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Broadview, Montana: High Homeownership and Soaring Home Values in a Small Town
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
Broadview, a small town in Montana, has experienced notable shifts in its housing landscape over the past decade. This close-knit community has maintained a strong preference for homeownership, with ownership rates consistently above 80% throughout the observed period. The town has seen significant changes in both average home prices and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Broadview has shown remarkable stability, with a slight upward trend from 2013 to 2020. In 2013, 82% of residents were homeowners, and this figure increased to 88% by 2020, indicating a strong local preference for owning rather than renting. Interestingly, this increase in homeownership coincided with a substantial rise in average home prices. From 2013 to 2022, average home prices in Broadview rose from $176,749 to $325,822, representing an impressive 84% increase over nine years.
The relationship between federal interest rates and homeownership rates in Broadview presents an intriguing pattern. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable. However, as interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, homeownership rates in Broadview actually increased slightly, reaching 88% by 2020. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends during this period.
Renter percentages in Broadview have consistently remained low, fluctuating between 11% and 18% from 2013 to 2022. Despite this small renter population, average rent prices have shown considerable volatility. In 2013, the average rent was $626, which increased to $1,023 in 2018, representing a 63% rise. However, rent prices then fluctuated, dropping to $862 in 2019 before climbing again to $1,171 in 2022. This volatility in rent prices, coupled with the town's small population (515 in 2022), suggests that even minor changes in the rental market can have significant impacts on average prices.
The years 2023 and 2024 have seen continued growth in Broadview's housing market. Average home prices reached $342,107 in 2023 and further increased to $353,998 in 2024, representing a 5% year-over-year increase. This growth has occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing.
Looking ahead, predictive models suggest that Broadview's housing market will continue to see growth, albeit at a potentially slower pace. Average home prices are forecasted to increase by approximately 3-4% annually over the next five years, potentially reaching around $420,000 by 2029. Average rent prices are expected to follow a similar trend, with projected increases of 2-3% per year, potentially reaching around $1,350 by 2029.
In summary, Broadview's housing market has demonstrated resilience and growth, with consistently high homeownership rates and significant increases in average home prices. The rental market, while small, has shown volatility in pricing. Despite rising interest rates, the local housing market has continued to appreciate, reflecting strong demand and potentially limited supply. These trends suggest that Broadview remains an attractive location for homeowners, with a robust and growing housing market.
