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Zip Code 59752: Rising Home Values and Ownership Rates 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
Zip code 59752, located in Wheatland, Montana, has experienced significant changes in its housing market over the past decade. This rural area has seen a steady increase in population and homeownership rates, coupled with fluctuating average home prices and rent costs.
The ownership percentage in zip code 59752 has shown a notable upward trend, rising from 71% in 2016 to 81% in 2022. This increase in homeownership coincided with a substantial rise in average home prices, which grew from $247,190 in 2016 to $544,975 in 2022, representing a 120% increase over six years. The correlation between rising homeownership rates and increasing home prices suggests a strong demand for housing in this area, potentially driven by factors such as local economic growth or an influx of new residents.
Federal interest rates appear to have played a role in homeownership trends in zip code 59752. From 2016 to 2020, when interest rates were relatively low (ranging from 0.38% to 2.16%), homeownership rates increased from 71% to 78%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, the continued rise in homeownership to 81% in 2022, despite interest rates climbing to 1.68%, suggests other factors may be influencing the local housing market.
Renter percentages in zip code 59752 have inversely mirrored the homeownership trend, decreasing from 29% in 2016 to 19% in 2022. Interestingly, average rent prices have fluctuated during this period, with no clear correlation to the declining renter population. The average rent peaked at $966 in 2013, dropped to $890 in 2017, and then rose again to $1,053 in 2021 before decreasing to $899 in 2022. The population growth from 3,869 in 2016 to 4,347 in 2022 may have contributed to the overall demand for housing, potentially offsetting the impact of declining renter percentages on rent prices.
In 2023 and 2024, the average home prices in zip code 59752 showed a slight decline followed by a recovery. The average home price decreased from $544,975 in 2022 to $530,725 in 2023, before rising again to $545,580 in 2024. This minor fluctuation occurred despite a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. The resilience of home prices in the face of higher interest rates suggests strong underlying demand in this market.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 59752 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. The average home price could reach approximately $600,000 by 2029. Average rent prices, which have been more volatile, may stabilize or show modest increases, potentially reaching around $1,100 per month in the same timeframe. These predictions assume continued population growth and sustained demand for housing in the area.
In summary, zip code 59752 has demonstrated a robust housing market characterized by increasing homeownership rates and rising average home prices. The area has shown resilience to interest rate changes, suggesting strong local demand for housing. The declining renter population, coupled with fluctuating rent prices, indicates a shifting preference towards homeownership in this Montana community.
