The typical owner-occupied home in Great Falls is worth about $257,000, 32% below the Montana median of $375,800 and 23% below the national median of $332,700. Owners pay a median $2,370 a year in property taxes, about 0.92% of their home's value, higher than the Montana rate of 0.72%. The median household earns $63,373 a year, so the median home costs 4.1 times the median income (5.2 times for Montana). 66% of occupied homes here are lived in by their owners, and 61% of those owners still have a mortgage.
Great Falls at a glance
| Great Falls | Montana | U.S. | |
|---|---|---|---|
| Median home value | $257,000 | $375,800 | $332,700 |
| Median property tax paid per year | $2,370 | $2,693 | $3,119 |
| Property tax as a share of value | 0.92% | 0.72% | 0.94% |
| Median household income | $63,373 | $72,509 | $80,734 |
| Homes lived in by their owners | 66% | 69% | 65% |
| Owner homes with a mortgage | 61% | 55% | 61% |
| Median monthly costs, owners with a mortgage | $1,501 | $1,798 | $1,963 |
| Those costs as a share of the owners' income | 20.7% | 21.9% | 21.0% |
| Median rent | $900 | $1,081 | $1,413 |
| Rent as a share of renters' income | 28.2% | 27.8% | 30.6% |
| Median year homes were built | 1965 | 1981 | 1980 |
| Vacant homes | 7.2% | 13.2% | 10.1% |
| Population | 60,329 | 1,116,875 | 334,922,499 |
What a typical home costs per month in Great Falls
At this week's average 30-year rate of 7.11%, buying the median Great Falls home of $257,000 with 20% down costs about $1,687 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,115, 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 $72,309 for the 20%-down payment. That payment is 32% of the median Great Falls household income of $63,373; at that income and 20% down, the 28% guideline points to a home of about $225,000.
The median rent here is $900 a month, so owning the median home costs about $787 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $51,400 |
|---|---|
| Loan amount | $205,600 |
| Principal and interest | $1,383 |
| Property taxes (0.92% a year) | $197 |
| Homeowners insurance (our estimate, 0.5% a year) | $107 |
| PMI | $0 |
| Total per month | $1,687 |
Change the numbers in the calculator
| Down payment | $8,995 |
|---|---|
| Loan amount | $252,345 |
| Principal and interest | $1,698 |
| Property taxes (0.92% a year) | $197 |
| Homeowners insurance (our estimate, 0.5% a year) | $107 |
| FHA mortgage insurance | $114 |
| Total per month | $2,115 |
Change the numbers in the calculator
Questions about home buying in Great Falls
What is the median home value in Great Falls?
About $257,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Great Falls?
Homeowners pay a median $2,370 a year, which is about 0.92% 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 Great Falls?
For the median home with 20% down at 7.11%, the payment is about $1,687 a month. Keeping that under 28% of gross income takes about $72,309 a year.
More about Great Falls
- Mortgage Refinance in Great Falls
- Debt Relief in Great Falls
- Home Equity Loans in Great Falls
- 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