Montana Just Topped A List Homebuyers Didn’t Want To See

I feel like this is beating a dead horse at this point, but Montana’s housing market is expensive, it keeps getting less affordable by the day, and now a new report says it is not slowing down anytime soon. Awesome... Yes, that is sarcasm.

A recent analysis by HireAHelper looked at national housing data and projected where home prices could land by 2030. Researchers used past price trends to estimate future median home values in every state. Then they calculated what someone would need to earn to reasonably afford those homes. That number was compared to today’s median household income to see how big the gap might grow. Drum roll please..

Nationally, the current median home price sits at $431,000. By 2030, it is projected to climb past $615,000. With a standard 20 percent down payment, buyers would need more than $123,000 upfront and would face yearly housing costs around $37,000. To make that work, a household would need to earn nearly $112,000 a year, which is about 44 % higher than today’s median income.

Now here is the part that really stings. Montana ranked #1 for the largest projected affordability gap. The study suggests household income here would need to jump by about 144 % to keep up. Median home prices in Montana could approach $932,000 by 2030. That ladies and gentlemen would require a yearly income of more than $190,000 to comfortably afford a home... according to the study.

So, what do you think? Is this realistic? Let us know HERE. We just hope this is one of those studies that doesn’t come true.