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Zip Code 59936: West Glacier's Soaring Home Values and Complete Homeownership
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
West Glacier, located in zip code 59936 in Montana, is a small community with a unique demographic profile. This area has experienced significant changes in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics. The ownership percentage in West Glacier has shown a notable increase over the years, rising from 67% in 2013 to 100% by 2020. This trend coincides with a substantial rise in average home prices. In 2013, the average home price was $300,614, which steadily increased to $464,408 by 2020, representing a 54.5% increase over seven years. The correlation between rising homeownership rates and increasing home prices suggests a growing demand for property ownership in this area.
Federal interest rates have played a significant role in shaping homeownership trends in West Glacier. From 2013 to 2020, interest rates remained relatively low, ranging from 0.11% to 0.38%. These low rates likely contributed to the increased homeownership, as they made mortgage financing more affordable. The 100% homeownership rate achieved in 2020 coincided with a particularly low federal interest rate of 0.38%, further supporting this relationship.
Regarding rental trends, the data shows a decline in the renter-occupied percentage from 33% in 2013 to 0% by 2020. Interestingly, despite this decrease in renters, the average rent prices showed an upward trend. The average rent increased from $809 in 2013 to $1,011 in 2018, before declining to $695 in 2020. This pattern suggests that while fewer properties were available for rent, those that remained commanded higher prices, possibly due to limited supply or improved quality of rental units.
In 2023 and 2024, West Glacier experienced significant changes in its housing market. The average home price in 2023 was $742,659, showing a slight decrease from the 2022 peak of $791,970. However, in 2024, the average home price rebounded to $788,585. This recent uptick occurs despite a high federal interest rate of 5.33% in 2024, indicating strong demand for housing in the area that outweighs the potential dampening effect of higher borrowing costs.
Looking ahead, predictive models suggest a continued upward trend in average home prices for West Glacier over the next five years. Based on historical data and current market conditions, we can expect average home prices to potentially reach or exceed $900,000 by 2029. Rent prices, while more volatile, are also predicted to increase, potentially surpassing $1,200 per month on average within the same timeframe.
In summary, West Glacier has witnessed a remarkable shift towards complete homeownership, accompanied by significant increases in property values. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with low interest rates coinciding with increased ownership and rising home values. Despite recent fluctuations, the housing market in this zip code appears robust, with predictions pointing towards continued growth in both home prices and rental rates in the coming years.
