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Roberts: Rising Home Values and Steady Ownership in a Growing Montana Community
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
Roberts, Montana, is a small community that has experienced notable demographic and housing market changes over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate market dynamics. The homeownership rate in Roberts has fluctuated between 76% and 84% from 2013 to 2022, indicating a predominantly owner-occupied housing market. Average home prices have shown a significant upward trend, particularly in recent years. The average rent prices have also experienced changes, albeit with some variations. Examining the relationship between homeownership rates and average home prices reveals an interesting pattern. In 2016, when the average home price was $279,932, the homeownership rate stood at 80%. As average home prices increased to $526,143 in 2022, the homeownership rate slightly decreased to 76%. This suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends. From 2013 to 2016, when interest rates were relatively low (0.11% to 0.40%), homeownership rates remained stable around 76-82%. As interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), homeownership rates showed some fluctuation but generally remained in the 76-84% range. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight increase in homeownership to 77% in 2021, potentially due to more affordable financing options.
Renter percentages have inversely mirrored homeownership rates, ranging from 16% to 24% between 2013 and 2022. Average rent prices have shown an overall upward trend, increasing from $1,007 in 2013 to $1,226 in 2022. This represents a 21.7% increase over the period. Interestingly, the population of Roberts grew from 722 in 2013 to 882 in 2022, a 22.2% increase. This population growth may have contributed to the rising demand for rental properties and the subsequent increase in average rent prices.
In 2023, the average home price in Roberts reached $530,954, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $552,245, while interest rates have slightly risen to 5.33%. These figures indicate a continuing trend of rising home prices and interest rates, which may impact affordability and homeownership rates in the near future.
Looking ahead, predictive models suggest that average home prices in Roberts may continue to rise over the next five years, potentially reaching around $650,000 by 2029. Average rent prices are also expected to follow an upward trajectory, possibly surpassing $1,400 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Roberts has experienced significant growth in both population and housing prices over the past decade. The community has maintained a high rate of homeownership despite rising home prices, but this trend may face challenges if prices continue to climb and interest rates remain elevated. The rental market has also seen steady growth, reflecting the increased demand for housing in the area. As the community continues to evolve, balancing affordability with growth will be crucial for maintaining a diverse and stable housing market.
