So, you’re fascinated about shifting to a brand new residence the place the buffalo roam? Possibly you wish to swap massive metropolis for giant sky.
Regardless of why you’re contemplating a transfer to Montana, you in all probability have one vital query: Can I afford to reside there?
That will help you determine whether or not to remain put or search your fortune within the Treasure State, we’re going to interrupt down the price of residing in Montana and present you ways a lot you may count on to pay for housing, groceries, transportation, well being care and different widespread bills.
Let’s saddle up!
What’s the Common Price of Residing in Montana?
The views are free in Montana, however the price of residing is 2.2% larger than the nationwide common. Which means Montana is fairly near the center when in comparison with the remainder of america. It’s not tremendous low-cost to reside in Montana—but it surely’s additionally not tremendous costly.
The place did that quantity come from? We appeared on the 2023 price of residing index from the Council for Group and Financial Analysis, which compares the price of residing in Montana to the remainder of the U.S.1 All of the numbers on this article come from that index until in any other case famous.
Price of Residing in Montana by Main Cities
Questioning concerning the particular price of residing in Bozeman or any of the Montana’s different extra widespread cities? Right here’s a glance:
|
Montana Metropolis |
Price of Residing vs. Nationwide Common |
|
Billings |
0.6% larger |
|
Bozeman |
20.4% larger |
|
Nice Falls |
14.3% decrease |
Price of Residing in Montana by Class of Bills
Now, let’s break down the price of residing in Montana by a number of the most typical classes of bills you’ll have to price range for: groceries, housing, utilities, transportation, well being care, and miscellaneous items and companies (issues like clothes and haircuts).
|
Expense Class |
Price vs. Nationwide Common |
|
Groceries |
2.9% larger |
|
Housing |
3% larger |
|
Utilities |
7.8% decrease |
|
Transportation |
9% larger |
|
Well being Care |
2% decrease |
|
Misc. Items and Companies |
2.9% larger |
Price of Housing in Montana
The median residence itemizing value in Montana in November of 2023 was $624,950.2 That’s a reasonably large quantity in comparison with the U.S. median itemizing value of $420,000. However the price of housing varies rather a lot in Montana, so you may nonetheless discover reasonably priced locations to reside. If you happen to’re searching for a less expensive residence, Nice Falls is perhaps your finest wager.
And if you wish to hire as a substitute of shopping for a house, the median hire for a two-bedroom condo in Montana is about $1,700.3
To offer you a good suggestion of the vary, right here’s a have a look at the precise prices to purchase a house or hire an condo in a number of the greatest cities and finest locations to reside in Montana.
|
Metropolis |
Median House Itemizing Value |
Median Hire |
|
Billings |
$439,0004 |
$1,3505 |
|
Bozeman |
$889,0006 |
$2,3007 |
|
Nice Falls |
$355,0008 |
$1,2009 |
|
Helena |
$549,00010 |
$1,70011 |
|
Missoula |
$669,00012 |
$1,40013 |
Different Prices to Preserve in Thoughts
Housing isn’t all you’ll want to fret about for those who transfer to Montana. You need to eat, proper? Let’s dive into a number of the different bills you’ll want to bear in mind, together with groceries, transportation, well being care, taxes and different miscellaneous bills.
Groceries
Groceries in Montana price 2.9% greater than the nationwide common. Inquisitive about the price of particular person gadgets that at all times wind up in your procuring cart? Properly, we don’t have information for that field of Junior Mints you often seize within the checkout line, however a typical half gallon of milk in Montana will price you $4.74, a pound of floor beef runs $6.36, and the typical value of a dozen eggs is $4.22.
Discover knowledgeable brokers that can assist you purchase your house.
Transportation
Montana has numerous wide-open areas, so that you’ll undoubtedly be placing some miles on the Household Truckster as you journey from city to city. Transportation prices in Montana are 9% larger than the nationwide common, and the typical value for a gallon of gasoline is 2.9% lower than the nationwide common.
Well being Care
Nobody likes a visit to the physician, however medical bills are a part of life. Right here’s how a lot you may count on to pay in Montana for remedy or a go to to your main care physician, the dentist or a watch physician.
|
Well being Care Expense |
Common Montana Price |
Nationwide Common |
Distinction |
|
Common Physician |
$147.83 |
$136.35 |
8.4% extra |
|
Dentist |
$110.17 |
$113.65 |
3.1% much less |
|
Eye Physician |
$131.33 |
$125.25 |
4.9% extra |
|
Ibuprofen |
$10.61 |
$10.64 |
0.3% much less |
|
Prescription Drug |
$366.09 |
$466.70 |
21.6% much less |
As you may see, pharmaceuticals are fairly low-cost in Montana, however different well being care bills aren’t far off from the nationwide common.
Taxes
Montana is one in every of simply 5 states with out state or native gross sales tax. However its state earnings tax ranges from 4.7% to five.9%—with the very best bracket making use of to incomes over $20,500 for single filers.14
Miscellaneous Items and Companies
A lot of bills (like that bocce ball set you simply needed to have) don’t actually match into a serious class. So let’s take a peek at a couple of of these right here. In Montana, ordering a pizza prices a mean of $12.66, getting a haircut runs $26.25, and shopping for a brand new costume shirt units you again $29.45 on common.
Can You Afford to Dwell in Montana?
At this level, you in all probability have one massive query in your thoughts: Can I afford to reside in Montana? Properly, it depends upon your particular person scenario. Components like your earnings, the dimensions of your loved ones, and which metropolis you select to reside in all matter.
One of the simplest ways to get a good suggestion of whether or not you may afford the price of residing in Montana is to make use of our free price of residing calculator. It’ll allow you to plug in your present metropolis and examine it with main cities in Montana.
Relating to realizing for those who can afford housing in Montana, keep in mind the 25% rule: Whether or not you’re renting otherwise you personal a house, your month-to-month fee ought to be not more than 25% of your take-home pay. Something greater than that and also you run the chance of overspending on housing and scrimping on every part else to make ends meet.
You need to use our free mortgage calculator to get a good suggestion of which residence costs would match inside your price range.
Able to Transfer to Montana?
If you happen to’ve crunched the numbers and determined that shifting to Montana is one of the best resolution for you and your loved ones, don’t begin packing simply but. You should join with a top-notch Montana actual property agent for those who’re planning to purchase a house.
An actual property agent with experience within the native housing market could make the shopping for course of an entire lot simpler by teaching and guiding you from begin to end. And that’s an enormous deal, as a result of let’s face it—shifting to a brand new state isn’t simple.
Our community of RamseyTrusted actual property brokers is stuffed with nice execs in Montana. And so they’ve all been vetted by our group to ensure they’ll serve you with excellence and prioritize your wants.
