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Zip Code 59037: Lockwood's Rising Home Values and Stable Ownership Rates
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 59037, representing Lockwood in Montana, presents an intriguing demographic and housing landscape. This area has experienced notable fluctuations in population and homeownership rates over the past decade, with a general trend towards increased homeownership and rising average home prices.
The homeownership rate in Lockwood has remained relatively stable, hovering around 80-86% between 2013 and 2022. This high rate of homeownership coincides with a significant increase in average home prices. In 2010, the average home price was $218,022, which steadily rose to $446,602 by 2022, representing a substantial 104.8% increase over 12 years. The year 2021 saw a particularly sharp rise in average home prices, jumping from $329,607 in 2020 to $381,947, a 15.9% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in Lockwood. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. During this time, homeownership rates remained high, likely due to the affordability of mortgages. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed slight fluctuations but remained resilient, suggesting other factors such as local economic conditions may have supported continued high levels of homeownership.
Renter percentages in Lockwood have fluctuated between 14% and 20% from 2013 to 2022. Interestingly, average rent prices have shown a general downward trend during this period. In 2013, the average rent was $962, which decreased to $824 by 2022, representing a 14.3% decline. This trend is somewhat atypical and may be influenced by local factors such as housing supply increases or changes in the local job market. The population has grown from 1,458 in 2013 to 1,874 in 2022, which might have influenced the rental market dynamics.
In 2023 and 2024, the average home prices in Lockwood continued their upward trajectory, reaching $460,137 in 2023 and $473,916 in 2024. This represents a 3% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability.
Looking ahead, based on historical trends and current data, we can project continued growth in average home prices for Lockwood over the next five years. If the current rate of increase persists, average home prices could potentially reach around $550,000 by 2029. However, the rental market may see a stabilization or slight increase in average rents, possibly reaching $900-$950 per month by 2029, assuming the local economy remains stable and population growth continues.
In summary, Lockwood in zip code 59037 has maintained a high rate of homeownership despite rising average home prices. The area has experienced significant appreciation in property values, with a notable acceleration in recent years. The rental market, conversely, has seen declining average rents, creating an interesting dynamic between homeownership and renting in this Montana community. The coming years are likely to see continued growth in home values, while the rental market may experience a modest rebound.
