Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Broadwater County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,500 | $242,768 | $242,182 |
| Price Trend (Annual %) | 22.4% | 4.0% | 8.2% |
| Median Gross Rent | $977 | $1,031 | $1,342 |
| Rent Trend (Annual %) | 6.9% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Broadwater County is about 33% lower than in Montana. Rent is about 5% lower than the Montana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2019
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Broadwater County, up about 22.4% and 6.9% a year respectively. Home prices are changing faster.
Median rent in Broadwater County rose about 49.3% between 2015 and 2023, from $654 to $977. Over the same span, rent in Montana rose about 45.0%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Broadwater County.
Buying the median-priced home in Broadwater County costs roughly 13.9 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Broadwater County. The price-to-rent ratio in Montana is about 19.6.
| Metric | Broadwater County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,500 | $242,768 | $242,182 |
| Median Household Income | $63,902 | $69,624 | $78,145 |
| Price-to-Income Ratio | 2.5 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2019, the median home price in Broadwater County rose about 64.1%, while median household income rose about 50.5% between 2009 and 2023 — 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 | Broadwater County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 75.0% | 60.1% | 58.2% |
| Rental Rate | 16.3% | 26.5% | 31.3% |
| Vacancy Rate | 8.7% | 13.4% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Broadwater County has a homeownership rate of 75.0%, higher than the Montana average of 60.1%. Its housing vacancy rate is 8.7%, compared with 13.4% in Montana.
Housing Stock
| Metric | Broadwater County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1992 | 1980 | 1978 |
| Median Number of Rooms | 5.5 | 5.6 | 5.5 |
The typical housing unit in Broadwater County was built around 1992. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Broadwater County, Montana.
What is the median home price in Broadwater County, Montana?
The median home price in Broadwater County, Montana is $162,500, lower than the Montana average of $242,768.
What is the average home price in Broadwater County, Montana?
The typical home price in %s, reported as the median sale price, is %s. 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 Broadwater County, Montana?
The median gross rent in Broadwater County, Montana is $977 per month, lower than the Montana average of $1,031.
What was the median gross rent in Broadwater County in 2020?
In 2020, the median gross rent in Broadwater County, Montana was $696 per month.
What is the price-to-rent ratio in Broadwater County, Montana?
The price-to-rent ratio in Broadwater County, Montana is about 13.9, meaning it would take roughly 13.9 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Broadwater County.
Are home prices or rent rising faster in Broadwater County, Montana?
Both home prices and rent are rising in Broadwater County, up about 22.4% and 6.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Broadwater County, Montana?
75.0% of households in Broadwater County, Montana own their home, higher than the Montana average of 60.1%.
What is the vacancy rate in Broadwater County, Montana?
The housing vacancy rate in Broadwater County, Montana is 8.7%, lower than the Montana average of 13.4%.