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 | Mineral County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $451,883 | $242,768 | $242,182 |
| Price Trend (Annual %) | 25.5% | 4.0% | 8.2% |
| Median Gross Rent | $745 | $1,031 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mineral County is about 86% higher than in Montana. Rent is about 28% 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 Mineral County, up about 25.5% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Mineral County rose about 39.4% between 2015 and 2023, from $535 to $745. Over the same span, rent in Montana rose about 45.0%.
Affordability
On average, housing unit costs 7.4 yearly household incomes in Mineral County.
Buying the median-priced home in Mineral County costs roughly 50.5 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 Mineral County. The price-to-rent ratio in Montana is about 19.6.
| Metric | Mineral County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $451,883 | $242,768 | $242,182 |
| Median Household Income | $61,235 | $69,624 | $78,145 |
| Price-to-Income Ratio | 7.4 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Mineral County rose about 126.0%, while median household income rose about 65.2% 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 | Mineral County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.6% | 60.1% | 58.2% |
| Rental Rate | 16.3% | 26.5% | 31.3% |
| Vacancy Rate | 17.0% | 13.4% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Mineral County has a homeownership rate of 66.6%, higher than the Montana average of 60.1%. Its housing vacancy rate is 17.0%, compared with 13.4% in Montana.
Housing Stock
| Metric | Mineral County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.22 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1984 | 1980 | 1978 |
| Median Number of Rooms | 5.2 | 5.6 | 5.5 |
The typical housing unit in Mineral County was built around 1984. On average, 2.2 people live in a home with about 5.2 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mineral County, Montana.
What is the median home price in Mineral County, Montana?
The median home price in Mineral County, Montana is $451,883, higher than the Montana average of $242,768.
What is the average home price in Mineral 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 Mineral County, Montana?
The median gross rent in Mineral County, Montana is $745 per month, lower than the Montana average of $1,031.
What was the median gross rent in Mineral County in 2020?
In 2020, the median gross rent in Mineral County, Montana was $606 per month.
What is the price-to-rent ratio in Mineral County, Montana?
The price-to-rent ratio in Mineral County, Montana is about 50.5, meaning it would take roughly 50.5 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 Mineral County.
Are home prices or rent rising faster in Mineral County, Montana?
Both home prices and rent are rising in Mineral County, up about 25.5% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mineral County, Montana?
66.6% of households in Mineral County, Montana own their home, higher than the Montana average of 60.1%.
What is the vacancy rate in Mineral County, Montana?
The housing vacancy rate in Mineral County, Montana is 17.0%, higher than the Montana average of 13.4%.