The typical owner-occupied home in Homestead is worth about $187,500, 50% below the Montana median of $375,800 and 44% below the national median of $332,700. Owners pay a median $2,500 a year in property taxes, about 1.33% of their home's value, higher than the Montana rate of 0.72%. The median household earns $162,500 a year, so the median home costs 1.2 times the median income (5.2 times for Montana). 100% of occupied homes here are lived in by their owners, and 30% of those owners still have a mortgage.
Homestead at a glance
| Homestead | Montana | U.S. | |
|---|---|---|---|
| Median home value | $187,500 | $375,800 | $332,700 |
| Median property tax paid per year | $2,500 | $2,693 | $3,119 |
| Property tax as a share of value | 1.33% | 0.72% | 0.94% |
| Median household income | $162,500 | $72,509 | $80,734 |
| Homes lived in by their owners | 100% | 69% | 65% |
| Owner homes with a mortgage | 30% | 55% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,798 | $1,963 |
| Median rent | – | $1,081 | $1,413 |
| Median year homes were built | 1947 | 1981 | 1980 |
| Vacant homes | 61.5% | 13.2% | 10.1% |
| Population | 27 | 1,116,875 | 334,922,499 |
What a typical home costs per month in Homestead
At this week's average 30-year rate of 7.11%, buying the median Homestead home of $187,500 with 20% down costs about $1,295 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,607, 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 $55,500 for the 20%-down payment. That payment is 10% of the median Homestead household income of $162,500; at that income and 20% down, the 28% guideline points to a home of about $549,000.
| Down payment | $37,500 |
|---|---|
| Loan amount | $150,000 |
| Principal and interest | $1,009 |
| Property taxes (1.33% a year) | $208 |
| Homeowners insurance (our estimate, 0.5% a year) | $78 |
| PMI | $0 |
| Total per month | $1,295 |
Change the numbers in the calculator
| Down payment | $6,562 |
|---|---|
| Loan amount | $184,104 |
| Principal and interest | $1,238 |
| Property taxes (1.33% a year) | $208 |
| Homeowners insurance (our estimate, 0.5% a year) | $78 |
| FHA mortgage insurance | $83 |
| Total per month | $1,607 |
Change the numbers in the calculator
Questions about home buying in Homestead
What is the median home value in Homestead?
About $187,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Homestead?
Homeowners pay a median $2,500 a year, which is about 1.33% 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 Homestead?
For the median home with 20% down at 7.11%, the payment is about $1,295 a month. Keeping that under 28% of gross income takes about $55,500 a year.
More about Homestead
- Mortgage Refinance in Homestead
- Debt Relief in Homestead
- Home Equity Loans in Homestead
- 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