How Many Figures You Need in Your Salary to Afford a Typical Montana Home

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.

READ MORE: There Are Only 2 States Where It's Harder to Buy a House Than in Montana Right Now

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.

Billings, Montana

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

Bozeman, Montana

*The only listings on Zillow in this price range showed land for sale.

Butte, Montana

• Price: $425,000
• Bedrooms: 4
• Bathrooms: 4
• Square Footage: 4,320
• Listed by: Tina West, Berkshire Hathaway-Butte

Great Falls, Montana

• Price: $469,900
• Bedrooms: 4
• Bathrooms: 3
• Square Footage: 2,710
• Listed by: Traci Christian, Century 21, Northwest Realty MT 

Helena, Montana

• Price: $449,000
• Bedrooms: 4
• Bathrooms: 2
• Square Footage: 1,666
• Listed by: Jolene Lloyd, Jenna Simanton, Berkshire Hathaway-HomeServices

Kalispell, Montana

• Price: $449,000
• Bedrooms: 3
• Bathrooms: 2
• Square Footage: 1,443
• Listed by: Stefanie Ann Hanson, Beckman's Real Estate 

Missoula, Montana

• Price: $449,000
• Bedrooms: 0
• Bathrooms: 1
• Square Footage: 772
• Listed by: Leslie Wetherbee, Wetherbee Group Real Estate