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Rising Home Values and Shifting Ownership in Jordan, Montana Zip Code 59337: A Decade of Housing Market Changes
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
Jordan, Montana, zip code 59337, is a small rural community that has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of decreasing homeownership rates coupled with rising average home prices and average rent costs. The homeownership rate in zip code 59337 has shown a slight decline from 2013 to 2022. In 2013, the homeownership rate stood at 76%, while by 2022, it had decreased to 69%. This decline coincided with a significant increase in average home prices. In 2016, the average home price was $104,765, and it rose steadily to reach $228,415 by 2022, representing a substantial 118% increase over six years. Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2015, when interest rates were at historic lows (around 0.1-0.13%), homeownership rates remained relatively stable, hovering between 74-78%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed a gradual decline, falling to 69% by 2022. This trend aligns with the general principle that higher interest rates can make homeownership less affordable for some buyers.
The renter population in zip code 59337 has seen a corresponding increase as homeownership rates declined. In 2013, renters made up 24% of the population, and by 2022, this figure had increased to 30%. Interestingly, average rent prices have also risen during this period. In 2013, the average rent was $512, and it increased to $635 by 2022, representing a 24% rise over nine years. This increase in rent prices, coupled with a growing renter population, suggests a tightening rental market in the area.
Looking at the most recent data, the average home price in zip code 59337 slightly decreased to $223,585 in 2023 but then rebounded to $239,452 in 2024. This represents a 7.1% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and average rent costs in zip code 59337. Based on the historical data and current market conditions, average home prices could potentially reach around $275,000 to $300,000 by 2029. Similarly, average rent prices might increase to approximately $700-$750 per month over the same period.
In summary, zip code 59337 has experienced a gradual shift towards a higher percentage of renters, accompanied by substantial increases in both average home prices and average rent costs. The interplay between federal interest rates, housing affordability, and local economic factors has contributed to these trends. As the community moves forward, it will likely continue to see rising property values and rental costs, potentially reshaping the local housing market dynamics.
