Montana Homes Now Cost More Than in Most of the West—Except Two States

The Montana housing market is showing some signs of stability in certain areas. That is some good news. The bad news is that it still takes a lot of money to buy a home here. In some places, that doesn't look like it is going to be changing anytime soon.

Read More: Missoula Housing Market Showing First Stability in Years

Read More: Montana News Roundup: Bozeman Home Prices Keep Climbing

According to some numbers, the amount of median household income needed to buy a home in Montana is higher than almost every state in the west. The only states where it takes more household income to purchase a home are Hawaii and California, according to Visual Capitalist.

Now here are some of the numbers. They come from Realtor.com and are based on how much it would take to purchase a three bedroom home with a 30-year fixed mortgage with a 6.65% rate and 10% down. These numbers also include taxes, insurance, and a 30% income-to-housing cost limit.

Montana Is 5th Most Expensive State to Purchase a Home

According to those numbers, it will take a household income of $177,000 to purchase a home in Montana, making it the fifth most expensive state to purchase a home.

The states that are more expensive than Montana are New York, Massachusetts, California, and Hawaii being the most expensive state to purchase a home. West Virginia is the least expensive place to purchase a home with a combined household income of $71,000.

Montana's New Tax Laws

With the end of Montana's Legislative session we are going to be seeing some changes to our taxes with the passing of new laws.

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Read More: How New Tax Laws Will Change Montana's Landscape

Will any of the new tax laws help the average Montanan be able to purchase a home? Only time will tell. For now Montana is overall one of the most expensive states to try to purchase a home, not just in the west, but in the entire country.