Published Feb. 23, 2024
Fact Checked
Nathan Alderman
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If you're purchasing a home in Montana, shopping around for the best mortgage rate is important. There are multiple factors mortgage lenders take into account when offering rates, and these include your credit score, your debt-to-income ratio, and your current income and employment status.
5 affordable places to live in Montana
Known for its open spaces, Montana is a unique place to settle. Here are some lower-cost options to consider.
1. Billings
As Montana's largest city, Billings has a lot to offer young professionals and families alike. The median home value in Billings is $221,100, according to Niche, which is considerably below the median home value for Montana on a whole -- $428,294, according to Zillow. Of note, Tax-rates.org reports the average property tax rate in Yellowstone County is 0.98% of a home's assessed value. The average property tax rate statewide is 0.83%.
2. Butte
About an hour south of Helena, Butte was once known as a major mining town. These days, its economy revolves around energy companies and healthcare. The median home value in Butte is $150,600, less than half of the median home value statewide. And the average property tax rate in Silver Bow County is 1.15% of a home's assessed value.
3. Great Falls
Known for its parks, well-rated schools, and proximity to waterfalls and hiking, Great Falls tends to draw families and young professionals. Housing is relatively inexpensive here, with a median home value of $176,500. The average property tax rate in Cascade County is 0.98% of a home's value. Both of these metrics may help contribute to Great Falls snagging the No. 14 spot on Niche's list of the best places to live in Montana.
4. Helena
Montana's capital is known for its restaurants, coffee shops, and parks -- and young professionals tend to flock here. The median home value in Helena is $244,300, while the average property tax rate in Lewis and Clark County is 1% of a home's assessed value.
5. Kalispell
About 20 minutes from Montana's famed Whitefish Mountain Resort and less than an hour from Glacier National Park, Kalispell is an outdoor enthusiast's haven. The median home value in Kalispell is $233,500, while the average property tax rate in Flathead County is below Montana's average despite all of those nearby amenities -- just 0.77% of a home's assessed value.
Though it's possible to buy an affordable home in Montana, another good way to keep your housing costs reasonable is to snag a low mortgage rate. To that end, work on boosting your credit score and lowering your debt-to-income ratio before you apply for a home loan.
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Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. In addition to writing for The Motley Fool, she offers content strategy to financial technology startups, owns and manages a 350-writer content agency, and offers pro-bono financial counseling.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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