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Joplin, Montana: Rising Home Values Amid Population Decline
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
Joplin, Montana, is a small community located in Liberty County. The city has experienced significant demographic changes over the past decade, with notable shifts in homeownership rates and housing prices. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices in Joplin. The homeownership rate in Joplin has shown considerable fluctuation over the years, with a general upward trend in recent times. In 2013, the homeownership rate stood at 63%, and by 2022, it had increased to 76%. This substantial rise in homeownership coincides with changes in average home prices. The average home price in Joplin saw a significant increase from $118,957 in 2016 to $202,690 in 2022, representing a 70.4% increase over six years.
The relationship between federal interest rates and homeownership rates in Joplin appears to follow established trends. As interest rates remained low from 2013 to 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. The most dramatic increase in homeownership occurred between 2021 and 2022, rising from 66% to 76%, despite a slight increase in interest rates to 1.68% in 2022.
Renter percentages in Joplin have shown an inverse relationship to homeownership rates. In 2013, the renter-occupied percentage was 36%, which decreased to 23% by 2022. Interestingly, average rent prices have remained relatively stable despite these changes. The average rent increased from $656 in 2013 to $674 in 2022, representing only a 2.7% increase over nine years. This stability in rent prices, combined with the decreasing renter population, suggests that the rental market in Joplin has remained competitive and affordable.
In 2023 and 2024, the average home prices in Joplin continued to rise, reaching $206,938 in 2023 and $211,421 in 2024. This represents a 2.1% increase from 2022 to 2023 and a further 2.2% 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 in the area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Joplin will continue to rise, albeit at a more moderate pace. Based on the historical data and current economic conditions, average home prices could potentially reach around $230,000 to $240,000 by 2029. Average rent prices are expected to remain relatively stable, with potential increases to around $700 to $720 per month over the next five years.
In summary, Joplin has experienced a significant increase in homeownership rates and average home prices over the past decade. The stability of rent prices, combined with decreasing renter percentages, suggests a shift towards homeownership in the community. The recent rise in interest rates may moderate the pace of homeownership growth and home price increases in the coming years, but the overall trend appears to favor continued growth in the housing market of Joplin.
