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Joliet, Montana: Small Town Sees Big Changes in Home Values and Ownership
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
Joliet, Montana, is a small community that has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the local real estate landscape. From 2013 to 2022, Joliet saw fluctuations in its homeownership rates, with a general trend towards higher owner-occupancy. The ownership percentage rose from 83% in 2013 to 88% in 2022, reaching its peak. This increase in homeownership coincided with a significant rise in average home prices. In 2016, the average home price was $247,990, which steadily increased to $454,155 by 2022, representing an impressive 83% growth over six years.
The relationship between federal interest rates and homeownership rates in Joliet shows an interesting pattern. Despite the gradual increase in federal interest rates from 0.09% in 2014 to 1.68% in 2022, the homeownership rate in Joliet remained relatively stable and even increased slightly. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates during this period.
Renter percentages in Joliet have generally decreased as homeownership increased, dropping from 17% in 2013 to 12% in 2022. However, average rent prices have shown an upward trend. The average rent rose from $723 in 2013 to $875 in 2022, an increase of about 21% over nine years. This rise in rent prices occurred despite fluctuations in the town's population, which decreased from 668 in 2013 to 696 in 2022, suggesting that factors beyond population changes were influencing rental costs.
In 2023 and 2024, Joliet's housing market continued to evolve. The average home price in 2023 was $454,249, showing a slight increase from 2022. In 2024, the average home price rose further to $484,041, indicating a continued upward trend. Notably, federal interest rates increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the town.
Looking ahead, predictive models suggest that average home prices in Joliet may continue to rise over the next five years, potentially reaching around $550,000 by 2029 if current trends persist. Average rent prices are also expected to increase, possibly approaching $1,200 per month within the same timeframe. However, these projections assume a continuation of current economic conditions and local market factors.
In summary, Joliet has experienced a trend towards increased homeownership and rising property values over the past decade. Despite fluctuations in population and increases in federal interest rates, the local housing market has shown resilience and growth. The continued rise in both home prices and rent suggests a strong demand for housing in the area, which may present both opportunities and challenges for residents and potential newcomers in the coming years.
