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Stanford, Montana Zip Code 59479: Rising Home Values Amidst Stable Ownership
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
Stanford, Montana, zip code 59479, is a small town with a population of 463 as of 2022. This rural area has maintained a consistent population density of 1 person per square mile over the years. The town has experienced relatively stable homeownership rates, with a slight decline in recent years, while average home prices have shown significant growth, particularly since 2016. The homeownership rate in Stanford has fluctuated slightly but remained generally high over the past decade. In 2013, 77% of residents owned their homes. This rate decreased to 70% in 2017 before rebounding to 76% in 2022. During this same period, average home prices in the area saw substantial growth. From 2016 to 2022, average home prices increased from $129,596 to $231,298, representing a remarkable 78.5% increase over six years.
Federal interest rates have played a role in homeownership trends in Stanford. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. This coincided with relatively high homeownership rates in the area, peaking at 77% in 2013. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership rates, though they remained relatively high at 76% in 2022.
Renter percentages in Stanford have shown a slight increase over the years, moving from 23% in 2013 to 24% in 2022, with a peak of 30% in 2017. Average rent prices have fluctuated during this period. In 2013, the average rent was $463, which increased to $568 in 2019, representing a 22.7% rise. However, rent prices then decreased to $427 in 2022, a 24.8% drop from the 2019 peak. This decrease in rent prices occurred despite the overall population growth from 443 in 2019 to 463 in 2022.
In 2023 and 2024, average home prices in Stanford continued to rise, reaching $236,627 in 2023 and $239,131 in 2024. This represents a modest increase of 1.1% from 2023 to 2024. Concurrently, federal interest rates climbed significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability in the area.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for Stanford: Average home prices are likely to continue increasing, albeit at a slower rate. We project prices could reach approximately $260,000 to $280,000 by 2029. Average rent prices may stabilize and gradually increase again, potentially reaching $500 to $550 per month by 2029.
In summary, Stanford, Montana (59479) has maintained relatively high homeownership rates despite significant increases in average home prices. The town has experienced fluctuations in average rent prices, with a recent downward trend. The relationship between federal interest rates and homeownership rates is evident, with higher rates potentially dampening homeownership growth. As the town continues to grow, albeit slowly, it will be interesting to see how these housing trends evolve in response to economic factors and local dynamics.
