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Zip Code 59410: Augusta's Rising Home Values and Ownership Trends in Rural 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
Augusta, situated in zip code 59410 in Montana, is a small community with a population of 645 as of 2022. This area has experienced significant changes in homeownership rates and housing prices over the past decade. The overall trend indicates an increase in homeownership percentage and a substantial rise in average home prices, while average rent prices have shown more variability. The homeownership rate in Augusta has demonstrated an overall upward trend, increasing from 63% in 2015 to 67% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $147,611, and by 2022, it had more than doubled to $309,259. This represents a remarkable 109.5% increase over nine years. The most significant jump occurred between 2020 and 2022, with average home prices rising from $206,608 to $309,259, a 49.7% increase in just two years.
Federal interest rates have played a role in homeownership trends in Augusta. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the initial increase in homeownership from 68% in 2013 to 73% in 2021. However, as interest rates began to rise significantly in 2022 (1.68%) and 2023 (5.02%), we see a slight decrease in homeownership to 67% in 2022.
The renter percentage in Augusta has fluctuated inversely to homeownership rates, declining from 37% in 2015 to 33% in 2022. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $541, which remained relatively stable until 2016 when it jumped to $733. Subsequently, rent prices decreased to $508 in 2017 before rising again to $711 in 2022. This represents a 31.4% increase in average rent from 2013 to 2022, despite some intervening fluctuations.
In 2023 and 2024, we see a slight decline in average home prices, with values of $295,626 and $298,854 respectively. This represents a 4.4% decrease from the 2022 peak. Concurrently, federal interest rates have continued to rise, reaching 5.02% in 2023 and 5.33% in 2024. This combination of higher interest rates and slightly lower home prices may impact future homeownership trends in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Augusta may stabilize or show modest growth over the next five years. The recent cooling of prices after the sharp increases from 2020 to 2022 suggests a potential market correction. Average rent prices are likely to continue their upward trajectory, albeit at a more moderate pace, potentially reaching around $800-$850 by 2029.
In summary, Augusta has experienced significant growth in both homeownership rates and average home prices over the past decade. The relationship between federal interest rates and homeownership has been evident, with low rates corresponding to increased ownership. Despite some fluctuations, the overall trend points towards a strengthening housing market in this Montana community, with both homeownership and property values on the rise.
