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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 59846, located in Huson, Montana, presents an interesting case study of homeownership and housing market trends. This rural area has seen significant fluctuations in its population and housing dynamics over the past decade, with a notable shift towards increased homeownership in recent years.
The ownership percentage in zip code 59846 has shown a steady upward trend, rising from 89% in 2013 to an impressive 97% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $269,297, which more than doubled to $653,502 by 2022. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 59846. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained relatively stable around 89-91%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in the area surprisingly continued to increase, reaching 97% by 2022. This trend suggests that other local factors may have been more influential in driving homeownership than national interest rates in this particular zip code.
The renter percentage in zip code 59846 has correspondingly decreased from 11% in 2013 to just 3% in 2022. This sharp decline in renters coincides with the area's population fluctuations, which peaked at 1,710 in 2011 and settled at 1,545 in 2022.
Looking at the most recent data, the average home price in zip code 59846 reached $658,433 in 2023 and further increased to $681,488 in 2024. This continued upward trend in home prices occurs despite a significant rise in interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust local housing market that has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 59846 to continue their upward trajectory, albeit potentially at a slower pace due to the higher interest rate environment. Based on the historical data and current trends, average home prices could potentially reach the $750,000 to $800,000 range by 2029. However, this growth may be tempered by broader economic factors and local market conditions.
In summary, zip code 59846 has experienced a remarkable shift towards homeownership, with rates increasing from 89% to 97% between 2013 and 2022. This trend has occurred alongside a significant increase in average home prices, which more than doubled during the same period. The area has shown resilience to rising interest rates, maintaining strong homeownership levels and continued home price appreciation. As the local housing market continues to evolve, it will be crucial to monitor how these trends impact the community's demographic composition and overall affordability in the coming years.