Montana
Ranked #35 of 51 for housing affordability
Median Home Price
🏠$392K
5.54x income
Median Rent
🔑$1,083
30.5% rent-burdened
Median Income
💰$71K
Population: 1,122,867
Homeownership
🏡69.0%
1,825 experiencing homelessness
Housing Shortage
📉18,000
units needed
Building Permits (2024)
🔨5,367
Price-to-Income
📊5.54x
Severe Rent Burden
⚠️13.5%
paying >50% of income
Rent Burden Breakdown
vs. National Average
House Price Index (2000–2025)
FHFA All-Transactions HPI · Base = 100 (1980s)
HUD Fair Market Rents (FY2026)
Maximum rent HUD considers fair for Section 8 voucher holders
FMR ($1522) is above the state median rent ($1083) — vouchers cover typical rents.
Metros in Montana
| Metro | Score | Home Price | Rent | Income | Rent Burden |
|---|---|---|---|---|---|
| Billings | 69 | $363K | $1,002 | $71K | 15.9% |
| Missoula | 54 | $488K | $1,166 | $73K | 29.0% |
| Bozeman | 44 | $691K | $1,790 | $91K | 24.9% |
| Helena | 68 | $400K | $1,088 | $77K | 13.8% |
| Great Falls | 77 | $287K | $959 | $66K | 17.6% |
Market Trends
Homeownership Rate
69.0%
Rent-to-Income Ratio
18.0%
of gross income spent on rent
Total Households
472,867
Owner-Occupied
327,344
Renter-Occupied
145,523
Homelessness
Latest Count (2024)
2,008
1-Year Change
-7.8%
10-Year Trend (2015–2024)
+17.5%
1,709 → 2,008
Housing Policies
Construction Activity
Total Permits (2024)
5,367
0.4% of national total
Single-Family
3,036
57% of state permits
Multi-Family
2,331
43% of state permits
Mortgage Access
National HMDA data — mortgage denial rates by race/ethnicity
Denial Rates by Race
Top Denial Reasons
Housing Shortage
State Shortage
18,000
units needed
National Shortage
7,300,000
0.2% of national total
Affordable Units per 100 ELI Renters
35
nationally (NLIHC)
National Shortage by Unit Type
45%
Single-Family
18%
Small Multi (2-4)
22%
Medium Multi (5-49)
15%
Large Multi (50+)
Rent Burden Detail
Montana burden rates with national demographic breakdown
Cost-Burdened Renters
30.5%
paying >30% of income
Severely Burdened
13.5%
paying >50% of income
Households >30% Burden
29,589
Households >35% Burden
14,775