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Zip Code 59243: Fox Lake's Rising Home Values and Ownership Trends
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
Fox Lake, situated in zip code 59243 in Montana, has experienced notable shifts in homeownership and housing prices over the past decade. The community has shown a general increase in homeownership rates, accompanied by fluctuations in average rent prices. From 2013 to 2022, Fox Lake witnessed an overall upward trend in homeownership rates. The rate increased from 67% in 2013 to 76% in 2022, marking a significant 9 percentage point rise over the decade. The highest homeownership rate of 77% was recorded in 2020, while the lowest rate of 61% occurred in 2016. This trend suggests a growing preference for homeownership in the area. Federal interest rates have played a role in shaping homeownership trends. Between 2013 and 2016, when interest rates were relatively low (ranging from 0.11% to 0.40%), homeownership rates fluctuated between 61% and 67%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates also increased, reaching 75% in 2019. This trend continued even as interest rates dropped again in 2020 and 2021, with homeownership rates remaining above 70%.
Renter percentages in Fox Lake have generally decreased over the same period, inversely mirroring the homeownership trend. The renter-occupied rate decreased from 33% in 2013 to 24% in 2022. The highest renter percentage of 39% was observed in 2016, coinciding with the lowest homeownership rate. Average rent prices have shown some volatility, peaking at $986 in 2013 and reaching a low of $678 in 2022. Despite the overall decrease in renter percentages, rent prices have not consistently followed this trend, suggesting other factors may influence rental costs in the area.
In 2023 and 2024, average home prices in Fox Lake showed a notable increase. The average home price rose from $365,783 in 2023 to $381,412 in 2024, representing a 4.3% increase. This upward trend in home prices occurred despite relatively high federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating strong demand for housing in the area.
Based on recent trends and current economic conditions, the following 5-year trends can be forecast for Fox Lake: 1. Average home prices are likely to continue their upward trajectory, potentially reaching around $450,000 by 2029, assuming a similar growth rate to the 2023-2024 period. 2. Average rent prices may stabilize or show modest increases, potentially reaching around $750-$800 per month by 2029, considering the historical fluctuations and recent downward trend. 3. Homeownership rates are expected to remain high, possibly stabilizing around 75-80%, given the consistent upward trend observed in recent years.
In conclusion, Fox Lake has experienced a significant shift towards homeownership over the past decade, with rising home prices and fluctuating rent costs. The community has shown resilience in maintaining high homeownership rates despite varying economic conditions, suggesting a strong local housing market. The recent sharp increase in average home prices, combined with high interest rates, indicates robust demand for housing in the area, which is likely to continue in the near future.
