The typical owner-occupied home in Montana is worth about $375,800, 13% above the national median of $332,700. Owners pay a median $2,693 a year in property taxes, about 0.72% of their home's value, lower than the national rate of 0.94%. The median household earns $72,509 a year, so the median home costs 5.2 times the median income (4.1 times for the U.S.). 69% of occupied homes here are lived in by their owners, and 55% of those owners still have a mortgage.
Montana at a glance
| Montana | U.S. | |
|---|---|---|
| Median home value | $375,800 | $332,700 |
| Median property tax paid per year | $2,693 | $3,119 |
| Property tax as a share of value | 0.72% | 0.94% |
| Median household income | $72,509 | $80,734 |
| Homes lived in by their owners | 69% | 65% |
| Owner homes with a mortgage | 55% | 61% |
| Median monthly costs, owners with a mortgage | $1,798 | $1,963 |
| Those costs as a share of the owners' income | 21.9% | 21.0% |
| Median rent | $1,081 | $1,413 |
| Rent as a share of renters' income | 27.8% | 30.6% |
| Median year homes were built | 1981 | 1980 |
| Vacant homes | 13.2% | 10.1% |
| Population | 1,116,875 | 334,922,499 |
What a typical home costs per month in Montana
At this week's average 30-year rate of 7.11%, buying the median Montana home of $375,800 with 20% down costs about $2,404 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,031, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $103,049 for the 20%-down payment. That payment is 40% of the median Montana household income of $72,509; at that income and 20% down, the 28% guideline points to a home of about $264,000.
The median rent here is $1,081 a month, so owning the median home costs about $1,323 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $75,160 |
|---|---|
| Loan amount | $300,640 |
| Principal and interest | $2,022 |
| Property taxes (0.72% a year) | $225 |
| Homeowners insurance (our estimate, 0.5% a year) | $157 |
| PMI | $0 |
| Total per month | $2,404 |
Change the numbers in the calculator
| Down payment | $13,153 |
|---|---|
| Loan amount | $368,993 |
| Principal and interest | $2,482 |
| Property taxes (0.72% a year) | $225 |
| Homeowners insurance (our estimate, 0.5% a year) | $157 |
| FHA mortgage insurance | $166 |
| Total per month | $3,031 |
Change the numbers in the calculator
Questions about home buying in Montana
What is the median home value in Montana?
About $375,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Montana?
Homeowners pay a median $2,693 a year, which is about 0.72% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Montana?
For the median home with 20% down at 7.11%, the payment is about $2,404 a month. Keeping that under 28% of gross income takes about $103,049 a year.
More about Montana
- Mortgage Refinance in Montana
- Debt Relief in Montana
- Home Equity Loans in Montana
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data