The typical owner-occupied home in Shepherd is worth about $114,400, 70% below the Montana median of $375,800 and 66% below the national median of $332,700. Owners pay a median $1,156 a year in property taxes, about 1.01% of their home's value, higher than the Montana rate of 0.72%. The median household earns $80,125 a year, so the median home costs 1.4 times the median income (5.2 times for Montana). 100% of occupied homes here are lived in by their owners, and 27% of those owners still have a mortgage.
Shepherd at a glance
| Shepherd | Montana | U.S. | |
|---|---|---|---|
| Median home value | $114,400 | $375,800 | $332,700 |
| Median property tax paid per year | $1,156 | $2,693 | $3,119 |
| Property tax as a share of value | 1.01% | 0.72% | 0.94% |
| Median household income | $80,125 | $72,509 | $80,734 |
| Homes lived in by their owners | 100% | 69% | 65% |
| Owner homes with a mortgage | 27% | 55% | 61% |
| Median monthly costs, owners with a mortgage | $1,675 | $1,798 | $1,963 |
| Those costs as a share of the owners' income | 26.5% | 21.9% | 21.0% |
| Median rent | – | $1,081 | $1,413 |
| Median year homes were built | 1990 | 1981 | 1980 |
| Vacant homes | 0.0% | 13.2% | 10.1% |
| Population | 353 | 1,116,875 | 334,922,499 |
What a typical home costs per month in Shepherd
At this week's average 30-year rate of 7.11%, buying the median Shepherd home of $114,400 with 20% down costs about $760 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $950, 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 $32,555 for the 20%-down payment. That payment is 11% of the median Shepherd household income of $80,125; at that income and 20% down, the 28% guideline points to a home of about $282,000.
| Down payment | $22,880 |
|---|---|
| Loan amount | $91,520 |
| Principal and interest | $616 |
| Property taxes (1.01% a year) | $96 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| PMI | $0 |
| Total per month | $760 |
Change the numbers in the calculator
| Down payment | $4,004 |
|---|---|
| Loan amount | $112,328 |
| Principal and interest | $756 |
| Property taxes (1.01% a year) | $96 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| FHA mortgage insurance | $51 |
| Total per month | $950 |
Change the numbers in the calculator
Questions about home buying in Shepherd
What is the median home value in Shepherd?
About $114,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Shepherd?
Homeowners pay a median $1,156 a year, which is about 1.01% 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 Shepherd?
For the median home with 20% down at 7.11%, the payment is about $760 a month. Keeping that under 28% of gross income takes about $32,555 a year.
More about Shepherd
- Mortgage Refinance in Shepherd
- Debt Relief in Shepherd
- Home Equity Loans in Shepherd
- 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