Loading Content...
Helmville, Montana: Rising Home Values and Fluctuating Ownership in a Rural Setting
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Helmville, Montana, is a small rural community nestled in the picturesque landscapes of the American West. This tiny settlement has experienced fluctuations in its homeownership rates and housing market over the past decade. The ownership percentage has shown variability, while average home prices have generally trended upward. Average rent prices have also seen modest increases, reflecting the changing dynamics of this small community.
The relationship between homeownership rates and average home prices in Helmville has been complex. In 2013, the ownership rate was 57%, with an average home price of $176,435. By 2017, ownership increased to 75% while average home prices rose to $199,846. However, this trend reversed in 2019, with ownership dropping to 40% despite average home prices climbing to $222,116. This suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in homeownership trends in Helmville. When interest rates were low, around 0.11% in 2013, homeownership was at 57%. As rates gradually increased to 1.83% by 2018, homeownership rose to 75%, possibly due to residents locking in lower rates before further increases. However, even as rates remained relatively low at 2.16% in 2019, homeownership dropped to 40%, indicating that other local factors may have influenced this shift.
Renter percentages and average rent prices have shown some correlation in Helmville. In 2013, with 29% of residents renting, the average rent was $582. By 2019, the renter percentage increased to 40%, coinciding with an average rent of $644. This suggests that as demand for rentals increased, so did rental prices. However, the small population of Helmville means that even minor changes in occupancy can lead to significant percentage shifts in housing statistics.
In 2023, average home prices in Helmville reached $425,177, with federal interest rates at 5.02%. Moving into 2024, average home prices further increased to $448,080, while interest rates rose slightly to 5.33%. These figures represent the most current data available and reflect the ongoing upward trend in both home prices and interest rates in the area.
Looking ahead, predictive models suggest that average home prices in Helmville may continue to rise over the next five years, potentially reaching around $500,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $700 per month within the same timeframe. These projections are based on historical trends and current economic indicators.
In summary, Helmville has experienced significant fluctuations in homeownership rates, with a general trend towards higher average home prices. The rental market has seen modest growth in both occupancy and prices. Recent data shows a continued increase in home values, even as interest rates have risen. The interplay between these factors will likely continue to shape the housing landscape of this small Montana community in the coming years.
