Montana’s Housing Costs Leave Many Residents Feeling Squeezed

It's no secret that housing prices here in Montana are getting worse by the month.

COVID ultimately kicked things into overdrive and jacked up prices throughout the Treasure State, and there doesn't appear to be any end in sight to the price hikes.

A recent study by the financial website WalletHub revealed how much Montanans are forced to spend on housing.

Housing Prices In Montana

Get this: Montanans spend a staggering 31.96% of their median monthly household income on housing costs!

I knew it was expensive here, but my word, that's aggressive!

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Housing Costs In Montana

• Average Monthly Housing Cost: $1,862.10

• Average Monthly Mortgage Payment: Ranked 18th nationally

• Average Monthly Home Energy Cost: Ranked 35th nationally

Although these figures aren't as high as states like California or Hawaii, they are still rather steep.

To put it in perspective, Montana ranks ninth in the nation regarding how much folks spend on housing costs.

Income Spent On Housing

These figures indicate that while Montana's housing costs are moderate compared to states like California or Hawaii, they still represent a substantial portion of residents' incomes.

Montana Income vs. Housing Costs

Let's break down the numbers to investigate the relationship between income and housing here in the Treasure State further.

Montana's median household income is $69,922.

The average monthly housing cost is about $1,862.10, which is quite a chunk of most people's median household income.

In addition to this, you stack on Montana's energy cost, it quickly becomes less bearable.

Once you look at the numbers, it is no surprise that locals are struggling more and more with the price of housing here in Montana.