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 | Richland County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $124,035 | $242,768 | $242,182 |
| Price Trend (Annual %) | -3.5% | 4.0% | 8.2% |
| Median Gross Rent | $865 | $1,031 | $1,342 |
| Rent Trend (Annual %) | 1.2% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Richland County is about 49% lower than in Montana. Rent is about 16% lower 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 Richland County: home prices fell about 3.5% a year while rent rose about 1.2% a year. That is an unusual pattern worth watching.
Median rent in Richland County rose about 7.2% between 2015 and 2023, from $807 to $865. Over the same span, rent in Montana rose about 45.0%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Richland County.
Buying the median-priced home in Richland County costs roughly 11.9 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Richland County. The price-to-rent ratio in Montana is about 19.6.
| Metric | Richland County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $124,035 | $242,768 | $242,182 |
| Median Household Income | $69,329 | $69,624 | $78,145 |
| Price-to-Income Ratio | 1.8 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Richland County fell about 32.1%, while median household income rose about 40.1% between 2009 and 2023 — 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 | Richland County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.2% | 60.1% | 58.2% |
| Rental Rate | 24.3% | 26.5% | 31.3% |
| Vacancy Rate | 19.5% | 13.4% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Richland County has a homeownership rate of 56.2%, lower than the Montana average of 60.1%. Its housing vacancy rate is 19.5%, compared with 13.4% in Montana.
Housing Stock
| Metric | Richland County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1982 | 1980 | 1978 |
| Median Number of Rooms | 5.9 | 5.6 | 5.5 |
The typical housing unit in Richland County was built around 1982. On average, 2.5 people live in a home with about 5.9 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Richland County, Montana.
What is the median home price in Richland County, Montana?
The median home price in Richland County, Montana is $124,035, lower than the Montana average of $242,768.
What is the average home price in Richland 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 Richland County, Montana?
The median gross rent in Richland County, Montana is $865 per month, lower than the Montana average of $1,031.
What was the median gross rent in Richland County in 2020?
In 2020, the median gross rent in Richland County, Montana was $755 per month.
What is the price-to-rent ratio in Richland County, Montana?
The price-to-rent ratio in Richland County, Montana is about 11.9, meaning it would take roughly 11.9 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Richland County.
Are home prices or rent rising faster in Richland County, Montana?
Home prices and rent are moving in opposite directions in Richland County: home prices fell about 3.5% a year while rent rose about 1.2% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Richland County, Montana?
56.2% of households in Richland County, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Richland County, Montana?
The housing vacancy rate in Richland County, Montana is 19.5%, higher than the Montana average of 13.4%.