Buying a Home in Montana: What You Need to Know
If you're considering buying a home in Montana, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Montana homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Montana-specific data to give you accurate monthly payment estimates.
Montana Property Taxes
Montana has an effective property tax rate of 0.6%, ranking #35 out of 50 states (where #1 is the highest). On a median-priced home of $523,000, you'd pay approximately $3,138 per year in property taxes, or about $262/month.
Montana's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Montana Homeowners Insurance
The average annual homeowners insurance premium in Montana is $2,801 for $300,000 in dwelling coverage, or about $233/month.
Montana's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
Montana Closing Costs
Closing costs in Montana average 0.6% of the home's purchase price. On a $523,000 home, that's approximately $3,138. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Montana Housing Market
The median home price in Montana is $523,000. This is significantly above the national median of approximately $410,000, making Montana one of the more expensive states for homebuyers. However, strong job markets and quality of life often justify the premium.
More Montana Mortgage Tools
Use these additional calculators to plan your Montana home purchase: