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 | Phillips County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $160,227 | $242,768 | $242,182 |
| Price Trend (Annual %) | 2.7% | 4.0% | 8.2% |
| Median Gross Rent | $623 | $1,031 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Phillips County is about 34% lower than in Montana. Rent is about 40% 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 Phillips County, up about 2.7% and 3.7% a year respectively. Rent is changing faster.
Median rent in Phillips County rose about 27.3% between 2015 and 2023, from $490 to $623. Over the same span, rent in Montana rose about 45.0%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Phillips County.
Buying the median-priced home in Phillips County costs roughly 21.4 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 Phillips County. The price-to-rent ratio in Montana is about 19.6.
| Metric | Phillips County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $160,227 | $242,768 | $242,182 |
| Median Household Income | $57,979 | $69,624 | $78,145 |
| Price-to-Income Ratio | 2.8 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Phillips County rose about 152.1%, while median household income rose about 53.4% 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 | Phillips County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.2% | 60.1% | 58.2% |
| Rental Rate | 19.9% | 26.5% | 31.3% |
| Vacancy Rate | 20.9% | 13.4% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Phillips County has a homeownership rate of 59.2%, lower than the Montana average of 60.1%. Its housing vacancy rate is 20.9%, compared with 13.4% in Montana.
Housing Stock
| Metric | Phillips County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1969 | 1980 | 1978 |
| Median Number of Rooms | 5.4 | 5.6 | 5.5 |
The typical housing unit in Phillips County was built around 1969. On average, 2.3 people live in a home with about 5.4 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Phillips County, Montana.
What is the median home price in Phillips County, Montana?
The median home price in Phillips County, Montana is $160,227, lower than the Montana average of $242,768.
What is the average home price in Phillips 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 Phillips County, Montana?
The median gross rent in Phillips County, Montana is $623 per month, lower than the Montana average of $1,031.
What was the median gross rent in Phillips County in 2020?
In 2020, the median gross rent in Phillips County, Montana was $470 per month.
What is the price-to-rent ratio in Phillips County, Montana?
The price-to-rent ratio in Phillips County, Montana is about 21.4, meaning it would take roughly 21.4 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 Phillips County.
Are home prices or rent rising faster in Phillips County, Montana?
Both home prices and rent are rising in Phillips County, up about 2.7% and 3.7% a year respectively. Rent is changing faster.
What is the homeownership rate in Phillips County, Montana?
59.2% of households in Phillips County, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Phillips County, Montana?
The housing vacancy rate in Phillips County, Montana is 20.9%, higher than the Montana average of 13.4%.