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Browning, Montana: Rising Home Values and Fluctuating Ownership 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
Browning, Montana, is a small community with a population that has fluctuated over the years, reaching 664 residents in 2022. This town has experienced significant changes in homeownership rates and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Browning has shown notable fluctuations over the past decade. In 2013, the homeownership rate stood at 55%, but by 2021, it had decreased to 47%. However, there was a rebound in 2022, with the rate increasing to 53%. Interestingly, the average home prices in Browning have shown a consistent upward trend since 2016. The average home price in 2016 was $78,546, and by 2022, it had risen dramatically to $139,583, representing a substantial increase of 77.7% over six years.
The relationship between federal interest rates and homeownership rates in Browning appears to follow established economic patterns. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained relatively stable at around 50%. However, as interest rates began to rise in 2022 to 1.68%, there was a slight increase in homeownership to 53%, possibly due to residents rushing to secure mortgages before rates climbed further.
Renter percentages in Browning have generally mirrored the inverse of homeownership rates. In 2013, the renter-occupied rate was 45%, which increased to 52% by 2021, before decreasing slightly to 47% in 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $464, which increased to $612 by 2019. However, there was a decrease to $499 in 2021, followed by an increase to $552 in 2022. These fluctuations in rent prices and renter percentages may be influenced by changes in population and local economic conditions.
In 2023 and 2024, the average home prices in Browning continued to rise, reaching $141,596 in 2023 and $143,469 in 2024. This represents a more modest growth rate compared to previous years. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, based on the historical data and current trends, we can forecast that average home prices in Browning may continue to increase over the next five years, but at a slower pace due to higher interest rates. We might expect average home prices to reach around $155,000 to $160,000 by 2029. Average rent prices are likely to follow a similar trend, potentially reaching $600 to $650 per month by 2029, assuming continued modest growth and accounting for potential economic fluctuations.
In summary, Browning has experienced significant changes in its housing market over the past decade. The most notable trends include the overall increase in average home prices, fluctuations in homeownership rates, and the general upward trend in rent prices. These trends reflect the interplay between local economic conditions, population changes, and broader economic factors such as interest rates. The recent sharp increase in interest rates may have significant implications for future homeownership rates and housing affordability in Browning.
