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Rising Home Values and Stable Ownership: Bogert Park'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
Bogert Park, located in Bozeman, Montana, is a vibrant neighborhood that has experienced significant shifts in its housing landscape over the past decade. This area has seen fluctuations in homeownership rates, coupled with notable increases in both average home prices and average rent prices. The neighborhood's dynamic nature is reflected in its changing demographics and housing market trends.
The relationship between homeownership percentages and average home prices in Bogert Park reveals an interesting trend. In 2013, when the homeownership rate was 36%, the average home price was $281,460. As average home prices steadily increased, reaching $506,603 in 2018, the homeownership rate slightly decreased to 34%. This trend continued, with average home prices soaring to $818,427 in 2022, while the homeownership rate remained relatively stable at 37%. This suggests that rising home prices have not significantly deterred homeownership in the area, possibly indicating strong local economic factors or desirability of the neighborhood.
Federal interest rates have played a role in shaping homeownership trends in Bogert Park. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates in the neighborhood decreased from 36% to 29%. However, as interest rates began to rise from 2017 onwards, homeownership rates stabilized and even increased slightly, reaching 41% in 2020 when the federal interest rate was 0.38%. This counter-intuitive trend suggests that other local factors may have a stronger influence on homeownership decisions in Bogert Park than national interest rates.
Renter percentages and average rent prices in Bogert Park have shown a correlation over the years. In 2013, with 64% of residents renting, the average rent was $724. As the renter percentage increased to 71% in 2016, average rent rose modestly to $746. The trend continued with renter occupancy reaching 66% in 2018, coinciding with an average rent of $846. By 2022, despite a slight decrease in renter occupancy to 63%, average rent had surged to $1,132. This substantial increase in rent prices, despite fluctuations in renter percentages, suggests a strong demand for rental properties in the area, possibly driven by factors such as job market growth or the neighborhood's attractiveness to new residents.
Looking at the most recent data, average home prices in Bogert Park reached $806,223 in 2023 and further increased to $832,796 in 2024. This represents a modest growth of approximately 3.3% from 2023 to 2024. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, indicating a tightening monetary policy environment.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and rent prices in Bogert Park. Based on historical patterns and current economic indicators, average home prices could potentially reach around $950,000 to $1,000,000 by 2029. Average rent prices are projected to follow a similar upward trajectory, potentially surpassing $1,400 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Bogert Park has demonstrated resilience in its housing market, with steadily increasing average home and rent prices despite fluctuations in ownership and renter percentages. The neighborhood has maintained a relatively stable homeownership rate in the face of rising home prices, suggesting strong local demand. The rental market has shown significant growth, with average rents nearly doubling over a decade. These trends, combined with recent data and future projections, indicate that Bogert Park is likely to remain a desirable and potentially increasingly expensive area for both homeowners and renters in the coming years.
