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Island Park, Idaho: Resilient Homeownership Amidst Fluctuating Home Values
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
Island Park, Idaho is a picturesque city located in Fremont County, known for its stunning natural beauty and proximity to Yellowstone National Park. With a population of 1,126 in 2022 and covering an area of 6.08 square miles, this small city has experienced fluctuations in homeownership rates and housing prices over the past decade.
The homeownership rate in Island Park has remained consistently high, ranging from 89% to 96% between 2013 and 2022. This strong preference for homeownership has been accompanied by a significant increase in average home prices. In 2010, the average home price was $193,004, which steadily rose to $576,287 by 2022, representing a remarkable 198% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Island Park shows an interesting trend. Despite fluctuations in interest rates, the city maintained a high rate of homeownership. For instance, in 2013, when interest rates were at 0.11%, the homeownership rate was 93%. By 2022, with interest rates at 1.68%, the homeownership rate had increased to 95%. This suggests that factors beyond interest rates, such as the city's desirable location and lifestyle, may play a significant role in driving homeownership.
Renter percentages in Island Park have remained relatively low, ranging from 4% to 11% between 2013 and 2022. Average rent prices, available from 2017 onwards, show some volatility. In 2017, the average rent was $1,750, which decreased to $1,231 in 2019 before rising again to $1,660 in 2022. This fluctuation in rent prices could be attributed to changes in the city's population, which varied from 1,018 in 2017 to 963 in 2019, and then increased to 1,126 in 2022.
As of 2024, the average home price in Island Park stands at $534,228, showing a slight decrease from the 2022 peak of $576,287. This cooling of the market comes as federal interest rates have risen to 5.33% in 2024, potentially impacting affordability and demand for home purchases.
Looking ahead, based on recent trends, we can expect average home prices in Island Park to stabilize or experience moderate growth over the next five years. The city's desirable location and limited housing supply may continue to support property values. Rent prices are likely to follow a similar pattern, potentially increasing gradually in response to housing demand and overall economic conditions.
In summary, Island Park has maintained a strong homeownership culture despite significant increases in average home prices over the past decade. The city's unique appeal appears to outweigh the impact of interest rate fluctuations on homeownership rates. While the rental market is smaller, it has shown resilience with fluctuating prices. As we move forward, the housing market in Island Park is likely to remain robust, supported by its attractive location and stable community dynamics.
