Garfield County, Montana Housing Market Prices
Garfield County 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 33% below the Montana median$167,187
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Median rent 33% below the Montana median Cheaper than 73% of counties in Montana$725
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Garfield County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $167,187 | $249,140 | $248,835 |
| Price Trend (Annual %) | — | 3.8% | 7.5% |
| Median Gross Rent | $725 | $1,081 | $1,407 |
| Rent Trend (Annual %) | 4.6% | 5.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Garfield County is about 33% lower than in Montana. Rent is about 33% lower than the Montana average.
Median Home and Rent Price Trends
Median Home Prices, 2017
Median Rent Prices, 2015-2024
Median rent in Garfield County rose about 46.1% between 2015 and 2024, from $496 to $725. Over the same span, rent in Montana rose about 52.0%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Garfield County.
Buying the median-priced home in Garfield County costs roughly 19.2 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 Garfield County. The price-to-rent ratio in Montana is about 19.2.
| Metric | Garfield County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $167,187 | $249,140 | $248,835 |
| Median Household Income | $70,344 | $72,476 | $80,455 |
| Price-to-Income Ratio | 2.4 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Occupancy & Tenure
| Metric | Garfield County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.7% | 60.1% | 58.5% |
| Rental Rate | 16.4% | 26.8% | 31.2% |
| Vacancy Rate | 40.8% | 13.2% | 10.2% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Garfield County has a homeownership rate of 42.7%, lower than the Montana average of 60.1%. Its housing vacancy rate is 40.8%, compared with 13.2% in Montana.
Housing Stock
| Metric | Garfield County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1977 | 1981 | 1978 |
| Median Number of Rooms | 5.4 | 5.6 | 5.5 |
The typical housing unit in Garfield County was built around 1977. On average, 2.5 people live in a home with about 5.4 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Garfield County, Montana.
What is the median home price in Garfield County, Montana?
The median home price in Garfield County, Montana is $167,187, lower than the Montana average of $249,140.
What is the average home price in Garfield County, Montana?
The typical home price in Garfield County, Montana, reported as the median sale price, is $167,187. 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 Garfield County, Montana?
The median gross rent in Garfield County, Montana is $725 per month, lower than the Montana average of $1,081.
What was the median gross rent in Garfield County in 2020?
In 2020, the median gross rent in Garfield County, Montana was $571 per month.
What is the price-to-rent ratio in Garfield County, Montana?
The price-to-rent ratio in Garfield County, Montana is about 19.2, meaning it would take roughly 19.2 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 Garfield County.
What is the homeownership rate in Garfield County, Montana?
42.7% of households in Garfield County, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Garfield County, Montana?
The housing vacancy rate in Garfield County, Montana is 40.8%, higher than the Montana average of 13.2%.
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