properties despite the overall preference for homeownership.
In 2023 and 2024, the housing market in Ballantine continued to evolve. The average home price in 2023 was $392,460, showing a slight increase from 2022. In 2024, the average home price further rose to $397,156. Notably, federal interest rates increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in Ballantine may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the limited supply of rental properties. However, the rate of increase may moderate as more residents transition to homeownership.
In summary, Ballantine has experienced a significant increase in homeownership rates and average home prices over the past decade. The rental market has shown volatility, with recent sharp increases in average rent prices. The community's growing population and the interplay between interest rates and housing affordability will likely continue to shape these trends in the coming years.
