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 | Fergus County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $161,994 | $242,768 | $242,182 |
| Price Trend (Annual %) | 13.0% | 4.0% | 8.2% |
| Median Gross Rent | $868 | $1,031 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fergus County is about 33% lower than in Montana. Rent is about 16% lower than the Montana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Fergus County, up about 13.0% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Fergus County rose about 26.7% between 2015 and 2023, from $685 to $868. Over the same span, rent in Montana rose about 45.0%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Fergus County.
Buying the median-priced home in Fergus County costs roughly 15.6 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 Fergus County. The price-to-rent ratio in Montana is about 19.6.
| Metric | Fergus County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $161,994 | $242,768 | $242,182 |
| Median Household Income | $59,689 | $69,624 | $78,145 |
| Price-to-Income Ratio | 2.7 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Fergus County rose about 80.8%, while median household income rose about 65.7% 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 | Fergus County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.1% | 60.1% | 58.2% |
| Rental Rate | 29.4% | 26.5% | 31.3% |
| Vacancy Rate | 13.4% | 13.4% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Fergus County has a homeownership rate of 57.1%, lower than the Montana average of 60.1%. Its housing vacancy rate is 13.4%, compared with 13.4% in Montana.
Housing Stock
| Metric | Fergus County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.15 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1967 | 1980 | 1978 |
| Median Number of Rooms | 5.6 | 5.6 | 5.5 |
The typical housing unit in Fergus County was built around 1967. On average, 2.2 people live in a home with about 5.6 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fergus County, Montana.
What is the median home price in Fergus County, Montana?
The median home price in Fergus County, Montana is $161,994, lower than the Montana average of $242,768.
What is the average home price in Fergus 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 Fergus County, Montana?
The median gross rent in Fergus County, Montana is $868 per month, lower than the Montana average of $1,031.
What was the median gross rent in Fergus County in 2020?
In 2020, the median gross rent in Fergus County, Montana was $719 per month.
What is the price-to-rent ratio in Fergus County, Montana?
The price-to-rent ratio in Fergus County, Montana is about 15.6, meaning it would take roughly 15.6 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 Fergus County.
Are home prices or rent rising faster in Fergus County, Montana?
Both home prices and rent are rising in Fergus County, up about 13.0% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fergus County, Montana?
57.1% of households in Fergus County, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Fergus County, Montana?
The housing vacancy rate in Fergus County, Montana is 13.4%, about the same as the Montana average.