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Rising Home Values and Stable Ownership in Rural Zip Code 59006: A Decade of Growth in Ballantine, Montana
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 59006, which encompasses Ballantine in Montana, presents an interesting case study in rural housing dynamics. This area has seen notable fluctuations in population and homeownership rates over the past decade, with a general trend towards increased population density and stable homeownership levels.
The ownership percentage in Ballantine has remained relatively high, hovering around 80% throughout the observed period. In 2013, the homeownership rate was 84%, which slightly decreased to 81% by 2022. This minor decline coincided with a significant increase in average home prices. In 2013, the average home price was $187,409, which steadily rose to $387,717 by 2022, representing a substantial 107% increase over nine years.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 80%. However, as interest rates began to rise from 2017 onwards, there was a slight decrease in homeownership, dropping to 78% in 2016 before stabilizing again at around 80-82% in subsequent years. This suggests that while interest rates influenced homeownership, other factors such as local economic conditions and housing supply also played significant roles in maintaining high ownership rates.
Renter percentages in Ballantine have fluctuated between 16% and 22% from 2013 to 2022. Interestingly, average rent prices have shown a general downward trend despite the increasing population. In 2013, the average rent was $922, which peaked at $925 in 2014 before gradually declining to $810 in 2022. This 12% decrease in average rent over nine years, coupled with a 31% increase in population (from 338 in 2013 to 443 in 2022), suggests that the local rental market may have expanded to accommodate the growing population, potentially leading to more competitive pricing.
Looking at the most recent data, the average home price in Ballantine reached $390,021 in 2023 and further increased to $395,813 in 2024. This continued upward trend in home prices occurs despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These high interest rates would typically be expected to cool the housing market, yet prices continue to climb, indicating strong demand or limited supply in the area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Ballantine will likely continue to rise, albeit at a potentially slower rate due to the high interest rate environment. We might expect average home prices to reach around $450,000 to $500,000 by 2029. For rent prices, the trend is less clear, but given the historical data, we might see a stabilization or slight increase, potentially reaching an average of $850 to $900 per month by 2029.
In summary, Ballantine in zip code 59006 has maintained a high rate of homeownership despite significant increases in home prices. The area has experienced population growth while seeing a decrease in average rent prices, suggesting a complex interplay of local economic factors. The resilience of home prices in the face of rising interest rates indicates a robust local housing market, likely driven by strong demand or limited supply.
