Montana’s housing market is the least affordable in the country. That’s according to data analysis by the National Association of Realtors.
According to data from Zillow’s Housing Index, average home prices have nearly doubled since the spring of 2020.
A National Association of Realtors analysis shows Montana has become the least affordable market in the country in that time, surpassing states like California and Idaho.
It compares average home prices to a state’s average income. Montana has the largest gap between the two.
The picture is not great for renters either. The Montana Budget and Policy Center found nearly a quarter of Montana renters spend more than half of their monthly income on rent.
The National Low Income Housing Coalition estimates Montana needs more than 30,000 affordable rentals to meet demand.
The 2023 Montana Legislature passed a series of bills aimed at increasing housing supply. Gov. Greg Gianforte’s Housing Task Force last month released a series of policy recommendations for lawmakers to consider when they reconvene in January.
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People on fixed incomes hoping to apply for Montana’s property tax assistance program will need to get their paperwork in by April 15. Qualifying applicants could receive a reduced property tax rate of up to 80 percent on the first $350,000 of their home’s market value. -
Montana lawmakers recently passed a bill that will allow communities with a resort tax to fund workforce housing to help Montanans live where they work. -
Missoula will shut down one of its two homeless shelters. Mayor Andrea Davis Friday announced her decision citing the end of one-time federal pandemic aid. The move will leave more than 150 people seeking a place to stay. -
Montana officials recently laid out a plan to address housing affordability in the state. Despite rising costs, federal funding for housing aid could remain flat. -
A Gallatin County judge Monday ruled that a slate of housing reform laws passed by the 2023 Legislature are constitutional. -
The annual housing report from the Missoula Organization of Realtors depicted a mixed bag of results for 2024. Missoula mortgage lender Matt Gehr summarized it this way. “We do have an affordability issue, but it’s not continuing to get worse.” -
A Flathead Valley homeless shelter has settled its lawsuit against Kalispell for revoking its permit. The Kalispell City Council effectively closed the Flathead Warming Center’s doors to overnight guests. -
Federal housing assistance is not keeping pace with rising rents in Montana, leaving low income residents with few available options. -
Montana Democrats this week unveiled plans to boost housing affordability, with a specific focus on renters.
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As property taxes surge in Montana, some say the state’s tax code is letting luxury real estate owners benefit from a tax break intended to support farms and ranches. The longstanding policy passes sizable tax savings to property classified as “agricultural.” But, critics say it may be too easy for high-value homes to qualify for that tax break.
