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Zip Code 59633: High Homeownership and Rising Home Values in Canyon Creek, 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
Canyon Creek, located in zip code 59633 in Montana, is a small community that has experienced notable changes in its housing market over the past decade. This area has maintained a high rate of homeownership while seeing significant fluctuations in average home prices and average rent prices.
The homeownership rate in Canyon Creek has remained consistently high, though it has shown a slight decline over the years. In 2013, the homeownership rate stood at 94%, gradually decreasing to 88% by 2022. Despite this minor drop, the area still boasts a significantly higher homeownership rate compared to the national average. Concurrently, average home prices have seen a substantial increase. In 2013, the average home price was $211,172, which rose steadily to $495,829 by 2022, representing a remarkable 134.8% increase over this period.
The relationship between federal interest rates and homeownership rates in Canyon Creek appears to follow typical trends. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained high at 89% and 91%. However, as interest rates began to rise in 2022 to 1.68%, there was a slight decrease in homeownership to 88%, suggesting that higher interest rates may have made home purchases less affordable for some residents.
The renter population in Canyon Creek has remained relatively small but has shown some growth. In 2013, only 6% of the population were renters, which increased to 12% by 2022. This growth in the renter population coincides with fluctuations in average rent prices. Average rent peaked at $1,018 in 2013, then decreased to $571 in 2016, before rising again to $799 in 2022. These changes in rent prices and renter percentages may be influenced by the area's population dynamics, which saw a decrease from 1,465 in 2013 to 1,234 in 2022.
Looking at the most recent data, the average home price in Canyon Creek decreased slightly to $491,935 in 2023, before rising again to $515,974 in 2024. This increase occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, indicating a strong local housing market that has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Canyon Creek will continue to rise, albeit at a more moderate pace. The area's consistently high homeownership rate and recent price resilience suggest a stable housing market. Average rent prices are expected to follow a similar upward trend, potentially driven by the gradual increase in the renter population observed in recent years.
In summary, Canyon Creek has maintained a remarkably high homeownership rate despite significant increases in average home prices. The renter population, while small, has shown growth, and rent prices have fluctuated over the years. The area's housing market has demonstrated resilience in the face of rising interest rates, with recent data showing continued growth in average home prices. These trends suggest a robust and desirable housing market in this Montana community.
