Montana Homeowners Paying More Than Neighbors for Mortgages

Montana’s housing costs continue to be a topic of discussion. It’s getting harder for Montanans to afford to buy homes, and it doesn’t look like it’s going to get easier any time soon.  

It’s not just the increase in housing prices that are making it difficult for people to afford homes, there are costs that aren’t as evident.  

According to a report from Realtor.com, other costs associated with owning a home are causing mortgages to continue to rise. Across the country the costs have risen 26% over the past five years. 

Rising Insurance Rates Drive Up Costs

When you factor in the rising cost of homeowner’s insurance and homeowner’s association/condo fees into mortgage costs, Montana, on average, has the highest mortgage costs of all our neighbors.  

Montana vs. Neighboring States

Montana’s median monthly homeowner costs have risen to $1,900 per month. That is higher than Idaho ($1,800), Wyoming ($1,800), North Dakota ($1,800) and South Dakota ($1,700). 

READ MORE: Montana Housing Market Dilemma: Renting Or Owning – What’s Cheaper?

Washington D.C. is the area with the highest median monthly costs at $3,181, followed by California ($3,001), Hawaii ($2,937), New Jersey ($2,797), and Massachusetts ($2,755).  

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The states with the lowest median mortgages are West Virginia ($1,272), Arkansas ($1,375), and Mississippi ($1,448).   

READ MORE: How Much Do You REALLY Need to Buy a Home in Montana in 2025?

An interesting part of the report shows that over half of Nevada homeowners report paying some sort of homeowner’s association or condo fees at 51%.  

Homeowner’s associations are getting increasingly common in Montana. In places where there is extreme weather, if there is damage to homes or condos, homeowner’s association fees get passed on to the homeowners for repairs and maintenance.