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 | Missoula County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $396,460 | $242,768 | $242,182 |
| Price Trend (Annual %) | -2.9% | 4.0% | 8.2% |
| Median Gross Rent | $1,124 | $1,031 | $1,342 |
| Rent Trend (Annual %) | 5.4% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Missoula County is about 63% higher than in Montana. Rent is about 9% higher than the Montana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Missoula County: home prices fell about 2.9% a year while rent rose about 5.4% a year. That is an unusual pattern worth watching.
Median rent in Missoula County rose about 46.4% between 2015 and 2023, from $768 to $1,125. Over the same span, rent in Montana rose about 45.0%.
Affordability
On average, housing unit costs 5.6 yearly household incomes in Missoula County.
Buying the median-priced home in Missoula County costs roughly 29.4 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 Missoula County. The price-to-rent ratio in Montana is about 19.6.
| Metric | Missoula County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $396,460 | $242,768 | $242,182 |
| Median Household Income | $71,100 | $69,624 | $78,145 |
| Price-to-Income Ratio | 5.6 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Missoula County rose about 106.4%, while median household income rose about 72.4% 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 | Missoula County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.0% | 60.1% | 58.2% |
| Rental Rate | 37.2% | 26.5% | 31.3% |
| Vacancy Rate | 7.8% | 13.4% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Missoula County has a homeownership rate of 55.0%, lower than the Montana average of 60.1%. Its housing vacancy rate is 7.8%, compared with 13.4% in Montana.
Housing Stock
| Metric | Missoula County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.26 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1982 | 1980 | 1978 |
| Median Number of Rooms | 5.1 | 5.6 | 5.5 |
The typical housing unit in Missoula County was built around 1982. On average, 2.3 people live in a home with about 5.1 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Missoula County, Montana.
What is the median home price in Missoula County, Montana?
The median home price in Missoula County, Montana is $396,460, higher than the Montana average of $242,768.
What is the average home price in Missoula 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 Missoula County, Montana?
The median gross rent in Missoula County, Montana is $1,125 per month, higher than the Montana average of $1,031.
What was the median gross rent in Missoula County in 2020?
In 2020, the median gross rent in Missoula County, Montana was $908 per month.
What is the price-to-rent ratio in Missoula County, Montana?
The price-to-rent ratio in Missoula County, Montana is about 29.4, meaning it would take roughly 29.4 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 Missoula County.
Are home prices or rent rising faster in Missoula County, Montana?
Home prices and rent are moving in opposite directions in Missoula County: home prices fell about 2.9% a year while rent rose about 5.4% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Missoula County, Montana?
55.0% of households in Missoula County, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Missoula County, Montana?
The housing vacancy rate in Missoula County, Montana is 7.8%, lower than the Montana average of 13.4%.