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Blackfoot, Idaho: Rising Home Values and Ownership in the "Potato Capital of the World"
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Blackfoot, located in Idaho, is a vibrant community known for its annual Eastern Idaho State Fair. This city has experienced significant changes in homeownership rates and housing prices over the past decade. From 2013 to 2022, Blackfoot saw a notable increase in homeownership, coupled with substantial growth in average home prices and fluctuating average rent prices.
The homeownership rate in Blackfoot has shown a steady upward trend, rising from 66% in 2013 to 73% in 2022. This increase coincided with a dramatic rise in average home prices. In 2013, the average home price was $141,537, which more than doubled to $360,109 by 2022. This represents a remarkable 154% increase over nine years. The relationship between homeownership rates and average home prices suggests that despite rising costs, more residents were able to enter the housing market.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the increase in homeownership in Blackfoot, likely making mortgages more affordable for potential buyers. The sharp rise in interest rates to 1.68% in 2022 did not immediately impact the homeownership rate, which continued to climb to 73% that year.
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As homeownership increased, the percentage of renters in Blackfoot decreased from 34% in 2013 to 27% in 2022. Interestingly, average rent prices fluctuated during this period. In 2013, the average rent was $753, which decreased to $629 in 2018 before rising again to $712 in 2022. These fluctuations may reflect changes in the rental market supply and demand, influenced by the growing population, which increased from 14,508 in 2013 to 16,503 in 2022.
In 2023 and 2024, Blackfoot's housing market showed signs of stabilization. The average home price slightly decreased to $341,022 in 2023 and remained relatively stable at $341,214 in 2024. This stabilization occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Looking ahead, predictive models suggest that average home prices in Blackfoot may continue to stabilize or experience moderate growth over the next five years. This forecast is based on the recent price plateau and the high interest rate environment. Average rent prices are expected to follow a similar trend, potentially seeing modest increases as the population continues to grow and housing demand remains strong.
In summary, Blackfoot has experienced significant growth in homeownership and average home prices from 2013 to 2022. The recent stabilization in home prices, coupled with high interest rates, suggests a potential cooling of the rapid price increases seen in previous years. The rental market has shown resilience with fluctuating prices, and both the housing and rental markets are expected to see moderate growth in the coming years.
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