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Zip Code 59820: Cyr, Montana's Soaring Home Values and Ownership Rates
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 59820, located in Cyr, Montana, has experienced significant changes in homeownership rates and housing prices over the past decade. This rural area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices.
The ownership percentage in zip code 59820 has shown a notable upward trend, increasing from 75% in 2015 to 85% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2015, the average home price was $213,689, which steadily climbed to $491,116 by 2022, representing a remarkable 130% increase over seven years. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 59820. The period from 2015 to 2020 saw relatively low interest rates, ranging from 0.13% to 0.38%. This low-interest environment likely contributed to the increase in homeownership, as it made mortgage financing more accessible and affordable for potential buyers. The sharp rise in homeownership from 75% in 2017 to 83% in 2018 coincided with interest rates remaining below 2%, further supporting this relationship.
Conversely, the renter percentage in zip code 59820 has decreased from 25% in 2015 to 15% in 2022. Despite this decline in the renter population, average rent prices have shown volatility. In 2015, the average rent was $1,059, which decreased to $770 in 2020 before rising sharply to $1,200 in 2021, and then falling again to $839 in 2022. These fluctuations in rent prices do not seem to directly correlate with the declining renter population, suggesting other factors, such as local economic conditions or housing supply, may be influencing rent prices.
In 2023 and 2024, the housing market in zip code 59820 showed signs of stabilization. The average home price slightly decreased to $483,391 in 2023 but rebounded to $508,749 in 2024. This represents a modest 5.2% increase from 2023 to 2024. Notably, federal interest rates rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 59820 may continue to rise over the next five years, albeit at a more moderate pace compared to the rapid increases seen in the early 2020s. Average rent prices are expected to stabilize and potentially show modest growth, reflecting the area's evolving housing market dynamics and economic conditions.
In summary, zip code 59820 has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the renter population. The interplay between federal interest rates, housing prices, and homeownership rates has been evident, with low interest rates likely contributing to increased homeownership. However, recent increases in interest rates and the stabilization of home prices suggest a potential shift in market dynamics that could influence future trends in this Montana community.
