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How Much Will Your Mortgage Be in Montana?

Located in the western United States, Montana is the eighth least populous state but the fourth largest by area. Montana is one of the more expensive states for housing affordability, and despite its small population, home values saw a rise of 10% in 2023. If you want to move to Montana, see First-time Homebuyer Guide for Montana. Also, see FHA Loan in Montana for details and requirements for a home in the state.

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Montana Home and Mortgage
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Factors That Can Affect Your Montana Mortgage Calculations

Home Prices in Montana

While home values saw a rise of 10% in 2018, their growth plateaued over the past year at a rate of 5.2%, according to information gathered by Zillow. The median price of homes currently listed in the state is $319,900.

The most populous city in the state is Billings with approximately 111,000 residents. Billings is in the southern region of Montana, toward the border with Wyoming. Billings home values have risen 2.3% over the past year. The median price of homes currently listed is $249,000.

In the western region of the state is Missoula, near the Flathead National Forest. Missoula’s home values have gone up 6.3% over the past year. The median price of homes currently listed is $360,000.

The city of Great Falls is the third most populous in Montana, located to the east of the Flathead National Forest. Homes in Great Falls are significantly cheaper than Missoula with a current median listing of $214,950.

Property Taxes in Montana

Montana’s property taxes are relatively low. The average effective tax rate is 0.84%, far less than the national average of 1.08%. Rates will vary slightly between counties with Missoula county charging the most. The average homeowner pays $1,465 in property taxes per year.

Montana Job Stats to Consider

While agriculture is the dominant sector of Montana’s economy, one third of the population is employed in the service industry. Some high-technology businesses have also emerged in the state. Additionally, outdoor recreation and tourism sectors have also grown over the past few years.

The median household income according to the 2018 Census was $55,328, slightly lower than the national average but with 5.44% growth over the past year.

Montana has a progressive state income tax with the highest rate of 6.9%. One of the perks of living in Montana is the state has no sales tax.

Montana Job Stats

Job Stats (Civilian Labor Force, Employment, Unemployment)

Other Montana Costs That Can Affect Montana Mortgage Calculations

Homeowner’s Insurance in Montana

The cost of homeowner’s insurance in Montana is higher than the national average. Residents in the state can expect to pay about $1,939 annually. Most standard policies cover theft, fire, thunderstorms, and hail if the damage is more than cosmetic, as the state is prone to hailstorms. Property owners in Montana can be impacted by floods from melting mountain snows, especially for homes situated in mountainous regions. An additional policy will be needed for flood insurance. This can be purchased through the National Flood Insurance Program (NFIP).

Closing Costs

Closing costs in Montana typically fall between 0.91% and 1.36% of the final home sales price. Most homes across the state sell between $200,000 and $300,000. Properties bought in this price range will usually accrue between $1,813,33 to $4,080 in closing costs after taxes. The average Montanan pays approximately $2,720 after taxes in closing costs.

Title Insurance

A one-time purchase of title insurance will protect you and your mortgage lender against any future unforeseeable claims that might occur regarding the property’s title. These claims may be overlooked at the time of purchase and arise in the future. Your lender will usually require a policy that equals the amount of the loan. The nationwide average cost for title insurance is $1,000.

Home Inspection

When purchasing a property, it is important to have the property inspected to ensure it is structurally sound. The average cost of a home inspection in Montana is $320 for a 2,000-square-foot home. However, final costs will vary greatly depending on location and square footage of the home.

A home inspection will assess the foundation, roof, basement, plumbing, electrical, grounds, fireplaces, and heating and cooling systems to spot potential issues or code violations. Other tests such as termites, pests, mold, and radon can be carried out for an additional cost.

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