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 | Gallatin County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $754,732 | $242,768 | $242,182 |
| Price Trend (Annual %) | 14.3% | 4.0% | 8.2% |
| Median Gross Rent | $1,574 | $1,031 | $1,342 |
| Rent Trend (Annual %) | 8.5% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gallatin County is about 211% higher than in Montana. Rent is about 53% higher 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 Gallatin County, up about 14.3% and 8.5% a year respectively. Home prices are changing faster.
Median rent in Gallatin County rose about 79.8% between 2015 and 2023, from $875 to $1,574. Over the same span, rent in Montana rose about 45.0%.
Affordability
On average, housing unit costs 8.4 yearly household incomes in Gallatin County.
Buying the median-priced home in Gallatin County costs roughly 40.0 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 Gallatin County. The price-to-rent ratio in Montana is about 19.6.
| Metric | Gallatin County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $754,732 | $242,768 | $242,182 |
| Median Household Income | $89,485 | $69,624 | $78,145 |
| Price-to-Income Ratio | 8.4 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Gallatin County rose about 176.9%, while median household income rose about 81.6% 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 | Gallatin County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.4% | 60.1% | 58.2% |
| Rental Rate | 34.6% | 26.5% | 31.3% |
| Vacancy Rate | 10.0% | 13.4% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Gallatin County has a homeownership rate of 55.4%, lower than the Montana average of 60.1%. Its housing vacancy rate is 10.0%, compared with 13.4% in Montana.
Housing Stock
| Metric | Gallatin County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.35 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1993 | 1980 | 1978 |
| Median Number of Rooms | 5.5 | 5.6 | 5.5 |
The typical housing unit in Gallatin County was built around 1993. On average, 2.3 people live in a home with about 5.5 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Gallatin County, Montana.
What is the median home price in Gallatin County, Montana?
The median home price in Gallatin County, Montana is $754,732, higher than the Montana average of $242,768.
What is the average home price in Gallatin 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 Gallatin County, Montana?
The median gross rent in Gallatin County, Montana is $1,574 per month, higher than the Montana average of $1,031.
What was the median gross rent in Gallatin County in 2020?
In 2020, the median gross rent in Gallatin County, Montana was $1,131 per month.
What is the price-to-rent ratio in Gallatin County, Montana?
The price-to-rent ratio in Gallatin County, Montana is about 40.0, meaning it would take roughly 40.0 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 Gallatin County.
Are home prices or rent rising faster in Gallatin County, Montana?
Both home prices and rent are rising in Gallatin County, up about 14.3% and 8.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gallatin County, Montana?
55.4% of households in Gallatin County, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Gallatin County, Montana?
The housing vacancy rate in Gallatin County, Montana is 10.0%, lower than the Montana average of 13.4%.