Can You Afford To Live In Montana? Here’s What You Need To Know.

A hot topic discussed by many Montanans is the housing prices and how many locals can't afford to buy a home. The average wage isn't enough to purchase a home in many Montana locations which has resulted in frustration for many.

The truth? This isn't just a Montana issue.  Home prices across the United States continue to rise while many salaries stay stagnant.

While the average home price in Montana is just over 450 thousand according to Zillow, that's not the case in certain areas of the state. According to research, a few Montana counties continue to see a significant jump in home prices.

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The Federal Reserve Bank of New York tracked home prices across the nation for the last 20 years, and when it comes to Montana, certain counties are outpacing the rest of the state.

It's not a surprise that parts of Montana are more desirable to home buyers than others, however, according to the data 6 Montana counties continue to see an increase in housing prices from year to year.

Which Montana counties are seeing the biggest increase in home prices?

Coming in at number one on the list is Gallatin Country. Gallatin County is home to both Bozeman and Big Sky and both areas are in high demand when it comes to homes. Gallatin County saw an increase of almost 10 percent in home prices.

Currently, the average single-family home price in Bozeman is almost 850 thousand according to our friends at Bozeman Real Estate Group. Other Montana counties that continue to see a rise in housing costs are:

• Lewis and Clark County 9.8 percent increase
• Cascade County 8.2 percent increase
• Yellowstone County 4.8 percent increase
• Flathead County 4.5 percent increase
• Missoula County 2.3 percent increase

How do those numbers compare to the overall increase in the United States? According to the data, the average increase across the country is 5.5 percent. Both Gallatin and Lewis and Clark counties have almost doubled the national average when it comes to the increase in housing prices.

So let's compare some numbers, shall we?

As mentioned the average home price in Montana is right around 450k, while the average home price in the United States is 495k.  The average salary in Montana is right around 70 thousand a year, while the average salary across the U.S. is 60 thousand per year.

What does this all mean? Well, it looks like it isn't just Montanans that are struggling.