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Zip Code 59754: Twin Bridges, Montana - A Decade of Rising Home Values and Stable Ownership
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
Twin Bridges, Montana, located in zip code 59754, is a small town with a population of 739 as of 2022. This rural community has experienced fluctuations in homeownership rates and housing prices over the past decade. The area has seen a general trend of increasing average home prices and rent, while homeownership rates have shown some variability.
The relationship between homeownership rates and average home prices in Twin Bridges has been complex. In 2016, when average home prices were $201,262, the homeownership rate was 78%. As average home prices rose to $245,143 in 2019, the homeownership rate decreased slightly to 73%. However, by 2022, despite a significant increase in average home prices to $453,741, the homeownership rate remained relatively stable at 72%. This suggests that local residents have been able to maintain homeownership despite rising prices, possibly due to strong community ties or local economic factors.
Federal interest rates have played a role in homeownership trends in Twin Bridges. In 2016, when interest rates were low at 0.4%, the homeownership rate was at its peak of 78%. As interest rates rose to 2.16% in 2019, homeownership decreased slightly to 73%. Interestingly, even as interest rates dropped to 0.08% in 2021, homeownership continued to decline to 66%, suggesting that other factors beyond interest rates were influencing homeownership decisions in the area.
Renter percentages and average rent prices have shown a general upward trend. In 2013, the renter-occupied percentage was 27% with an average rent of $599. By 2022, the renter percentage remained at 27%, but the average rent had increased significantly to $863. The most dramatic increase in average rent occurred between 2020 and 2021, jumping from $881 to $999, coinciding with a rise in the renter percentage from 31% to 34%. This suggests that despite rising rents, demand for rental properties remained strong, possibly due to increasing population or changing demographics.
In 2023, the average home price in Twin Bridges slightly decreased to $449,014, while federal interest rates rose to 5.02%. Moving into 2024, we see a modest increase in average home prices to $454,039, with interest rates further climbing to 5.33%. These higher interest rates may impact affordability and could potentially slow down the rapid home price appreciation seen in previous years.
Looking ahead, predictive models suggest that average home prices in Twin Bridges may continue to increase over the next five years, but at a more moderate pace due to higher interest rates. Average rent prices are also expected to rise, driven by population growth and potential shifts towards renting if homeownership becomes less affordable. However, the rate of increase may slow down as the market adjusts to economic conditions and local housing supply.
In summary, Twin Bridges has experienced significant growth in both average home prices and rent over the past decade. While homeownership rates have remained relatively stable in recent years, the interplay between rising home prices, fluctuating interest rates, and rental market dynamics will likely continue to shape the local housing landscape in the coming years.
