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Cascade, Montana: Rising Home Values Amidst Stable Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Cascade, Montana, a small community in Big Sky Country, has experienced notable changes in homeownership rates and housing prices over the past decade. From 2013 to 2022, homeownership rates increased from 70% to 74%, while average home prices saw substantial growth, rising from $177,581 to $353,644, a 99% increase. This trend suggests a strong correlation between rising home values and sustained homeownership rates in the community.
Federal interest rates have played a crucial role in homeownership trends. In 2013, when interest rates were at 0.11%, homeownership stood at 70%. As rates remained relatively low through 2021 (0.08%), homeownership rates increased to 74%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgage financing more accessible and affordable.
Renter percentages in Cascade decreased slightly from 30% in 2013 to 26% in 2022. Average rent prices experienced some volatility, starting at $572 in 2013, peaking at $806 in 2019, and settling at $717 in 2022, representing a total increase of 25% over the decade. These fluctuations may be influenced by the town's changing population, which grew from 724 in 2013 to 781 in 2022, potentially affecting housing demand and availability.
Recent data shows that average home prices in Cascade continued to rise, reaching $371,299 in 2023 and $389,807 in 2024, a further 10.2% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, average home prices in Cascade are anticipated to continue their upward trajectory, potentially reaching around $450,000 by 2029. Average rent prices are expected to follow a similar pattern, possibly increasing to approximately $850 per month in the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Cascade has demonstrated resilience in homeownership rates despite significant increases in average home prices. The relationship between federal interest rates and homeownership has generally followed expected patterns, with lower rates corresponding to higher ownership percentages. The rental market has shown moderate growth, with some fluctuations likely influenced by population changes. As the town continues to evolve, the housing market is expected to remain dynamic, with both average home prices and rent prices projected to rise in the coming years.
