How Much Money Do You Need To Make To Live In Montana?
Montana is by far one of the most beautiful states in the country. We have amazing views and ample wildlife, and if you're an outdoor enthusiast, well, I can't think of a better place.
However, Montana is also one of the most expensive places to live in the country, and if you pay any attention to the real estate and rental markets, you know that certain parts of the state show no sign of relief in the near future.
So for those of you who might be considering making a move to Big Sky Country, it's going to cost you...a lot.
According to the folks over at SoFi, the average cost of living is 47,887 a year. As someone who has lived here for years, I think that figure might be a little off. The website claims that the average cost of expenses per month is just under 4 grand, which if you do the math comes out to 48,000 a year.
So is that accurate? Can you live in Montana for 48 thousand a year? Of course, the answer to that question is you can, but just how comfortable are you going to be? Before we break down the numbers, let's take a look at the cheapest places to live in Montana.
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I live in Bozeman and pay just under 2300 a month for rent for a two-bed/one-bath apartment, which apparently is a deal according to Zillow. However, that 2300 a month ends up being over 27 thousand dollars a year. Now granted, Bozeman is the most expensive city in the state, but let's take a look at the cost of rent in other cities across the state.
- Billings-the average rent per month is 1495 a month
- Bozeman-the average rent per month is 2,500 a month
- Butte-the average rent per month is 1350 a month
- Helena-the average rent per month is 2125 a month
- Kalispell-the average rent per month is 1950 a month
- Missoula-the average rent per month is 1695 a month
So we've established that renting in Montana isn't cheap, the problem is nor is buying a house. With big asking prices for homes combined with high-interest rates, for those looking to buy a home in Montana, you're certainly going to need more than 48 thousand a year.
In fact, SoFi says that living in Montana is more costly than over half of the rest of the nation.
The truth is, for those thinking of moving here, you might want to reconsider. For those living here already, if prices continue to climb, many Montanans are going to have some tough choices ahead.
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