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Zip Code 59837: Rising Home Values and Resilient Ownership 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 59837, located in Maxville, Montana, is characterized by its extremely low population density of just 1 person per square mile. This rural area has experienced significant changes in its housing market over the past decade, with notable trends in homeownership rates and average home prices. Despite fluctuations, the area has shown resilience in maintaining high homeownership rates even as property values have substantially increased. In 2013, zip code 59837 had a homeownership rate of 77% with an average home price of $181,133. Over the next five years, average home prices steadily rose, reaching $250,969 in 2018. During this period, the homeownership rate initially declined to 68%. However, a remarkable turnaround occurred in subsequent years. By 2022, despite a significant increase in average home prices to $528,197, the homeownership rate rebounded to 80%, the highest observed in the period under study. The impact of federal interest rates on homeownership trends in zip code 59837 has been notable. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained relatively stable at around 77-78%. As interest rates began to rise, reaching 1.83% in 2018, homeownership rates initially dropped to 68%. However, the area demonstrated resilience, with homeownership rates climbing back to 80% by 2022, even as the federal interest rate stood at 1.68%.
The rental market in zip code 59837 has also shown interesting trends. In 2013, the renter-occupied percentage was 22%, with an average rent of $602. As the renter percentage increased to 32% in 2018, the average rent also rose to $626. However, this correlation did not persist consistently. By 2022, despite a decrease in the renter-occupied percentage to 19%, the average rent reached $636, the highest in the observed period. These fluctuations may be attributed to the area's small population, where minor changes can significantly impact percentages. Recent years have seen further developments in the housing market of zip code 59837. In 2023, the area experienced a slight dip in average home prices to $508,855, followed by a small increase to $514,962 in 2024. Notably, federal interest rates reached 5.02% in 2023 and further increased to 5.33% in 2024, marking the highest rates in over a decade. Based on observed trends, projections for zip code 59837 suggest that average home prices may continue to rise moderately over the next five years, potentially reaching around $575,000 by 2029. Average rent prices are likely to follow a similar upward trajectory, possibly increasing to approximately $700 per month. However, these projections assume relatively stable economic conditions and continued demand for housing in the area. In conclusion, zip code 59837 has demonstrated remarkable resilience in its housing market. Despite rising home prices and fluctuating interest rates, homeownership rates have remained high, rebounding to 80% in recent years. The area has experienced substantial growth in property values over the past decade, with average home prices nearly tripling from 2013 to 2022. Rent prices have shown a general upward trend, albeit with some fluctuations. The interplay between these factors suggests a complex and dynamic housing market in this rural Montana community, characterized by strong homeownership despite increasing property values.
