MAY 31ST, 2023

Montana Mortgages

In the state of Montana, the frontier lifestyle continues to this day. The economy in Montana is still based heavily on the farming and ranching that built the state in the frontier days. The US census statistics shows that in 1999, the median household income in Montana was $33,024. This is a good deal less than the national average in the census the same year of $41,994.

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The lower median household income reported in the census can be misleading in agricultural states like Montana, as a population based survey, the results from urban centers tend to flavor the data more than the sparsely populated agricultural areas which make up most of the state. Despite the lower income, the home ownership rate in Montana is higher than average at 69.1% in 2000, with 66.2% being the national average. The median value of an owner occupied home in the 2000 census for Montana was $99,500, lower than the $119,600 dollar national average.

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The housing market in Montana is currently strong, and looking to improve. The recent cooling in the housing market nationwide seems to have somehow skipped Montana, especially in high demand areas like Great Falls. The inventory of homes available in Great Falls is actually getting a little tight, with more buyers than sellers. Thankfully, this is beginning to change and balance out, which will be better for all involved in the long run. The demand for housing has also been driving construction, and the builders in Montana have been only to happy to oblige.

The recent fluctuations in interest rates haven’t affected the construction rates, as those looking to build their own home are generally not spontaneous buyers and can afford to bide their time. Appreciation on the homes in Montana is also good, but rising so rapidly as to be worrying for the market. The estimated median selling price is $142,000 compared to $123,000 from the same time last year. While a nearly 15% jump in appreciation can worry potential buyers, the prices are still reasonable compared to nearby states.

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