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Rising Home Values and Shifting Ownership in St. Regis, Montana: A Decade of Housing Trends
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
St. Regis, Montana, is a small community nestled in the heart of the Rocky Mountains. With a population of 779 in 2022 and covering just 0.86 square miles, this charming town offers a blend of natural beauty and small-town living. Over the past decade, St. Regis has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in St. Regis has shown some variability over the years. In 2013, 77% of residents owned their homes. This percentage increased to 84% in 2015, representing the peak of homeownership during the observed period. However, there was a significant shift in 2016, with the ownership rate dropping to 67%. By 2022, the homeownership rate settled at 71%. Concurrently, average home prices in St. Regis have shown a steady upward trend. In 2013, the average home price was $147,237. This figure rose consistently year over year, reaching $352,801 in 2022, representing a substantial 140% increase over this nine-year period.
The relationship between federal interest rates and homeownership rates in St. Regis shows some correlation. For instance, the period from 2013 to 2015 saw relatively low interest rates (0.11% to 0.13%), coinciding with the highest homeownership rates in St. Regis (77% to 84%). As interest rates began to rise more significantly from 2016 onwards, there was a general decline in homeownership percentages, though this trend was not entirely consistent.
Renter percentages in St. Regis have inversely mirrored homeownership rates. The lowest percentage of renters was observed in 2015 at 15%, corresponding with the highest homeownership rate. The renter population increased significantly in 2016 to 32% and remained relatively stable in subsequent years, reaching 29% in 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $514, which increased to $760 in 2018, representing a 48% rise. However, there was a decrease in subsequent years, with the average rent in 2022 being $596, a 22% drop from the 2018 peak.
In 2023, the average home price in St. Regis reached $363,780, continuing the upward trend seen in previous years. The federal interest rate for 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $379,025, while the federal interest rate has risen slightly to 5.33%. These higher interest rates may impact housing affordability and potentially influence homeownership rates in the near future.
Looking ahead, based on the observed trends, we can predict that average home prices in St. Regis are likely to continue their upward trajectory over the next five years, potentially reaching around $450,000 by 2029. However, this growth rate may slow down if interest rates remain high. Average rent prices, which have shown more volatility, are predicted to stabilize and potentially increase moderately, possibly reaching around $700 by 2029, assuming no major economic disruptions.
In summary, St. Regis has experienced significant growth in average home prices over the past decade, with some fluctuations in homeownership rates. The rental market has shown more variability in both occupancy rates and prices. The recent increases in federal interest rates, coupled with rising home prices, may present challenges for potential homebuyers in the coming years, potentially leading to a shift in the balance between owners and renters in this small Montana community.
