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Home Values and Ownership in Zip Code 59317: Rural Montana's Real Estate Dynamics
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
Zip code 59317, located in Biddle, Montana, has experienced significant changes in homeownership rates and housing prices over the past decade. This rural area, with a population density of just 0.8 people per square mile in 2022, has seen interesting shifts in its real estate market.
The homeownership rate in zip code 59317 has shown a general upward trend, increasing from 68% in 2013 to 80% in 2022. This substantial rise in homeownership coincides with a significant increase in average home prices. In 2016, the average home price was $131,089, which steadily climbed to $249,369 by 2022, representing a remarkable 90.2% increase over six years.
The relationship between federal interest rates and homeownership rates in this area appears to follow the expected pattern. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 1.83%, homeownership rates generally increased. This aligns with the principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Conversely, the percentage of renters in zip code 59317 has decreased from 32% in 2013 to 20% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $686 in 2013 to $778 in 2022, with some fluctuations in between. Notably, there was a significant jump in average rent from $740 in 2020 to $816 in 2021, followed by a slight decrease to $778 in 2022.
In 2023 and 2024, the average home prices in zip code 59317 continued to rise, reaching $257,462 in 2023 and $270,126 in 2024. This represents a 3.2% increase from 2022 to 2023 and a further 4.9% increase from 2023 to 2024. Concurrently, federal interest rates have significantly increased, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 59317 will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. The average home price could potentially reach around $300,000 by 2029. Average rent prices are also likely to continue their upward trajectory, possibly reaching $900 per month by 2029, assuming the current trends persist.
In summary, zip code 59317 has seen a significant increase in homeownership rates and average home prices over the past decade, while the renter population has decreased despite rising rent prices. The area's real estate market has shown resilience and growth, with continued price appreciation expected in both the homeownership and rental sectors in the coming years.
