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Zip Code 59434: Rising Home Values and Ownership in East Glacier Park Village, 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
East Glacier Park Village, located in zip code 59434 in Montana, is a small community near Glacier National Park that has experienced significant changes in homeownership rates and housing prices over the past decade. The overall trend shows a strong increase in homeownership, coupled with rising average home prices and fluctuating average rent prices.
The homeownership rate in East Glacier Park Village has increased from 74% in 2013 to 91% in 2022. This rise in homeownership corresponds with a significant increase in average home prices. In 2016, the average home price was $127,124, and by 2022, it had risen to $219,019, representing a 72% increase over six years. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2021, interest rates remained relatively low, ranging from 0.08% to 2.16%. This period of low interest rates coincided with the substantial increase in homeownership rates in East Glacier Park Village. The low-interest environment likely made mortgages more affordable, encouraging more residents to purchase homes.
As homeownership rates increased, the percentage of renters in the area decreased significantly, from 21% in 2013 to just 9% in 2022. Average rent prices have shown considerable fluctuation during this period. In 2013, the average rent was $731, which decreased to $452 in 2015 before rising again to $661 in 2022. These fluctuations in rent prices, coupled with the decreasing renter population, suggest a complex rental market influenced by factors such as housing availability and local economic conditions.
In 2023 and 2024, the average home prices in East Glacier Park Village continued to rise, reaching $233,043 in 2023 and $242,644 in 2024. This represents a 10.7% increase from 2022 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting future homeownership trends in the area.
Looking ahead, based on the current trends, we can predict that average home prices in East Glacier Park Village will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $275,000 to $300,000 by 2029. Average rent prices, which have been more volatile, are harder to predict but may stabilize or increase moderately, potentially reaching $700 to $750 per month by 2029, assuming the current economic conditions persist.
In summary, East Glacier Park Village has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The area has seen a substantial decrease in renters, while average rent prices have fluctuated. The recent rise in interest rates may impact future homeownership trends, but the strong local housing market suggests continued growth in property values.
