The typical owner-occupied home in Olney is worth about $430,400, 15% above the Montana median of $375,800 and 29% above the national median of $332,700. Owners pay a median $1,346 a year in property taxes, about 0.31% of their home's value, lower than the Montana rate of 0.72%. The median household earns $57,989 a year, so the median home costs 7.4 times the median income (5.2 times for Montana). 79% of occupied homes here are lived in by their owners, and 53% of those owners still have a mortgage.
Olney at a glance
| Olney | Montana | U.S. | |
|---|---|---|---|
| Median home value | $430,400 | $375,800 | $332,700 |
| Median property tax paid per year | $1,346 | $2,693 | $3,119 |
| Property tax as a share of value | 0.31% | 0.72% | 0.94% |
| Median household income | $57,989 | $72,509 | $80,734 |
| Homes lived in by their owners | 79% | 69% | 65% |
| Owner homes with a mortgage | 53% | 55% | 61% |
| Median monthly costs, owners with a mortgage | $1,138 | $1,798 | $1,963 |
| Those costs as a share of the owners' income | 22.7% | 21.9% | 21.0% |
| Median rent | $731 | $1,081 | $1,413 |
| Rent as a share of renters' income | 9.0% | 27.8% | 30.6% |
| Median year homes were built | 1964 | 1981 | 1980 |
| Vacant homes | 0.0% | 13.2% | 10.1% |
| Population | 158 | 1,116,875 | 334,922,499 |
What a typical home costs per month in Olney
At this week's average 30-year rate of 7.11%, buying the median Olney home of $430,400 with 20% down costs about $2,607 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,324, 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 $111,719 for the 20%-down payment. That payment is 54% of the median Olney household income of $57,989; at that income and 20% down, the 28% guideline points to a home of about $223,000.
The median rent here is $731 a month, so owning the median home costs about $1,876 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $86,080 |
|---|---|
| Loan amount | $344,320 |
| Principal and interest | $2,316 |
| Property taxes (0.31% a year) | $111 |
| Homeowners insurance (our estimate, 0.5% a year) | $179 |
| PMI | $0 |
| Total per month | $2,607 |
Change the numbers in the calculator
| Down payment | $15,064 |
|---|---|
| Loan amount | $422,604 |
| Principal and interest | $2,843 |
| Property taxes (0.31% a year) | $111 |
| Homeowners insurance (our estimate, 0.5% a year) | $179 |
| FHA mortgage insurance | $190 |
| Total per month | $3,324 |
Change the numbers in the calculator
Questions about home buying in Olney
What is the median home value in Olney?
About $430,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Olney?
Homeowners pay a median $1,346 a year, which is about 0.31% 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 Olney?
For the median home with 20% down at 7.11%, the payment is about $2,607 a month. Keeping that under 28% of gross income takes about $111,719 a year.
More about Olney
- Mortgage Refinance in Olney
- Debt Relief in Olney
- Home Equity Loans in Olney
- 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