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: Counties in Montana
Housing Market Overview
| Metric | Montana | US Average |
|---|---|---|
| Median Home Price | $242,768 | $242,182 |
| Price Trend (Annual %) | 4.0% | 8.2% |
| Median Gross Rent | $1,031 | $1,342 |
| Rent Trend (Annual %) | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Montana is about the same as in US. Rent is about 23% lower than the US 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 Montana, up about 4.0% and 5.1% a year respectively. Rent is changing faster.
Median rent in Montana rose about 45.0% between 2015 and 2023, from $711 to $1,031. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Montana.
Buying the median-priced home in Montana costs roughly 19.6 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 Montana. The price-to-rent ratio in US is about 15.0.
| Metric | Montana | US Average |
|---|---|---|
| Median Home Price | $242,768 | $242,182 |
| Median Household Income | $69,624 | $78,145 |
| Price-to-Income Ratio | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Montana rose about 32.9%, while median household income rose about 61.5% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Montana | US Average |
|---|---|---|
| Homeownership Rate | 60.1% | 58.2% |
| Rental Rate | 26.5% | 31.3% |
| Vacancy Rate | 13.4% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 |
Montana has a homeownership rate of 60.1%, higher than the US average of 58.2%. Its housing vacancy rate is 13.4%, compared with 10.6% in US.
Housing Stock
| Metric | Montana | US Average |
|---|---|---|
| Average Household Size | 2.38 people | 2.54 people |
| Median Structure Built Year | 1980 | 1978 |
| Median Number of Rooms | 5.6 | 5.5 |
The typical housing unit in Montana was built around 1980. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Montana.
What is the median home price in Montana?
The median home price in Montana is $242,768, about the same as the US average.
What is the average home price in 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 Montana?
The median gross rent in Montana is $1,031 per month, lower than the US average of $1,342.
What was the median gross rent in Montana in 2020?
In 2020, the median gross rent in Montana was $835 per month.
What is the price-to-rent ratio in Montana?
The price-to-rent ratio in Montana is about 19.6, meaning it would take roughly 19.6 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 Montana.
Are home prices or rent rising faster in Montana?
Both home prices and rent are rising in Montana, up about 4.0% and 5.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Montana?
60.1% of households in Montana own their home, higher than the US average of 58.2%.
What is the vacancy rate in Montana?
The housing vacancy rate in Montana is 13.4%, higher than the US average of 10.6%.