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Stockett, Montana: Rising Home Values and Ownership Rates in a Rural Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Stockett, a small community in Montana, has experienced notable shifts in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in this rural settlement.
The homeownership rate in Stockett has shown fluctuations but generally trended upward from 2013 to 2022. In 2013, the homeownership rate was 80%, which increased to 87% by 2022. This rise in homeownership coincided with a significant increase in average home prices. From 2014 to 2022, average home prices in Stockett rose from $139,154 to $296,349, representing a substantial 113% increase over eight years.
The relationship between federal interest rates and homeownership rates in Stockett shows an interesting pattern. Despite the federal interest rate increasing from 0.13% in 2015 to 1.68% in 2022, the homeownership rate in Stockett actually rose from 76% to 87% during this period. This suggests that local factors may have had a stronger influence on homeownership than national interest rates in this particular community.
Renter percentages in Stockett have generally decreased as average rent prices increased. In 2013, 19% of the population were renters, with an average rent of $775. By 2022, the renter percentage had decreased to 13%, while the average rent had risen to $926, a 19.5% increase. This trend suggests that rising rent prices may have encouraged more residents to transition to homeownership, especially given the simultaneous increase in home values.
In 2023 and 2024, Stockett's housing market continued to evolve. The average home price reached $308,516 in 2023 and further increased to $330,686 in 2024, representing a 7.2% year-over-year growth. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in Stockett may continue to rise over the next five years, potentially reaching around $400,000 by 2029 if current trends persist. Average rent prices are also expected to increase, potentially surpassing $1,100 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Stockett has seen a notable increase in homeownership rates alongside rising home values and rent prices. The community has demonstrated resilience in maintaining high homeownership rates despite fluctuating interest rates. The continued upward trajectory of both home prices and rents suggests a strong local housing market, though future trends may be influenced by broader economic conditions and demographic shifts.
