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Moose Can Gully: Rising Home Values and Changing Ownership Patterns in Missoula's Dynamic Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Moose Can Gully, a neighborhood in Missoula, Montana, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The analysis of these changes provides insights into the neighborhood's economic health and future prospects.
The homeownership rate in Moose Can Gully has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 71%, which increased to a peak of 83% in 2017. However, it has since decreased slightly, settling at 73% in 2022. Concurrently, average home prices have risen steadily, from $210,695 in 2013 to $487,331 in 2022, representing a substantial increase of 131% over this period.
The relationship between federal interest rates and homeownership rates in Moose Can Gully shows an interesting pattern. From 2013 to 2017, when interest rates were historically low (ranging from 0.11% to 1%), homeownership rates increased from 71% to 83%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more sharply from 2018 onwards, homeownership rates in the neighborhood showed a slight decline, dropping to 73% by 2022 when the federal interest rate reached 1.68%.
Renter percentages in Moose Can Gully have inversely mirrored the homeownership trends, decreasing from 29% in 2013 to a low of 17% in 2017, before rising again to 27% in 2022. Average rent prices have shown an overall upward trend, increasing from $979 in 2013 to $1,258 in 2022, a 28.5% increase. It's worth noting that the population of the neighborhood has fluctuated during this period, reaching a peak of 4,957 in 2019 before declining to 4,100 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, average home prices in Moose Can Gully continued to rise in 2023 and 2024, reaching $497,387 and $512,830 respectively. This represents a 5.2% increase from 2022 to 2024, despite the significant rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing affordability in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Moose Can Gully will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $550,000 to $600,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,400 to $1,500 per month over the same period, assuming current economic conditions and local market factors remain relatively stable.
In summary, Moose Can Gully has experienced a significant increase in average home prices and a moderate rise in average rent prices over the past decade. Homeownership rates have fluctuated but remain relatively high. The neighborhood's housing market has shown resilience, with continued price appreciation even in the face of rising interest rates. However, future trends may be influenced by broader economic factors, potentially affecting affordability and homeownership rates in the coming years.
