Historical data
Pick an indicator to see its long-run evolution.
Median home value
1990–2024Census / Zillow ZHVI, nominal dollars.
Home Prices
Montana home prices rose roughly 4% year-over-year in 2024, with Gallatin and Missoula counties posting the sharpest gains in the state.
FHFA House Price Index
1975–2025FHFA all-transactions index, annual average of quarters. Source: FHFA via FRED (MTSTHPI).
| Indicator | Montana | U.S. |
|---|---|---|
| YoY home price growth (%) | 4 | 3.4 |
- •Bozeman, near Yellowstone, has some of the highest home prices per square foot in Montana.
Median Home Value
Montana's median home value reached about $455,000 in 2024, among the top 10 highest in the nation, driven by strong demand near Bozeman, Missoula and the parks corridor.
Median value of owner-occupied homes
2008–2024Census American Community Survey 1-year estimates, B25077 (2020 not released).
| Indicator | Montana | U.S. |
|---|---|---|
| Median home value ($k) | 455 | 360 |
- •Montana home prices roughly doubled between 2019 and 2023 amid pandemic-era relocation.
Rent Prices
The median gross rent in Montana was about $1,220 per month in 2023, up sharply over the past five years as rental supply lags population growth.
Rent of primary residence index (West region)
2006–2025BLS CPI-U, West region, annual average (CUUR0400SEHA).
| Indicator | Montana | U.S. |
|---|---|---|
| Median rent ($) | 1220 | 1348 |
- •Missoula and Bozeman rents rival many larger metro areas despite Montana's small urban population.
Housing Inventory
Montana had roughly 545,000 total housing units in 2023, with active for-sale inventory remaining tight, especially in Gallatin and Missoula counties.
Total housing units
2008–2024Census American Community Survey 1-year estimates, B25001 (2020 not released).
Vacant housing units
2008–2024Census American Community Survey 1-year estimates, B25002 (2020 not released).
| Indicator | Montana | U.S. |
|---|---|---|
| Vacant housing units (%) | 14.5 | 11.2 |
- •Many Montana housing units are seasonal or recreational, especially near Flathead Lake and the parks corridor.
Building Permits
Montana issued about 5,900 residential building permits in 2023, a modest decline from the 2021-22 building boom but still well above pre-pandemic levels.
New private housing units authorized
1988–2025Census Building Permits Survey, sum of 12 months (FRED MTBPPRIV).
| Indicator | Montana | U.S. |
|---|---|---|
| Permits per 1,000 residents | 5.2 | 4.3 |
- •Flathead and Gallatin counties account for a large share of all new Montana building permits.
Homeownership Rate
Montana's homeownership rate stood at about 69.9% in 2023, well above the U.S. average, reflecting the state's rural character and lower housing density.
Homeownership rate (CPS/HVS)
1984–2025Census Housing Vacancy Survey, annual (FRED MTHOWN).
| Indicator | Montana | U.S. |
|---|---|---|
| Homeownership rate (%) | 69.9 | 65.7 |
- •Nearly 7 in 10 Montana households own their home, outpacing most Western states.
Housing Affordability
With a median home value of $455,000 and median household income of $70,804, Montana ranks among the least affordable states relative to local wages.
Housing price level vs U.S. (RPP rents)
2008–2024BEA Regional Price Parities, housing services (SARPP line 3).
| Indicator | Montana | U.S. |
|---|---|---|
| Housing price level vs U.S. (RPP rents)2024, BEA Regional Price Parities | 84.6 | 100 |
| Price-to-income ratio | 6.4 | 4.8 |
- •Montana's price-to-income ratio now exceeds many higher-cost coastal states.
Vacancy Rate
Montana's overall housing vacancy rate was about 14.5% in 2023, elevated by a large share of seasonal and recreational units near lakes and parks.
Rental vacancy rate
1986–2025Census Housing Vacancy Survey, annual (FRED MTRVAC).
Homeowner vacancy rate
1986–2025Census Housing Vacancy Survey, annual (FRED MTHVAC).
| Indicator | Montana | U.S. |
|---|---|---|
| Overall vacancy rate (%) | 14.5 | 11.2 |
- •A meaningful share of Montana's vacant units are second homes tied to Yellowstone and Glacier tourism.