Missoula, Montana Housing Market Prices
Missoula 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 8% below the Montana median$228,372
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Median rent 5% above the Montana median$1,137
Housing Market Overview
| Metric | Missoula | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $228,372 | $249,140 | $248,835 |
| Price Trend (Annual %) | 20.0% | 3.8% | 7.5% |
| Median Gross Rent | $1,137 | $1,081 | $1,407 |
| Rent Trend (Annual %) | 5.3% | 5.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Missoula is about 8% lower than in Montana. Rent is about 5% higher than the Montana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Missoula, up about 20.0% and 5.3% a year respectively. Home prices are changing faster.
Median rent in Missoula rose about 53.1% between 2015 and 2024, from $743 to $1,137. Over the same span, rent in Montana rose about 52.0%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Missoula.
Buying the median-priced home in Missoula costs roughly 16.7 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 Missoula. The price-to-rent ratio in Montana is about 19.2.
| Metric | Missoula | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $228,372 | $249,140 | $248,835 |
| Median Household Income | $65,380 | $72,476 | $80,455 |
| Price-to-Income Ratio | 3.5 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Missoula rose about 62.6%, while median household income rose about 84.9% between 2009 and 2025 — 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 | Missoula | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.2% | 60.1% | 58.5% |
| Rental Rate | 50.3% | 26.8% | 31.2% |
| Vacancy Rate | 6.5% | 13.2% | 10.2% |
| Median Tenure (years) | 10.0 | 15.0 | 15.0 |
| Median Year Moved In | 2016 | 2011 | 2011 |
Missoula has a homeownership rate of 43.2%, lower than the Montana average of 60.1%. Its housing vacancy rate is 6.5%, compared with 13.2% in Montana.
Housing Stock
| Metric | Missoula | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.09 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1978 | 1981 | 1978 |
| Median Number of Rooms | 4.5 | 5.6 | 5.5 |
The typical housing unit in Missoula was built around 1978. On average, 2.1 people live in a home with about 4.5 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Missoula, Montana.
What is the median home price in Missoula, Montana?
The median home price in Missoula, Montana is $228,372, lower than the Montana average of $249,140.
What is the average home price in Missoula, Montana?
The typical home price in Missoula, Montana, reported as the median sale price, is $228,372. 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 Missoula, Montana?
The median gross rent in Missoula, Montana is $1,137 per month, higher than the Montana average of $1,081.
What was the median gross rent in Missoula in 2020?
In 2020, the median gross rent in Missoula, Montana was $874 per month.
What is the price-to-rent ratio in Missoula, Montana?
The price-to-rent ratio in Missoula, Montana is about 16.7, meaning it would take roughly 16.7 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 Missoula.
Are home prices or rent rising faster in Missoula, Montana?
Both home prices and rent are rising in Missoula, up about 20.0% and 5.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Missoula, Montana?
43.2% of households in Missoula, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Missoula, Montana?
The housing vacancy rate in Missoula, Montana is 6.5%, lower than the Montana average of 13.2%.
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