Most Montanans Can't Afford A Home Under The Big Sky

It's Getting Harder And Harder For Montanans To Buy Homes In Montana

The Idaho Capital Sun reports that prior to the Covid-19 Pandemic, there were 20 states that the National Association of Relators said were affordable.

In 2024, the National Association of Relators said no state in America is affordable for home buyers.

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Since 2020, Home Prices Have Increased By 47%

In June 2024 Harvard's Joint Center For Housing Studies released the 47 percent figure. The study says a major factor is the lack of homes for sale. Meanwhile, investors come into low price housing markets and buy up a majority of the single-family starter homes and raise the price by nearly 50 percent, or raise rent on places like that by a large amount. Often times pricing families out of homes they've occupied for years.

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Why aren't the homes for sale that America is used to seeing? It's due to the high interest rates and the skyrocketing prices on homes. Many homeowners, even if they want out of their current home, are locked into where they live due to those very reasons.

Montana Is One Of The Top 5 Worst States To Buy A Home

Redfin//US Board of Labor Statistics//US Census Bureau//Best Brokers//Desert News

Right now, buying a home in Montana is virtually unattainable for the average Montanan. The Desert News ranks Montana as the 5th WORST in the nation.

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I'm not at all surprised by this. The median income in Montana is $57,236 according to Statista. From Zillow, $468,195 is the median price for a home in Montana which is about about $357,000 out of budget. When making around $57,000 it's recommended to buy a home costing around $111,000. As. If.