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Moyie Springs, Idaho: Home Values Soar as Ownership Rates 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
Moyie Springs, Idaho is a small city located in Boundary County, known for its picturesque surroundings and close-knit community. Over the past decade, Moyie Springs has experienced fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Moyie Springs has shown a general downward trend from 2013 to 2022. In 2013, 88% of residents owned their homes, but by 2022, this figure had decreased to 73%. Conversely, the average home prices have seen a substantial increase during this period. In 2013, the average home price was $180,070, which rose dramatically to $521,304 by 2022, representing a 189% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in Moyie Springs. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 88% to 77%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to decline, reaching 73% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The rental market in Moyie Springs has experienced corresponding changes. As homeownership rates declined, the percentage of renters increased from 12% in 2013 to 27% in 2022. Average rent prices have shown volatility during this period. In 2013, the average rent was $719, which peaked at $1,354 in 2017 before settling at $857 in 2022. The fluctuations in rent prices may be attributed to changes in local housing supply and demand, as well as broader economic factors affecting the region.
Looking at the most recent data, the average home price in Moyie Springs for 2023 was $489,870, showing a slight decrease from the 2022 peak. In 2024, the average home price further declined to $480,733. Interestingly, federal interest rates have continued to rise, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may contribute to the cooling of home prices, as higher borrowing costs can dampen demand in the housing market.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Moyie Springs may experience a period of stabilization or modest growth, given the recent cooling trend and higher interest rates. Average rent prices are likely to continue their upward trajectory, albeit at a more moderate pace, as the rental market adjusts to changing homeownership rates and overall housing demand in the area.
In summary, Moyie Springs has witnessed a significant shift in its housing landscape over the past decade. The decline in homeownership rates, coupled with substantial increases in average home prices, points to growing affordability challenges for potential homebuyers. The rental market has expanded in response, with fluctuating rent prices reflecting the dynamic nature of the local housing market. Recent data showing a slight decline in home prices and rising interest rates suggest a potential market correction, which may influence future homeownership trends and housing affordability in Moyie Springs.
