Renter percentages in zip code 59014 have generally decreased as homeownership rates increased. The renter-occupied percentage dropped from 27% in 2013 to 20% in 2019, before slightly increasing to 25% by 2022. Interestingly, despite the decrease in renter percentage, average rent prices have steadily increased. The average rent rose from $608 in 2013 to $752 in 2022, a 23.7% increase. This trend suggests a tightening rental market, possibly due to limited rental inventory or increased demand for the available rental properties.

Looking at the most recent data, the average home price in zip code 59014 reached $364,124 in 2023 and further increased to $380,315 in 2024. This represents a 4.2% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer behavior in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 59014 will continue to rise, albeit at a potentially slower rate than observed in recent years. Factors such as local economic growth, population changes, and housing supply will influence this trend. Average rent prices are also expected to increase moderately, driven by overall housing market dynamics and potential shifts in renter demand.

In summary, zip code 59014 has experienced a notable increase in homeownership rates and substantial growth in average home prices over the past decade. The area has shown resilience in maintaining high homeownership rates even as interest rates fluctuated. The rental market, while shrinking in terms of percentage, has seen steady increases in average rent prices. These trends reflect a dynamic housing market in Bridger, Montana, with potential for continued growth and evolution in the coming years.