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Rising Home Values and Ownership Trends in Lakeside, Montana: A Decade of Growth
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
Lakeside, Montana is a picturesque community nestled in the northwestern part of the state. This charming locale has experienced notable fluctuations in its homeownership rates and housing market over the past decade. From 2013 to 2022, the percentage of owner-occupied homes has ranged from 73% to 83%, while average home prices have shown a significant upward trend, particularly in recent years.
The relationship between homeownership rates and average home prices in Lakeside reveals some interesting patterns. In 2013, when the homeownership rate was 75%, the average home price was $347,077. As homeownership rates peaked at 83% in 2019, average home prices had risen to $449,451. Interestingly, despite a slight decrease in homeownership to 76% by 2022, average home prices continued to climb dramatically, reaching $833,716. This suggests that while homeownership rates have fluctuated, home values in Lakeside have consistently appreciated, with the most substantial increases occurring in recent years.
Federal interest rates have played a role in shaping homeownership trends in Lakeside. From 2013 to 2020, interest rates remained relatively low, hovering between 0.09% and 2.16%. During this period, homeownership rates in Lakeside were generally stable, ranging from 73% to 83%. The low interest rate environment likely contributed to maintaining these high levels of homeownership by making mortgages more affordable for residents.
Renter percentages and average rent prices in Lakeside have shown their own distinct trends. The percentage of renters fluctuated between 18% and 27% from 2013 to 2022. Average rent prices have seen considerable variation, starting at $950 in 2013, peaking at $1,239 in 2021, and then dropping to $813 in 2022. It's worth noting that the population of Lakeside grew from 3,042 in 2013 to 3,312 in 2015, which coincided with a slight decrease in average rent from $950 to $867. However, as the population declined to 2,625 by 2022, rent prices showed more volatility, suggesting that factors beyond population changes were influencing the rental market.
Looking at the most recent data, the average home price in Lakeside for 2023 was $789,503, showing a slight decrease from the 2022 peak. However, the 2024 average home price has rebounded to $821,778, indicating continued strength in the housing market. Notably, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Lakeside will continue to rise, albeit at a more moderate pace than the sharp increases seen in recent years. The average home price could potentially reach around $950,000 by 2029. For rent prices, we expect a gradual increase, with average rents potentially climbing to approximately $1,400 per month over the next five years.
In summary, Lakeside has demonstrated a robust housing market with consistently high homeownership rates and steadily increasing average home prices. The rental market has shown more volatility, with fluctuations in both renter percentages and average rent prices. Recent increases in federal interest rates may influence future homeownership trends, potentially moderating the rapid home price appreciation seen in recent years. Overall, Lakeside remains an attractive area for both homeowners and investors, with a strong outlook for continued growth in its housing market.
