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 | Wheatland County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $300,000 | $242,768 | $242,182 |
| Price Trend (Annual %) | 27.1% | 4.0% | 8.2% |
| Median Gross Rent | $740 | $1,031 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wheatland County is about 24% higher than in Montana. Rent is about 28% 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 Wheatland County, up about 27.1% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Wheatland County rose about 34.3% between 2015 and 2023, from $551 to $740. Over the same span, rent in Montana rose about 45.0%.
Affordability
On average, housing unit costs 6.3 yearly household incomes in Wheatland County.
Buying the median-priced home in Wheatland County costs roughly 33.8 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 Wheatland County. The price-to-rent ratio in Montana is about 19.6.
| Metric | Wheatland County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $300,000 | $242,768 | $242,182 |
| Median Household Income | $47,395 | $69,624 | $78,145 |
| Price-to-Income Ratio | 6.3 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wheatland County rose about 319.6%, while median household income rose about 56.4% 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 | Wheatland County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.9% | 60.1% | 58.2% |
| Rental Rate | 17.8% | 26.5% | 31.3% |
| Vacancy Rate | 25.4% | 13.4% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Wheatland County has a homeownership rate of 56.9%, lower than the Montana average of 60.1%. Its housing vacancy rate is 25.4%, compared with 13.4% in Montana.
Housing Stock
| Metric | Wheatland County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1963 | 1980 | 1978 |
| Median Number of Rooms | 5.8 | 5.6 | 5.5 |
The typical housing unit in Wheatland County was built around 1963. On average, 2.3 people live in a home with about 5.8 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wheatland County, Montana.
What is the median home price in Wheatland County, Montana?
The median home price in Wheatland County, Montana is $300,000, higher than the Montana average of $242,768.
What is the average home price in Wheatland 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 Wheatland County, Montana?
The median gross rent in Wheatland County, Montana is $740 per month, lower than the Montana average of $1,031.
What was the median gross rent in Wheatland County in 2020?
In 2020, the median gross rent in Wheatland County, Montana was $628 per month.
What is the price-to-rent ratio in Wheatland County, Montana?
The price-to-rent ratio in Wheatland County, Montana is about 33.8, meaning it would take roughly 33.8 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 Wheatland County.
Are home prices or rent rising faster in Wheatland County, Montana?
Both home prices and rent are rising in Wheatland County, up about 27.1% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wheatland County, Montana?
56.9% of households in Wheatland County, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Wheatland County, Montana?
The housing vacancy rate in Wheatland County, Montana is 25.4%, higher than the Montana average of 13.4%.