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Lincoln, Montana: A Decade of Rising Home Values Amid Shifting Ownership Trends
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
Lincoln, Montana, is a small but vibrant community nestled in the heart of the Blackfoot Valley. With a population of 1,171 in 2022, this charming town has experienced fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows a slight decrease in homeownership, while average home prices have seen a significant increase, particularly in recent years.
The homeownership rate in Lincoln has shown a slight downward trend over the years, with some fluctuations. In 2013, the homeownership rate was 85%, which remained relatively stable until 2015 at 86%. However, by 2018, it had decreased to 78%. The rate rebounded slightly to 82% in 2022. This trend correlates interestingly with the average home prices in the area. In 2013, the average home price was $159,847, which steadily increased to $341,415 by 2022, representing a substantial 113.6% increase over this period.
Federal interest rates have played a role in homeownership trends in Lincoln. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained high, between 83% and 86%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, there was a corresponding decrease in homeownership rates, dropping to 82% in 2022.
The renter percentage in Lincoln has shown an upward trend, increasing from 9% in 2013 to 18% in 2022. This rise in renters correlates with changes in average rent prices. In 2013, the average rent was $656, which fluctuated over the years, reaching a low of $535 in 2016 before rising to $712 in 2022. The increase in renters and rent prices could be attributed to the growing population, which rose from 990 in 2013 to 1,171 in 2022, creating more demand for rental properties.
In 2023 and 2024, Lincoln experienced interesting developments in its housing market. The average home price in 2023 was $340,866, showing a slight decrease from 2022. However, in 2024, the average home price rose to $358,018, indicating a recovery and continued growth in the market. Notably, federal interest rates increased significantly to 5.02% in 2023 and further to 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can expect average home prices in Lincoln to continue their upward trajectory over the next five years. Assuming a similar growth rate to recent years, average home prices could potentially reach around $425,000 by 2029. Average rent prices are also likely to increase, possibly reaching approximately $850 per month in the same timeframe, considering the growing population and increased demand for rental properties.
In summary, Lincoln has experienced a gradual shift from high homeownership rates to an increasing renter population, coupled with significant growth in average home prices. The interplay between federal interest rates, population growth, and housing demand has shaped these trends. As the community continues to evolve, it will be crucial to monitor these factors and their impact on the local housing market.
