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Zip Code 59711: Soaring Home Values and Shifting Ownership Patterns in Anaconda-Deer Lodge County, 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 59711, located in Anaconda-Deer Lodge County, Montana, presents an interesting case study of homeownership and housing market trends. This area has experienced significant shifts in both ownership percentages and housing prices over the past decade, reflecting broader economic changes and local market dynamics. The homeownership rate in zip code 59711 has shown a gradual decline from 2013 to 2022. In 2013, 72% of residents were homeowners, but by 2022, this figure had decreased to 65%. Conversely, the percentage of renters increased from 28% to 35% during the same period. This shift coincided with a substantial increase in average home prices. In 2013, the average home price was $95,508, which more than doubled to $255,607 by 2022, representing a 167% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained very low, hovering around 0.1% to 0.4%. During this period, homeownership rates in zip code 59711 remained relatively stable, only decreasing slightly from 72% to 70%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined more rapidly, falling to 65% by 2022. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The rental market in zip code 59711 has also seen notable changes. As the percentage of renters increased from 28% in 2013 to 35% in 2022, average rent prices showed some fluctuation. In 2013, the average rent was $524, which peaked at $733 in 2016 before declining to $535 in 2022. This trend suggests that despite the increase in the renter population, other factors such as local economic conditions or housing supply may have influenced rent prices.
Looking at the most recent data, the average home price in zip code 59711 reached $267,296 in 2023 and further increased to $285,429 in 2024. This represents a 4.6% increase from 2022 to 2023 and a 6.8% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 59711 will continue to rise, albeit at a potentially slower rate than seen in recent years. Based on historical data and current market conditions, we project average home prices could reach approximately $330,000 to $350,000 by 2029. For rent prices, the forecast suggests a moderate upward trend, with average rents potentially increasing to around $650 to $700 per month by 2029, assuming economic conditions remain stable and housing demand continues to grow in the area.
In summary, zip code 59711 has experienced a notable shift from homeownership to renting over the past decade, coinciding with substantial increases in average home prices. The interplay between federal interest rates, local economic factors, and housing market dynamics has significantly influenced these trends. As we look to the future, continued price appreciation in both the home buying and rental markets is anticipated, though at a potentially more moderate pace than seen in recent years.
