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Home Values and Ownership in Clancy, Montana: A Decade of Steady Growth
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
Clancy, Montana is a small but growing community nestled in the heart of the state. With a population of 2,337 in 2022, this charming town has seen steady growth over the past decade. The area is characterized by a strong preference for homeownership, with ownership rates consistently above 88% throughout the observed period. This analysis explores the trends in homeownership, average home prices, and average rent prices in Clancy.
The homeownership rate in Clancy has remained remarkably stable, with a slight upward trend over the years. In 2013, the homeownership rate stood at 88%, and by 2022, it had increased to 91%. This high rate of homeownership coincides with a significant increase in average home prices. In 2010, the average home price was $257,678, and by 2022, it had more than doubled to $579,883, representing a 125% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Clancy appears to follow the general trend of lower interest rates encouraging homeownership. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), the homeownership rate increased from 88% to 90%. This trend continued even as interest rates began to rise moderately, with the homeownership rate reaching 91% by 2021 when the federal interest rate was still relatively low at 0.08%.
Renter percentages in Clancy have remained consistently low, ranging from 9% to 12% throughout the observed period. Interestingly, average rent prices have shown significant fluctuations. In 2013, the average rent was $1,306, which decreased to $1,129 in 2016 before rising again to $1,665 in 2019. By 2022, the average rent had stabilized at $1,659. These fluctuations in rent prices don't seem to have a strong correlation with the renter percentages, which remained relatively stable.
Looking at the most recent data, the average home price in Clancy reached $587,163 in 2023 and further increased to $610,808 in 2024. This represents a 5.3% increase from 2023 to 2024, indicating a continued upward trend in the housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Clancy will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on the historical data and current trends, we project that average home prices could reach approximately $750,000 to $800,000 by 2029. Average rent prices are expected to follow a similar upward trajectory, potentially reaching around $1,800 to $2,000 per month in the same timeframe.
In summary, Clancy has maintained a strong preference for homeownership despite significant increases in average home prices. The community has shown resilience in maintaining high homeownership rates even as housing costs have more than doubled over the past decade. While rent prices have fluctuated, they have not significantly impacted the low percentage of renters in the area. As interest rates continue to rise, it will be interesting to observe how this affects the local housing market and homeownership trends in the coming years.
