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Zip Code 59935: Rising Home Values and Stable Ownership in Sparsely Populated Yaak, 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 59935, located in Yaak, Montana, is a rural area characterized by its low population density and predominantly owner-occupied housing. This region has experienced notable fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increasing average home values and a slight shift in the balance between owners and renters.
The percentage of owner-occupied homes in zip code 59935 has shown some variability but has remained relatively high throughout the observed period. In 2013, the homeownership rate stood at 82%, and it reached its peak of 84% in 2016. However, there has been a slight decline in recent years, with the rate dropping to 79% in 2022. This trend coincides with significant changes in average home prices. The average home price in the area has seen substantial growth, rising from $171,767 in 2010 to $405,364 in 2022, representing a remarkable 136% increase over 12 years.
The relationship between federal interest rates and homeownership rates in this zip code doesn't always follow the typical pattern. While low interest rates generally encourage homeownership, the data for 59935 shows some contradictions. For instance, despite historically low interest rates between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate actually decreased from 82% to 79%. This suggests that other local factors may have a stronger influence on homeownership in this rural area than national interest rate trends.
Renter percentages in zip code 59935 have shown a slight upward trend, increasing from 18% in 2013 to 21% in 2022. This shift corresponds with changes in average rent prices, which have experienced significant fluctuations. Average rent rose from $747 in 2013 to $969 in 2020, an increase of nearly 30%. However, there was a slight dip to $905 in 2021 before rising again to $956 in 2022. The population has remained relatively stable during this period, suggesting that changes in rental rates may be influenced more by local economic factors than population growth.
As of 2024, the average home price in zip code 59935 has reached $429,149, continuing the upward trend observed in previous years. This represents a 3.7% increase from the 2023 average of $413,905. Concurrently, the federal interest rate has risen to 5.33% in 2024, up from 5.02% in 2023, potentially impacting home affordability and ownership rates in the area.
Looking ahead, predictive models suggest that average home prices in zip code 59935 are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to the higher interest rate environment. Average rent prices are also expected to increase, driven by the overall appreciation of property values in the area and the slight increase in the renter population observed in recent years.
In summary, zip code 59935 has experienced significant growth in average home values over the past decade, with a slight shift towards more renters in recent years. Despite some fluctuations, the area maintains a high rate of homeownership. The coming years are likely to see continued appreciation in both home values and rental rates, although the pace may be influenced by broader economic factors and local market conditions.
