Bozeman, Montana Housing Market Prices
Bozeman Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 281% above the Montana median$948,880
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Median rent 53% above the Montana median$1,654
Housing Market Overview
| Metric | Bozeman | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $948,880 | $249,140 | $248,835 |
| Price Trend (Annual %) | 99.4% | 3.8% | 7.5% |
| Median Gross Rent | $1,654 | $1,081 | $1,407 |
| Rent Trend (Annual %) | 8.4% | 5.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bozeman is about 281% higher than in Montana. Rent is about 53% higher than the Montana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Bozeman, up about 99.4% and 8.4% a year respectively. Home prices are changing faster.
Median rent in Bozeman rose about 92.9% between 2015 and 2024, from $858 to $1,654. Over the same span, rent in Montana rose about 52.0%.
Affordability
On average, housing unit costs 11.0 yearly household incomes in Bozeman.
Buying the median-priced home in Bozeman costs roughly 47.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bozeman. The price-to-rent ratio in Montana is about 19.2.
| Metric | Bozeman | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $948,880 | $249,140 | $248,835 |
| Median Household Income | $85,952 | $72,476 | $80,455 |
| Price-to-Income Ratio | 11.0 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Bozeman rose about 567.5%, while median household income rose about 92.4% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bozeman | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 40.4% | 60.1% | 58.5% |
| Rental Rate | 52.0% | 26.8% | 31.2% |
| Vacancy Rate | 7.6% | 13.2% | 10.2% |
| Median Tenure (years) | 8.0 | 15.0 | 15.0 |
| Median Year Moved In | 2018 | 2011 | 2011 |
Bozeman has a homeownership rate of 40.4%, lower than the Montana average of 60.1%. Its housing vacancy rate is 7.6%, compared with 13.2% in Montana.
Housing Stock
| Metric | Bozeman | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.15 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1989 | 1981 | 1978 |
| Median Number of Rooms | 5.0 | 5.6 | 5.5 |
The typical housing unit in Bozeman was built around 1989. On average, 2.1 people live in a home with about 5.0 rooms, staying for about 8.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bozeman, Montana.
What is the median home price in Bozeman, Montana?
The median home price in Bozeman, Montana is $948,880, higher than the Montana average of $249,140.
What is the average home price in Bozeman, Montana?
The typical home price in Bozeman, Montana, reported as the median sale price, is $948,880. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Bozeman, Montana?
The median gross rent in Bozeman, Montana is $1,654 per month, higher than the Montana average of $1,081.
What was the median gross rent in Bozeman in 2020?
In 2020, the median gross rent in Bozeman, Montana was $1,110 per month.
What is the price-to-rent ratio in Bozeman, Montana?
The price-to-rent ratio in Bozeman, Montana is about 47.8, meaning it would take roughly 47.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bozeman.
Are home prices or rent rising faster in Bozeman, Montana?
Both home prices and rent are rising in Bozeman, up about 99.4% and 8.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bozeman, Montana?
40.4% of households in Bozeman, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Bozeman, Montana?
The housing vacancy rate in Bozeman, Montana is 7.6%, lower than the Montana average of 13.2%.
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