Montana’s median home value is over four times higher than the state’s median income, ranking 10th highest among all states for home value relative to household income, according to an annual economic report published by the Montana Department of Labor and Industry.
“This suggests Montana is one of the least affordable states for homebuyers,” the 2023 Labor Day Report says.
The state government puts out the report every year to highlight different sectors of the economy.
While much of the news in this year’s report was cheerful, touting record job growth in 2022, the housing section points to the underlying affordable housing crisis that’s holding back many people in the state from realizing their dreams.
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Montana home values are 51% higher than pre-pandemic levels, which is higher than the U.S. average of 40% and ranks eighth highest of all states. The typical home value in Montana averaged $440,000 in the first quarter of 2023 compared with $280,000 three years ago. Missoula County saw home values increase 46% from the first part of 2020 to the first part of 2023.
“Home prices are increasing in every Montana