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Home Values and Ownership in Clyde Park: A Decade of Significant 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
Clyde Park, a small town in Montana, has experienced notable shifts in its housing market over the past decade. This quaint community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Clyde Park has shown a general upward trend from 2013 to 2019, followed by a slight decline in recent years. In 2013, the homeownership rate was 70%, which steadily increased to 83% by 2019. However, this trend reversed in 2020, with homeownership dropping to 78% and further decreasing to 75% in 2022. Concurrently, average home prices in Clyde Park have experienced significant growth. In 2013, the average home price was $173,416, which more than doubled to $395,371 by 2022, representing a 128% increase over nine years.
The relationship between federal interest rates and homeownership rates in Clyde Park shows some correlation. From 2013 to 2019, when interest rates were relatively low (ranging from 0.11% to 2.16%), homeownership rates increased. However, as interest rates began to rise more sharply in 2022 (1.68%), homeownership rates started to decline, suggesting that higher borrowing costs may have impacted affordability and homebuying decisions.
Renter percentages in Clyde Park have inversely mirrored homeownership trends. The proportion of renters decreased from 30% in 2013 to 17% in 2019, before rising again to 25% in 2022. Average rent prices have generally increased over this period, rising from $836 in 2013 to $979 in 2022, a 17% increase. Interestingly, the highest average rent of $1,114 was recorded in 2021, coinciding with a period of lower interest rates and higher homeownership rates.
In 2023 and 2024, Clyde Park's housing market showed signs of stabilization. The average home price slightly decreased to $387,642 in 2023 before rising marginally to $394,478 in 2024. This occurred alongside a significant increase in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially dampening home price growth.
Looking ahead, predictive models suggest a continuation of moderate growth in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 2-3% annually, potentially reaching around $450,000 by 2029. Average rent prices are expected to follow a similar trajectory, with projected annual increases of 1-2%, potentially reaching about $1,100 per month by 2029.
In summary, Clyde Park has experienced substantial growth in average home prices over the past decade, with homeownership rates peaking in 2019 before slightly declining. The rental market has seen more moderate price increases, with renter percentages fluctuating inversely to homeownership rates. Recent stabilization in home prices, coupled with rising interest rates, suggests a potential shift towards a more balanced housing market in the coming years.
