The Salary You Need to Afford a Typical Home in Montana

Price: $448,985
Bedrooms: 3
Bathrooms: 3
Square Footage: 2,040
Listed by: McCall Homes

The news around homebuying in Montana seems to get more shocking every day.

Only a few weeks ago we talked about how there are only two states where it's harder to buy a house than in Montana.

Now, CNN is reviewing an analysis from Bankrate.com that shows 22 states where you need a six-figure income to afford a house. No surprise, Montana made the list.

One shocking detail from CNN's coverage of the Bankrate analysis is that "in January 2020...buyers needed a six-figure income in just six states and the District of Columbia."

Put another way, in 2020 it was 12% of states and the District of Columbia that needed that kind of salary, but now it's 43% of states and the District of Columbia. That seems like a big jump. The jumps by individual states were significant, too.

CNN pointed out that, "Compared to 2020, income needs jumped the most in Montana (up 77.7%)..."

Part of what makes it difficult to buy a home in Montana is that home prices have outpaced wages, and the income needed for a typical home according to CNN and Bankrate is $131,357.

What Typical Homes Are Like in Montana Right Now

Given the salary needs identified above, we were curious about what kind of houses were available for the price that might qualify as a typical home. Using the Zillow Home Values Index, we used the average Montana home value of $448,238 (as of 4/1/2024) as the benchmark.