The typical owner-occupied home in Hot Springs is worth about $150,900, 60% below the Montana median of $375,800 and 55% below the national median of $332,700. Owners pay a median $984 a year in property taxes, about 0.65% of their home's value, lower than the Montana rate of 0.72%. The median household earns $21,300 a year, so the median home costs 7.1 times the median income (5.2 times for Montana). 64% of occupied homes here are lived in by their owners, and 34% of those owners still have a mortgage.
Hot Springs at a glance
| Hot Springs | Montana | U.S. | |
|---|---|---|---|
| Median home value | $150,900 | $375,800 | $332,700 |
| Median property tax paid per year | $984 | $2,693 | $3,119 |
| Property tax as a share of value | 0.65% | 0.72% | 0.94% |
| Median household income | $21,300 | $72,509 | $80,734 |
| Homes lived in by their owners | 64% | 69% | 65% |
| Owner homes with a mortgage | 34% | 55% | 61% |
| Median monthly costs, owners with a mortgage | $968 | $1,798 | $1,963 |
| Those costs as a share of the owners' income | 27.7% | 21.9% | 21.0% |
| Median rent | $725 | $1,081 | $1,413 |
| Rent as a share of renters' income | 46.3% | 27.8% | 30.6% |
| Median year homes were built | 1953 | 1981 | 1980 |
| Vacant homes | 20.7% | 13.2% | 10.1% |
| Population | 557 | 1,116,875 | 334,922,499 |
What a typical home costs per month in Hot Springs
At this week's average 30-year rate of 7.11%, buying the median Hot Springs home of $150,900 with 20% down costs about $957 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,208, 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 $41,001 for the 20%-down payment. That payment is 54% of the median Hot Springs household income of $21,300; at that income and 20% down, the 28% guideline points to a home of about $78,000.
The median rent here is $725 a month, so owning the median home costs about $232 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $30,180 |
|---|---|
| Loan amount | $120,720 |
| Principal and interest | $812 |
| Property taxes (0.65% a year) | $82 |
| Homeowners insurance (our estimate, 0.5% a year) | $63 |
| PMI | $0 |
| Total per month | $957 |
Change the numbers in the calculator
| Down payment | $5,282 |
|---|---|
| Loan amount | $148,167 |
| Principal and interest | $997 |
| Property taxes (0.65% a year) | $82 |
| Homeowners insurance (our estimate, 0.5% a year) | $63 |
| FHA mortgage insurance | $67 |
| Total per month | $1,208 |
Change the numbers in the calculator
Questions about home buying in Hot Springs
What is the median home value in Hot Springs?
About $150,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Hot Springs?
Homeowners pay a median $984 a year, which is about 0.65% 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 Hot Springs?
For the median home with 20% down at 7.11%, the payment is about $957 a month. Keeping that under 28% of gross income takes about $41,001 a year.
More about Hot Springs
- Mortgage Refinance in Hot Springs
- Debt Relief in Hot Springs
- Home Equity Loans in Hot Springs
- 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