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 | Petroleum County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | — | $242,768 | $242,182 |
| Price Trend (Annual %) | — | 4.0% | 8.2% |
| Median Gross Rent | $768 | $1,031 | $1,342 |
| Rent Trend (Annual %) | 8.6% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
Rent is about 25% lower than the Montana average.
Affordability
| Metric | Petroleum County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | — | $242,768 | $242,182 |
| Median Household Income | $57,856 | $69,624 | $78,145 |
| Price-to-Income Ratio | — | 3.5 | 3.1 |
Occupancy & Tenure
| Metric | Petroleum County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.2% | 60.1% | 58.2% |
| Rental Rate | 15.6% | 26.5% | 31.3% |
| Vacancy Rate | 32.2% | 13.4% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Petroleum County has a homeownership rate of 52.2%, lower than the Montana average of 60.1%. Its housing vacancy rate is 32.2%, compared with 13.4% in Montana.
Housing Stock
| Metric | Petroleum County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.01 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1979 | 1980 | 1978 |
| Median Number of Rooms | 5.9 | 5.6 | 5.5 |
The typical housing unit in Petroleum County was built around 1979. On average, 2.0 people live in a home with about 5.9 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Petroleum County, Montana.
What is the median rent in Petroleum County, Montana?
The median gross rent in Petroleum County, Montana is $768 per month, lower than the Montana average of $1,031.
What was the median gross rent in Petroleum County in 2020?
In 2020, the median gross rent in Petroleum County, Montana was $477 per month.
What is the homeownership rate in Petroleum County, Montana?
52.2% of households in Petroleum County, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Petroleum County, Montana?
The housing vacancy rate in Petroleum County, Montana is 32.2%, higher than the Montana average of 13.4%.