This is Montana's Most Affordable Housing Market

Home ownership has gotten more difficult for a lot of people. The price of homes have increased, along with mortgage rates. It is no secret that this has been happening across the country and here in Montana too. Even if you had a million dollars, that doesn't buy the kind of house that it used to.

We have heard about the high prices of homes and rentals in places like Whitefish, Big Sky and in Bozeman. With the cost of groceries, gas, rent, and just being able to live being what they are today, the cost of living in Montana is higher than it has been in a long time.

When it comes to specifically buying a home in Montana, where is the "most affordable housing market" in the state? According to 24/7Wallst.com, the most affordable housing market in Montana right now is Yellowstone County. With the television show "Yellowstone", featuring outsiders coming into Montana, it is interesting that the most affordable place, according to them, would actually be Yellowstone County.

According to their numbers:

The percent of annualized wage needed to buy a median priced home: 41.50%
Median home sales price Q1, 2024: $358,497
Annualized weekly wages: $59,124
Annual income needed to buy (20% down, 28% expenses): $87,727
County Population: 165,524

All of these numbers are all relative to what some would consider "affordable". For a lot of people being able to afford a house may not happen until mortgage rates drop. When that happens, it may not help. According to Realtor.com, if interest rates do drop, then the price of homes will go up again.