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Park City Zip Code 59063: Rising Home Values and Stable Ownership in Montana
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
Park City, located in zip code 59063 in Montana, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate dynamics.
The homeownership rate in Park City has shown a slight decline over the years, starting at 87% in 2013 and settling at 83% in 2022. Despite this minor decrease, the area maintains a high rate of owner-occupied housing. Concurrently, average home prices have seen a significant upward trend. In 2012, the average home price was $182,454, which steadily increased to $445,436 by 2022, representing a remarkable 144% growth over this period.
The relationship between federal interest rates and homeownership rates in Park City appears to follow the general trend observed nationwide. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 83-87%. As interest rates began to rise more significantly from 2017 onwards, there was a slight dip in homeownership rates, reaching a low of 78% in 2018 when the federal interest rate was 1.83%.
Renter percentages in Park City have shown a corresponding increase as homeownership rates declined, rising from 13% in 2013 to 17% in 2022. Average rent prices have exhibited volatility over this period. Starting at $951 in 2013, average rents dropped to a low of $385 in 2018 before rebounding to $962 in 2022. This fluctuation might be attributed to changes in local economic conditions or shifts in the rental property market.
The average home price in Park City reached $460,227 in 2023 and further increased to $481,645 in 2024. This continued upward trajectory suggests a strong demand for housing in the area. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Park City will likely continue to rise, albeit potentially at a slower rate due to higher interest rates. By 2029, average home prices could potentially reach the $550,000 to $600,000 range. Average rent prices, following their recent upward trend, may stabilize or see moderate increases, potentially reaching $1,100 to $1,200 per month by 2029.
In summary, Park City has demonstrated a robust housing market with steadily increasing average home prices despite a slight decline in homeownership rates. The area maintains a high proportion of owner-occupied housing, suggesting a stable community with strong ties to homeownership. The recent sharp increases in federal interest rates may pose challenges for future homebuyers, potentially slowing the rate of price appreciation and homeownership growth in the coming years. However, the consistent upward trend in home values indicates a sustained demand for housing in this Montana community.
