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 | Lake County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $282,373 | $242,768 | $242,182 |
| Price Trend (Annual %) | 8.0% | 4.0% | 8.2% |
| Median Gross Rent | $884 | $1,031 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake County is about 16% higher than in Montana. Rent is about 14% 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 Lake County, up about 8.0% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Lake County rose about 41.2% between 2015 and 2023, from $626 to $884. Over the same span, rent in Montana rose about 45.0%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Lake County.
Buying the median-priced home in Lake County costs roughly 26.6 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 Lake County. The price-to-rent ratio in Montana is about 19.6.
| Metric | Lake County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $282,373 | $242,768 | $242,182 |
| Median Household Income | $62,752 | $69,624 | $78,145 |
| Price-to-Income Ratio | 4.5 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lake County rose about 44.5%, while median household income rose about 60.9% 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 | Lake County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.6% | 60.1% | 58.2% |
| Rental Rate | 19.4% | 26.5% | 31.3% |
| Vacancy Rate | 26.0% | 13.4% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Lake County has a homeownership rate of 54.6%, lower than the Montana average of 60.1%. Its housing vacancy rate is 26.0%, compared with 13.4% in Montana.
Housing Stock
| Metric | Lake County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1985 | 1980 | 1978 |
| Median Number of Rooms | 5.5 | 5.6 | 5.5 |
The typical housing unit in Lake County was built around 1985. On average, 2.6 people live in a home with about 5.5 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lake County, Montana.
What is the median home price in Lake County, Montana?
The median home price in Lake County, Montana is $282,373, higher than the Montana average of $242,768.
What is the average home price in Lake 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 Lake County, Montana?
The median gross rent in Lake County, Montana is $884 per month, lower than the Montana average of $1,031.
What was the median gross rent in Lake County in 2020?
In 2020, the median gross rent in Lake County, Montana was $743 per month.
What is the price-to-rent ratio in Lake County, Montana?
The price-to-rent ratio in Lake County, Montana is about 26.6, meaning it would take roughly 26.6 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 Lake County.
Are home prices or rent rising faster in Lake County, Montana?
Both home prices and rent are rising in Lake County, up about 8.0% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lake County, Montana?
54.6% of households in Lake County, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Lake County, Montana?
The housing vacancy rate in Lake County, Montana is 26.0%, higher than the Montana average of 13.4%.