The typical owner-occupied home in Essex is worth about $316,700, 16% below the Montana median of $375,800 and 5% below the national median of $332,700. Owners pay a median $2,271 a year in property taxes, about 0.72% of their home's value, close to the Montana rate of 0.72%. The median household earns $60,250 a year, so the median home costs 5.3 times the median income (5.2 times for Montana). 100% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Essex at a glance
| Essex | Montana | U.S. | |
|---|---|---|---|
| Median home value | $316,700 | $375,800 | $332,700 |
| Median property tax paid per year | $2,271 | $2,693 | $3,119 |
| Property tax as a share of value | 0.72% | 0.72% | 0.94% |
| Median household income | $60,250 | $72,509 | $80,734 |
| Homes lived in by their owners | 100% | 69% | 65% |
| Owner homes with a mortgage | 67% | 55% | 61% |
| Median monthly costs, owners with a mortgage | $970 | $1,798 | $1,963 |
| Those costs as a share of the owners' income | 17.5% | 21.9% | 21.0% |
| Median rent | – | $1,081 | $1,413 |
| Median year homes were built | 1989 | 1981 | 1980 |
| Vacant homes | 56.6% | 13.2% | 10.1% |
| Population | 82 | 1,116,875 | 334,922,499 |
What a typical home costs per month in Essex
At this week's average 30-year rate of 7.11%, buying the median Essex home of $316,700 with 20% down costs about $2,026 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,554, 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 $86,844 for the 20%-down payment. That payment is 40% of the median Essex household income of $60,250; at that income and 20% down, the 28% guideline points to a home of about $220,000.
| Down payment | $63,340 |
|---|---|
| Loan amount | $253,360 |
| Principal and interest | $1,704 |
| Property taxes (0.72% a year) | $190 |
| Homeowners insurance (our estimate, 0.5% a year) | $132 |
| PMI | $0 |
| Total per month | $2,026 |
Change the numbers in the calculator
| Down payment | $11,084 |
|---|---|
| Loan amount | $310,964 |
| Principal and interest | $2,092 |
| Property taxes (0.72% a year) | $190 |
| Homeowners insurance (our estimate, 0.5% a year) | $132 |
| FHA mortgage insurance | $140 |
| Total per month | $2,554 |
Change the numbers in the calculator
Questions about home buying in Essex
What is the median home value in Essex?
About $316,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Essex?
Homeowners pay a median $2,271 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 Essex?
For the median home with 20% down at 7.11%, the payment is about $2,026 a month. Keeping that under 28% of gross income takes about $86,844 a year.
More about Essex
- Mortgage Refinance in Essex
- Debt Relief in Essex
- Home Equity Loans in Essex
- 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