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Rising Home Values and Ownership in Zip Code 59019: Columbus's Resilient Housing Market
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
Zip code 59019, located in Columbus, Montana, is a rural area spanning 239.51 square miles. This zip code has experienced fluctuating homeownership rates and significant changes in average home prices over the past decade. The area has seen a general trend of increasing homeownership and rising average home prices, with some notable variations in average rent prices.
From 2013 to 2022, the homeownership rate in zip code 59019 showed an overall increase. In 2013, the homeownership rate was 82%, and by 2022, it had risen to 83%. During this period, average home prices also saw a substantial increase. In 2012, the average home price was $181,719, and by 2022, it had risen dramatically to $420,194, representing a 131% increase over a decade.
The relationship between federal interest rates and homeownership rates in this area is somewhat complex. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates actually decreased slightly from 82% to 77%. However, as interest rates began to rise from 2017 onwards, homeownership rates also increased, reaching 83% by 2022 when the federal interest rate was 1.68%.
Renter percentages and average rent prices in zip code 59019 have shown some interesting trends. The percentage of renters decreased from 23% in 2016 to 17% in 2022. Interestingly, average rent prices fluctuated significantly during this period. In 2013, the average rent was $982, peaked at $990 in 2014, and then declined to $823 in 2022. This decrease in average rent prices, coupled with the declining percentage of renters, suggests a shift towards homeownership in the area.
Looking at the most recent data, the average home price in zip code 59019 increased to $422,261 in 2023 and further to $441,088 in 2024. This represents a 5% increase from 2022 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices continued to appreciate, indicating strong demand in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 59019 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $525,000 to $550,000. For average rent prices, we expect a moderate increase, potentially reaching around $950 to $1,000 per month by 2029.
In summary, zip code 59019 has demonstrated a strong trend towards homeownership, with rates increasing from 77% in 2016 to 83% in 2022. Average home prices have shown remarkable growth, more than doubling from 2012 to 2022. Despite fluctuations in average rent prices and rising interest rates, the area continues to see appreciation in home values. These trends suggest a robust housing market in Columbus, Montana, with a preference for homeownership among residents.
