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Toston, Montana: Rising Home Values and Strong Ownership in a Rural 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
Toston, Montana, is a small community nestled in the heart of the state. Over the past decade, this charming locale has experienced interesting shifts in homeownership rates and property values. The town has consistently maintained a high percentage of owner-occupied homes, with a gradual increase in recent years. Concurrently, average home prices have shown a significant upward trend, while average rent prices have remained relatively stable.
The trend between ownership percentage and average home prices in Toston reveals a positive correlation. In 2013, the homeownership rate stood at 85% with an average home price of $140,684. By 2022, the ownership rate had increased to 89%, while the average home price rose dramatically to $386,540. This represents a 174.8% increase in average home prices over nine years, accompanied by a 4 percentage point increase in homeownership. The most substantial jump in average home prices occurred between 2020 and 2022, with a 64.9% increase from $234,415 to $386,540.
Federal interest rates have played a role in homeownership trends in Toston. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. During this period, homeownership rates fluctuated between 82% and 85%. As interest rates began to rise in 2022 to 1.68%, homeownership actually increased to 89%, possibly due to residents securing mortgages before further rate hikes.
The renter population in Toston has shown a declining trend in recent years. In 2013, 15% of the population were renters, and this percentage remained relatively stable until 2020 when it was 13%. By 2022, the renter percentage had decreased to 11%. Interestingly, average rent prices have shown minimal fluctuation. In 2013, the average rent was $850, which decreased to $677 in 2014 and remained at that level through 2022, with only a slight increase to $678 in 2019 and 2022. This stability in rent prices, despite the decrease in renter population, suggests a balanced rental market in Toston.
In 2023 and 2024, Toston continued to see growth in average home prices. The average home price in 2023 was $386,877, showing a slight increase from 2022. In 2024, the average home price rose further to $421,282, representing an 8.9% increase from the previous year. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices continued to appreciate, indicating strong demand in the Toston housing market.
Looking ahead, based on the historical data and current trends, we can forecast continued growth in average home prices for Toston over the next five years. Assuming a conservative annual growth rate of 5%, we could expect average home prices to reach approximately $537,000 by 2029. Rent prices, which have remained stable for several years, may start to see modest increases. Projecting a 2% annual increase, average rent could potentially rise to around $748 by 2029.
In summary, Toston has demonstrated a robust housing market characterized by increasing homeownership rates and rising average home prices. Despite fluctuations in federal interest rates, the community has maintained a strong preference for homeownership. The rental market has remained stable, with decreasing renter percentages and consistent average rent prices. As Toston moves forward, it appears poised for continued growth in property values, potentially attracting more homeowners to this Montana community.
