Renter percentages in zip code 59330 have shown a corresponding decrease as homeownership rates increased. The percentage of renters dropped from 35% in 2020 to 29% in 2022. Despite this decrease in the renter population, average rent prices have continued to rise. In 2013, the average rent was $555, which steadily increased to $819 by 2022, marking a 47.6% increase over nine years. This trend indicates a tightening rental market, possibly due to limited rental inventory or increased demand for higher-quality rental properties.

As of 2024, the average home price in zip code 59330 has reached $215,719, continuing the upward trend observed in previous years. This represents a 5.7% increase from the 2022 average price of $204,148. The federal interest rate in 2024 stands at 5.33%, significantly higher than the 1.68% rate in 2022. Despite this substantial increase in interest rates, the housing market in this zip code appears to remain robust, suggesting strong local demand or limited housing supply.

Looking ahead, predictive models suggest that both average home prices and rent prices in zip code 59330 are likely to continue their upward trajectory over the next five years. Home prices are projected to increase by approximately 3-5% annually, potentially reaching around $250,000 by 2029. Rent prices are expected to follow a similar trend, with annual increases of 2-4%, potentially surpassing $950 per month by 2029.

In summary, zip code 59330 in West Glendive, Montana, has demonstrated a resilient and growing housing market. The area has seen a consistent increase in homeownership rates, coupled with rising home values and rent prices. Despite fluctuations in federal interest rates, local factors appear to be driving continued growth in the real estate sector. As the community evolves, it will be crucial to monitor how these trends impact affordability and accessibility for both homeowners and renters in the coming years.