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Huson, Montana: Soaring Home Values and Near-Universal Homeownership
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
Huson, Montana is a small community nestled in the western part of the state. This charming locale has experienced notable shifts in homeownership rates and housing prices over the past decade. The city has maintained a high rate of owner-occupied housing, with a general upward trend in average home prices and fluctuating average rent prices.
Homeownership in Huson has shown a strong upward trend, increasing from 91% in 2013 to an impressive 98% in 2022. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $268,339, which steadily climbed to $657,598 by 2022, representing a substantial 145% increase over this period. The most dramatic jump occurred between 2020 and 2021, when average home prices surged from $404,332 to $534,257, a 32% increase in just one year.
The relationship between federal interest rates and homeownership rates in Huson appears to follow the general trend of lower interest rates encouraging higher homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates in Huson increased from 91% to 97%. Even as interest rates began to rise in 2017 and 2018, homeownership rates remained high, possibly due to the momentum built during the low-interest period.
Renter percentages in Huson have correspondingly decreased as homeownership rates rose, dropping from 9% in 2013 to just 2% in 2022. Average rent prices have shown considerable volatility over this period. In 2013, the average rent was $982, which peaked at $1,389 in 2015 before declining to $772 in 2022. This fluctuation in rent prices doesn't seem to directly correlate with the declining renter population, suggesting other factors, such as local economic conditions or housing supply, may be influencing rent prices.
In 2023 and 2024, Huson continued to see growth in average home prices. The average home price in 2023 was $662,080, a slight increase from 2022. In 2024, it further rose to $686,097. Interestingly, this growth occurred despite significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, if current trends continue, we can expect average home prices in Huson to continue their upward trajectory. Projecting the growth rate observed between 2013 and 2022, we might anticipate average home prices reaching approximately $800,000 by 2029. However, the rate of increase may moderate due to the higher interest rate environment. As for rent prices, given their historical volatility, it's challenging to project a clear trend. However, if the homeownership rate remains high and the rental market stays tight, we might see a gradual increase in average rent prices, potentially reaching around $1,200 to $1,300 per month by 2029.
In summary, Huson has experienced a significant increase in homeownership rates and average home prices over the past decade, despite fluctuations in interest rates. The rental market has shrunk considerably, with volatile rent prices. The community's housing market has shown resilience in the face of rising interest rates, suggesting strong local demand for homeownership. These trends point to a continuing robust housing market in Huson, with potential for further price appreciation in the coming years.
