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Zip Code 59034: Rising Home Values and Dynamic Ownership Trends in Hardin, Montana
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
Zip code 59034, located in Hardin, Montana, has experienced significant shifts in homeownership and housing market dynamics over the past decade. This area, spanning 828.41 square miles, has seen fluctuations in its population and housing trends, reflecting broader economic and social changes. The homeownership rate in zip code 59034 has shown a notable trend, decreasing from 67% in 2013 to a low of 53% in 2018, before rebounding to 62% in 2022. This shift coincides with changes in average home prices, which have seen a substantial increase. In 2016, the average home price was $119,099, rising steadily to reach $219,995 by 2022, representing an 84.7% increase over six years. The relationship between federal interest rates and homeownership rates in this area is evident. As interest rates remained low, particularly from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates initially declined. This counterintuitive trend might be attributed to other local economic factors. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized and then increased, possibly due to residents rushing to purchase homes before rates climbed further.
Rental trends in zip code 59034 have shown an inverse relationship to homeownership rates. The percentage of renters increased from 33% in 2013 to a peak of 47% in 2018, before declining to 38% in 2022. Average rent prices have fluctuated during this period, starting at $689 in 2013, peaking at $799 in 2016, and then settling at $699 in 2022. These fluctuations in rent prices and renter percentages may be influenced by changes in the local population, which decreased from 4,837 in 2014 to 4,446 in 2022.
Looking at the most recent data, the average home price in zip code 59034 continued its upward trajectory, reaching $230,691 in 2023 and $240,033 in 2024. This represents a 9.1% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply, hitting 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 59034 will continue to rise, potentially reaching around $280,000 by 2029. This projection is based on the consistent upward trend observed since 2016. For rent prices, considering the historical fluctuations, we predict a moderate increase, potentially reaching an average of $750-$800 per month by 2029.
In summary, zip code 59034 has experienced a significant increase in average home prices, a recent rebound in homeownership rates, and fluctuations in rental markets. The interplay between federal interest rates, local economic conditions, and population changes has shaped these trends. As home prices continue to rise and interest rates remain high, the area may see further shifts in homeownership and rental patterns in the coming years.
