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 | Carter County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $135,227 | $242,768 | $242,182 |
| Price Trend (Annual %) | — | 4.0% | 8.2% |
| Median Gross Rent | $730 | $1,031 | $1,342 |
| Rent Trend (Annual %) | 1.1% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Carter County is about 44% lower than in Montana. Rent is about 29% lower than the Montana average.
Median Home and Rent Price Trends
Median Home Prices, 2023
Median Rent Prices, 2015-2023
Median rent in Carter County rose about 62.2% between 2015 and 2023, from $450 to $730. Over the same span, rent in Montana rose about 45.0%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Carter County.
Buying the median-priced home in Carter County costs roughly 15.4 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Carter County. The price-to-rent ratio in Montana is about 19.6.
| Metric | Carter County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $135,227 | $242,768 | $242,182 |
| Median Household Income | $54,464 | $69,624 | $78,145 |
| Price-to-Income Ratio | 2.5 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Occupancy & Tenure
| Metric | Carter County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.2% | 60.1% | 58.2% |
| Rental Rate | 28.8% | 26.5% | 31.3% |
| Vacancy Rate | 25.0% | 13.4% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Carter County has a homeownership rate of 46.2%, lower than the Montana average of 60.1%. Its housing vacancy rate is 25.0%, compared with 13.4% in Montana.
Housing Stock
| Metric | Carter County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1975 | 1980 | 1978 |
| Median Number of Rooms | 6.0 | 5.6 | 5.5 |
The typical housing unit in Carter County was built around 1975. On average, 2.2 people live in a home with about 6.0 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Carter County, Montana.
What is the median home price in Carter County, Montana?
The median home price in Carter County, Montana is $135,227, lower than the Montana average of $242,768.
What is the average home price in Carter 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 Carter County, Montana?
The median gross rent in Carter County, Montana is $730 per month, lower than the Montana average of $1,031.
What was the median gross rent in Carter County in 2020?
In 2020, the median gross rent in Carter County, Montana was $651 per month.
What is the price-to-rent ratio in Carter County, Montana?
The price-to-rent ratio in Carter County, Montana is about 15.4, meaning it would take roughly 15.4 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Carter County.
What is the homeownership rate in Carter County, Montana?
46.2% of households in Carter County, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Carter County, Montana?
The housing vacancy rate in Carter County, Montana is 25.0%, higher than the Montana average of 13.4%.