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Zip Code 59065: Home Values and Ownership Trends in Pray, 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 59065, located in Pray, Montana, presents an intriguing mix of rural charm and dynamic real estate trends. This area has experienced significant fluctuations in homeownership rates and property values over the past decade, reflecting the changing landscape of this picturesque Montana community. The homeownership rate in zip code 59065 has shown considerable variability, with a notable increase in recent years. In 2013, the homeownership rate stood at 77%, but it experienced a decline to 61% by 2017. However, there has been a remarkable resurgence, with homeownership reaching 88% in 2022, indicating a strong preference for property ownership in the area. This trend coincides with a substantial rise in average home prices. In 2013, the average home price was $425,864, which steadily increased to $1,047,312 by 2022, representing a impressive 146% growth over nine years.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), homeownership rates fluctuated significantly. Interestingly, the sharp increase in homeownership to 88% in 2022 occurred as interest rates began to rise to 1.68%, suggesting that local factors may have a stronger influence on homeownership decisions in this area than national interest rate trends.
Renter percentages and average rent prices in zip code 59065 have also shown interesting patterns. The percentage of renters peaked at 37% in 2017, coinciding with an average rent of $1,062. However, as homeownership increased, the renter percentage dropped to just 12% by 2022, while the average rent remained relatively stable at $1,055. This suggests that despite the decrease in rental demand, rental prices have maintained their value, possibly due to the overall attractiveness of the area or limited rental inventory.
In 2023 and 2024, we see a slight correction in the average home prices in zip code 59065. The average home price decreased to $943,480 in 2023 and then slightly increased to $968,357 in 2024. This represents a 9.9% decrease from the 2022 peak, followed by a modest 2.6% recovery. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the cooling of home prices.
Looking ahead, predictive models suggest that average home prices in zip code 59065 may continue to experience moderate growth over the next five years, albeit at a slower pace than the rapid increases seen in the early 2020s. Average rent prices are expected to remain stable or see slight increases, reflecting the area's continued desirability and limited rental inventory.
In summary, zip code 59065 has demonstrated a strong trend towards homeownership, with rates reaching 88% in 2022. This has been accompanied by substantial growth in average home prices, which more than doubled from 2013 to 2022. Despite a recent slight correction in home prices and rising interest rates, the area remains attractive to homeowners. The rental market, while smaller, has maintained stable prices even as the renter population has decreased. These trends paint a picture of a desirable rural community with a robust and evolving real estate market.
