Loading Content...
Hungry Horse: Rising Home Values and Ownership Near Glacier National Park
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hungry Horse, Montana, is a small community nestled in the heart of the Flathead National Forest. This picturesque town, known for its proximity to Glacier National Park, has experienced fluctuating trends in homeownership rates and housing prices over the past decade. The overall trend shows an increase in homeownership percentage, with a corresponding rise in average home prices and average rent prices.
The homeownership rate in Hungry Horse has shown a significant upward trend from 2013 to 2022. In 2013, 65% of residents were homeowners, which increased to 79% by 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $112,478, which more than tripled to $348,052 by 2022. This remarkable 209% increase in average home prices over nine years reflects a strong local real estate market and growing demand for property in the area.
The relationship between federal interest rates and homeownership rates in Hungry Horse appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 65% to 73%. However, even as interest rates began to rise from 2017 onwards, homeownership rates in Hungry Horse continued to climb, reaching 84% in 2021 when interest rates were at a low of 0.08%. This suggests that other local factors, such as employment opportunities or lifestyle preferences, may have played a significant role in driving homeownership in the area.
Renter percentages in Hungry Horse have generally decreased as homeownership rates increased. In 2013, 34% of residents were renters, which decreased to 21% by 2022. Despite this decline in the renter population, average rent prices have shown significant volatility. The average rent price increased from $740 in 2013 to a peak of $1,660 in 2017, before declining to $1,005 in 2022. This represents a 35.8% increase in average rent prices over the nine-year period, despite the decreasing percentage of renters. The fluctuations in rent prices may be attributed to changes in the local economy, tourism patterns, or the limited supply of rental properties in this small community.
In 2023 and 2024, the housing market in Hungry Horse showed signs of stabilization. The average home price in 2023 was $335,980, a slight decrease from 2022, but it rebounded to $349,065 in 2024. This represents a modest 3.9% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for Hungry Horse: Average home prices are likely to continue their upward trajectory, albeit at a more moderate pace. We predict an average annual increase of 5-7%, potentially reaching around $450,000 by 2029. Average rent prices may stabilize or show modest growth, potentially averaging around $1,200-$1,400 per month by 2029, assuming the current balance between supply and demand remains relatively stable. Homeownership rates may plateau or slightly decrease due to higher interest rates and increased home prices, potentially settling around 75-80% over the next five years.
In summary, Hungry Horse has experienced a significant increase in homeownership rates and average home prices over the past decade. The community has shown resilience in maintaining high homeownership rates despite rising home prices and fluctuating interest rates. The rental market, while smaller, has seen volatile price changes. As we move forward, the interplay between interest rates, housing affordability, and local economic factors will continue to shape the real estate landscape of this charming Montana town.
