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Zip Code 59401: Rising Home Values and Ownership Rates in Great Falls, 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 59401, located in Great Falls, Montana, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 59401 has shown a gradual increase in recent years. In 2013, the homeownership rate was 54%, and by 2022, it had risen to 56%. This upward trend in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $135,997, and by 2022, it had risen dramatically to $238,867, representing a 75.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code is notable. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 51-53%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate also increased, reaching 56% by 2022. This trend suggests that other local factors may have had a stronger influence on homeownership than interest rates alone.
Renter percentages and average rent prices in zip code 59401 have shown interesting trends. The percentage of renters decreased slightly from 46% in 2013 to 44% in 2022. Despite this decrease, average rent prices have generally increased over the same period. In 2013, the average rent was $699, rising to $752 in 2022, an increase of 7.6%. The population in this zip code has remained relatively stable, with 14,629 residents in 2013 and 14,653 in 2022, suggesting that changes in rental demand are likely driven by factors other than population growth.
In 2023 and 2024, the housing market in zip code 59401 continued to evolve. The average home price reached $253,959 in 2023 and further increased to $269,453 in 2024, representing a 12.8% increase from 2022 to 2024. This growth occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing despite higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 59401 may continue to rise over the next five years, potentially reaching around $300,000 by 2029 if current trends persist. Average rent prices are also expected to increase, potentially surpassing $850 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 59401 has experienced a notable increase in homeownership rates and substantial growth in average home prices over the past decade. While renter percentages have slightly decreased, average rent prices have generally increased. The area has shown resilience in its housing market, with continued price growth even in the face of rising interest rates. These trends suggest a strong local housing market with potential for further growth in both home values and rental prices in the coming years.
