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Franklin to the Fort: Soaring Home Values Amid Resilient 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
Franklin to the Fort: A Decade of Rising Home Values and Stable Ownership Franklin to the Fort, a neighborhood in Missoula, Montana, has experienced significant changes in its housing market over the past decade. This area, known for its mix of residential and commercial spaces, has seen a consistent increase in average home prices while maintaining relatively stable homeownership rates. The interplay between property values, ownership percentages, and rent prices reflects the dynamic nature of this community's real estate landscape. Home Prices and Ownership Trends The relationship between homeownership rates and average home prices in Franklin to the Fort has shown interesting patterns. In 2013, the homeownership rate stood at 49%, with an average home price of $173,838. As property values steadily increased over the years, reaching $243,828 by 2019, the ownership rate remained constant at 49%. A notable shift occurred in 2020 when average home prices jumped to $268,817, coinciding with a slight decrease in homeownership to 48%. Surprisingly, in 2021, despite average home prices surging to $349,091, homeownership increased to 52%. This unexpected rise could be attributed to factors such as low interest rates or changing preferences during the pandemic.
Interest Rates and Market Dynamics Federal interest rates have played a crucial role in shaping homeownership trends in Franklin to the Fort. From 2013 to 2020, historically low interest rates ranging from 0.09% to 0.38% likely contributed to the stability in homeownership rates, even as home prices rose. The slight increase in interest rates to 1.68% in 2022 coincided with a return to a 50% homeownership rate, suggesting a potential impact on buying decisions. These fluctuations highlight the complex interplay between interest rates, home prices, and ownership patterns in the neighborhood.
Rental Market Trends The rental market in Franklin to the Fort has also shown interesting patterns. In 2013, 51% of residents were renters, with an average rent of $1,020. As the renter percentage increased to 56% in 2016, average rent rose to $1,082. Interestingly, by 2019, despite a decrease in the renter percentage to 51%, average rent reached $1,085. This suggests that factors beyond simple supply and demand, such as overall property values and local economic conditions, influenced rent prices. The population growth from 12,078 in 2013 to 14,311 in 2019 likely contributed to upward pressure on both home prices and rents.
Recent Developments and Future Projections The most recent data shows that average home prices in Franklin to the Fort continued their upward trajectory, reaching $424,970 in 2023 and $436,679 in 2024. This represents a significant increase from previous years, indicating strong demand in the local housing market. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions and affordability.
Looking ahead, predictive models forecast that average home prices in Franklin to the Fort will continue to rise, albeit potentially at a slower rate due to higher interest rates. By 2029, average home prices could reach approximately $500,000 to $550,000, assuming a moderate annual growth rate of 3-4%. Average rent prices are also expected to increase, potentially reaching $1,200 to $1,300 per month by 2029, reflecting ongoing demand for rental properties in the area.
Conclusion Franklin to the Fort has experienced significant growth in property values over the past decade, with average home prices more than doubling from 2013 to 2024. Despite fluctuations, homeownership rates have remained relatively stable, hovering around 50%. The neighborhood has demonstrated resilience in the face of changing economic conditions, with both ownership and rental markets adapting to population growth and varying interest rates. As the community continues to evolve, it is likely to maintain its appeal to both homeowners and renters, with property values expected to appreciate further in the coming years.
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