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Zip Code 59446: Rising Home Values and Ownership Trends in Geraldine, 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 59446, located in Geraldine, Montana, is a rural area covering 625.45 square miles. This community has experienced fluctuations in homeownership rates and housing prices over the past decade, with recent trends showing an increase in both average home prices and average rent.
The homeownership rate in zip code 59446 has shown some variability but maintained a generally high level. In 2013, the homeownership rate was 74%, and by 2022, it remained stable at 74%. During this period, average home prices in the area saw significant growth. The average home price in 2016 was $137,978, and by 2022, it had increased to $233,548, representing a substantial 69.3% increase over six years. This trend suggests a strong correlation between rising home values and sustained homeownership rates in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with fluctuations in homeownership rates, but overall, they remained high. For instance, the homeownership rate peaked at 80% in 2019 when the interest rate was 2.16%. The low interest rates during this period likely contributed to maintaining high homeownership levels by making mortgages more affordable.
Renter percentages in zip code 59446 have shown some fluctuation over the years. In 2013, the renter-occupied rate was 26%, and by 2022, it remained at 26%. However, there were variations in between, with the lowest point of 19% in 2019. Average rent prices have seen a significant increase during this period. In 2013, the average rent was $604, and by 2022, it had risen to $1,026, representing a 69.9% increase. This substantial rise in rent prices occurred despite relatively stable renter percentages, suggesting that other factors, such as housing demand or local economic conditions, may have influenced rent prices more than occupancy rates.
In 2023 and 2024, the housing market in zip code 59446 experienced some changes. The average home price in 2023 was $221,550, showing a slight decrease from 2022. However, in 2024, the average home price increased to $231,910. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 59446 may continue to rise over the next five years, but at a more moderate pace. The average home price could potentially reach around $260,000 by 2029. Average rent prices are also likely to continue their upward trend, possibly reaching approximately $1,200 per month in the same timeframe. However, these projections could be influenced by various factors such as local economic conditions, population changes, and broader market trends.
In summary, zip code 59446 has maintained a high homeownership rate despite significant increases in average home prices. The area has also seen substantial growth in average rent prices, even with relatively stable renter percentages. The recent rise in interest rates and the slight fluctuation in home prices in 2023 and 2024 may signal a potential shift in the housing market dynamics, which could influence future homeownership rates and housing affordability in this Montana community.
