Best Affordable Places to Live in Montana in 2024

Best Places to Live in Montana

Montana is a nature lover’s paradise. Although it’s more expensive than neighboring states like North Dakota and Wyoming, and the cost of living in Montana is higher than in those states, for families and individuals who want to live in the mountains, Montana has a lot to offer. For instance, it’s a much more affordable alternative than Washington state or Oregon. And it’s got just as much stunning wilderness to explore.

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Best Affordable Places to Live in Montana

Montana has a range of options from small towns to big cities that have a lower cost of living. You can choose a place with a quiet lifestyle, or something more bustling and active.

If you’re hoping to buy in Montana, and this is your first-ever home, consulting a first-time homebuyer guide can give you options and ideas that could help you in your house shopping.

1. Butte

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Once termed the “Richest Hill on Earth,” prospectors flooded Butte around the turn of the 20th century to dig for copper, silver, and gold. These days the city offers a small-town feel with a charming western facade — and prices that will make you feel like you’ve found treasure.

Population: 35,416

Median Household Income: $50,661

Median Rent Price: $1,100

Home Price-to-Income Ratio: 5.2

Average Property Tax: 1.16%

Housing Affordability: With average home values hovering around $260,000, Butte remains an affordable place to buy, especially for newbies, who may want to check out first-time home buyer programs in Montana. Rents are affordable, too. The market has been on the rise over the last year, which means buyers might have the chance to get in low and see appreciation over time.

2. Great Falls

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Sharing a name with the gorgeous waterfall along the Missouri River — now towering 148 feet — Great Falls was an important stop along Lewis and Clark’s cross-country journey. Today, it’s home to a thriving cultural scene including the Lewis and Clark Interpretive Center, as well as many other museums and attractions. With a cost of living index that’s only 87.4% of the national average, this city is a great pick for those looking to find an affordable place to live.

Population: 60,382

Median Household Income: $53,126

Cost of Living: 87.4% of U.S. average

Median Rent Price: $1,225

Home Price-to-Income Ratio: 5.7

Average Property Tax: 1.16%

Housing Affordability: The average home value in Great Falls slightly tops $300,000, making the market approachable for buyers and renters alike. Those looking to lease can find reasonable rental prices, but things are heating up and competition may soon increase.

Ready to get serious about a home purchase in Great Falls? Going through the mortgage preapproval process could help you compete more effectively against other buyers.

3. Billings

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The only city in Montana with a population of over 100,000, Billings offers cosmopolitan living with a gorgeous countryside backdrop — at a fraction of the price you’d pay in other big cities. With attractions including multiple museums, a world-class zoo, and several nearby state parks, Billings is also just a day’s drive from Yellowstone Park and the Beartooth Mountains.

Population: 119,960

Median Household Income: $63,608

Median Rent Price: $1,421

Home Price-to-Income Ratio: 5.9

Average Property Tax: 1.04%

Housing Affordability: An average home value of around $370,000 keeps Billings home price-to-income ratio at a reasonable 5.9, even with a median household income below the national average. The different types of mortgage loans available could help make a home purchase more accessible for buyers. Prefer to rent? Rentals in the city are currently affordable, but prices have recently been creeping up.

4. Helena

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Montana’s capital city is filled with natural and manmade attractions, and it’s well situated for an easy day trip to other Montana cities like Bozeman and Missoula. Plus Helena’s downtown is lined with well-preserved Victorian architecture, making it even more picturesque against the big-sky background.

Population: 33,885

Median Household Income: $59,712

Median Rent Price: $1,400

Home Price-to-Income Ratio: 7.2

Average Property Tax: 1.01%

Housing Affordability: Average home values in Helena are a little higher than the previous three cities on our list, sitting over $400,000 and slowly increasing. Still, the market is approachable, and rentals have recently been dropping in price.

5. Missoula

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Known as the setting of A River Runs Through It — though the film was actually shot in Livingston, several hours further east— Missoula’s status as the home of the University of Montana means it sees more than its fair share of cultural events for a mid-sized city tucked into the mountains. And yes, a river really does run through it — three rivers, in fact, and one of them, the Clark Fork, has a man-made wave that people surf on.

Population: 76,955

Median Household Income: $54,423

Median Rent Price: $1,700

Home Price-to-Income Ratio: 9.7

Average Property Tax: 1.24%

Housing Affordability: Housing prices are a little higher in Missoula than other cities on this list, with average home values topping half a million dollars, and median rents hovering around $1,700. The good news is, rental prices have dropped some $400 year-over-year — though these days, they’re on the rise again.

Best Places to Live in Montana for Families

With its open spaces and incredible natural attractions, Montana is a great place to raise a family. The state’s relatively affordable prices can also make child-rearing more financially feasible.

These kid-friendly towns and cities are the best places to live in Montana for families.

1. Kalispell

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Situated within an easy drive of both Glacier National Park and the Flathead Valley, Kalispell offers city resources within proximity of some of the best outdoor playgrounds on earth. While housing prices are a little higher than in some other Montana cities, parents may be drawn to the area because the Kalispell public school system is well regarded.

Population: 28,450

Median Household Income: $55,411

Median Rent Price: $2,095

Home Price-to-Income Ratio: 9.4

Average Property Tax: 0.91%

Housing Affordability: A relatively small town that’s drivable to one of the most beautiful national parks in the nation — it’s not surprising that the average home value in Kalispell tops $500,000. The home price-to-income ratio could be tough for some families to swing, but an average property tax of under 1% is one of the lowest in Montana.

2. Whitefish

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Considered one of the gateway cities to Glacier National Park, Whitefish offers plenty of fun attractions for families as well as a variety of businesses and restaurants. The area attracts families in part because its public school system, although small, is among the top 30% in the state. And with about 23% of its population representing the 18-and-under crowd, kids are likely to find plenty of friends.

Population: 8,915

Median Household Income: $64,595

Median Rent Price: $3,000

Home Price-to-Income Ratio: 12.6

Average Property Tax: 0.91%

Housing Affordability: There’s no doubt about it: Whitefish’s housing market is pretty expensive. (Chalk it up to supply and demand — it’s a small town!) With a warming market, already-high rents may continue to increase, though home values have dropped nearly 10% over the last year. If you’re looking to take advantage of that drop, these tips to qualify for a mortgage could help set you up for success.

3. Bozeman

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Another Montana college town, Bozeman is home to Montana State University. Education is also a priority here for the younger set, and parents will appreciate that Bozeman’s highly ranked public school system. The city has plenty of playgrounds, and an equal number of outdoor spaces where kids can expend their energy and develop a love of nature.

Population: 56,123

Median Household Income: $67,354

Cost of Living: 122.1% of U.S. average

Median Rent Price: $2,500

Home Price-to-Income Ratio: 10.5

Average Property Tax: 0.89%

Housing Affordability: Bozeman’s cost of living is a bit higher than the average American city, but for those who are drawn to the town’s stunning landscapes, it’s worth the expense. Just know that with a median rental price of $2,500, and average home values nearing three quarters of a million dollars, the market could be challenging for some families.

Recommended: Mortgage Prequalification vs Preapproval

4. Helena

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Montana’s capital city is a good option for parents hoping to raise their kids with some political awareness — or simply to enjoy an affordable lifestyle, thanks to Helena’s low cost of living. Plus the small-town vibe means children can experience a world where they actually know their neighbors.

Population: 33,885

Median Household Income: $59,712

Median Rent Price: $1,400

Home Price-to-Income Ratio: 7.2

Average Property Tax: 1.01%

Housing Affordability: Helena’s already-affordable rental prices have been dropping year-over-year, and a cool market means you stand a good chance of finding something you like without being overcome by competition. The city’s home prices are over $400,000, which means they aren’t exactly cheap, but they are a lot more affordable than what you’ll find in many American metros.

5. Great Falls

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In this city, your kids can take after Lewis and Clark and explore the world around them. As a bonus, the city is also home to the Children’s Museum of Montana. Parents will enjoy the lower-than-American-average cost of living.

Population: 60,382

Median Household Income: $53,126

Cost of Living: 87.4% of U.S. average

Median Rent Price: $1,225

Home Price-to-Income Ratio: 5.7

Average Property Tax: 1.16%

Housing Affordability: A low home price-to-income ratio makes Great Falls one of the most affordable housing markets in Montana. And buyers may stand to reap a tidy profit when it’s time to sell: Home values have been increasing here.

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Best Places to Live in Montana for Young Adults

For adults in their 20s and 30s looking to establish their careers, make friends, and maybe even meet their future partner, Montana has plenty to offer. That includes towns and cities that balance outdoor adventures with nightlife.

Check out these best places to live in Montana for young adults.

1. Bozeman

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If there’s one thing you can count on from a college town, it’s bars — and Bozeman has some great spots to mix and mingle. With the city’s median age of just 28.2, many of the people you meet will be in the same stage of life.

Population: 56,123

Median Household Income: $67,354

Cost of Living: 122.1% of U.S. average

Median Rent Price: $2,500

Home Price-to-Income Ratio: 10.5

Average Property Tax: 0.89%

Housing Affordability: While the median rent price of $2,500 isn’t exactly affordable for young adults, Bozeman boasts some of the lowest property taxes in the state. Those who can get in on the housing market won’t be hit with a hefty real estate tax bill.

2. Missoula

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Another college town, but a little further to the north — and, some would say, a little funkier — Missoula is an option for young adults hoping to find themselves and meet others along the way. Although the city’s median age is higher than the others on this list, job prospects in the education and healthcare fields mean plenty of opportunities for younger folks to meet.

Population: 76,955

Median Household Income: $54,423

Median Rent Price: $1,700

Home Price-to-Income Ratio: 9.7

Average Property Tax: 1.24%

Housing Affordability: With average home values at over half a million dollars, ownership may well be out of reach for some young adults. Fortunately, median rent prices are sitting at a relatively affordable $1,700 — and they’ve dropped since last year.

3. Billings

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For those who want to be where the action is, Billings is the place. The most populous city in Montana, it’s the perfect launching point for adventurous outings in nearby state forests, or refined evenings at the Alberta Bair Theater.

Population: 119,960

Median Household Income: $63,608

Median Rent Price: $1,421

Home Price-to-Income Ratio: 5.9

Average Property Tax: 1.04%

Housing Affordability: Considering that it has one of the lowest home price-to-income ratios of Montana’s major cities, Billings offers a great combination of affordable living with cosmopolitan activities. Rents are going up, but for now they’re at a very manageable median of $1,421.

4. Helena

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Yet again, Montana’s capital makes the list! With stunning landscapes in every direction, and lots of social activities to choose from, adventurous young adults will find plenty to do. Helena also offers job opportunities for those looking to break into the political scene.

Population: 33,885

Median Household Income: $59,712

Median Rent Price: $1,400

Home Price-to-Income Ratio: 7.2

Average Property Tax: 1.01%

Housing Affordability: The home price-to-income ratio isn’t exactly low, but renters will be pleased by the median rental price of just $1,400 per month. Plus, the market is cool, which could make it easier to find a place.

5. Livingston

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The smaller town vibe of Livingston can be a good fit for young adults looking for a low-key place to live. It’s populated with art galleries, bars, and restaurants, so there are things to do. Plus, it’s just a short drive from Bozeman if you need more cultural options, and Yellowstone National Park if you’re yearning for space.

Population: 8,790

Median Household Income: $51,599

Median Rent Price: $1,800

Home Price-to-Income Ratio: 10.1

Average Property Tax: 0.67%

Housing Affordability: An average home value of over $500,000 keeps Livingston’s home price-to-income ratio in the double digits, but property taxes are a bargain. The town’s rental market is warming up, though, so this could be a good time to get in.

Best Places to Live in Montana for Retirees

What better way to spend one’s golden years than surrounded by glorious natural landscapes? Montana boasts plenty of communities that champion a low-stress lifestyle with abundant cultural activities, gorgeous parks, and opportunities for socializing.

1. Polson

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Tucked along the shores of Polson Bay at the southernmost end of Flathead Lake, Polson is about as picturesque as it gets. The town’s population of just over 5,000 means a relaxed pace of life along with the chance to know all your neighbors. And with almost a quarter of the population age 65 or over, retirees can look forward to plenty of get-togethers with their peers.

Population: 5,478

Median Household Income: $45,565

Median Rent Price: $1,800

Home Price-to-Income Ratio: 12.2

Average Property Tax: 0.71%

Housing Affordability: An average home value of over $500,000 and a lower-than-average median household income push Polson’s home price-to-income ratio up. The rental market remains approachable, however, and property taxes are under 1% on average.

2. Columbia Falls

Photo credit: Mick Ruis

Nestled near Glacier National Park, Columbia Falls is a small town with stunning natural landscapes and outdoor adventures. Active retirees will appreciate the area’s many trails for hiking and biking. And when residents want more of a city vibe, they can drive to other, bigger communities, including Whitefish and Kalispell, in less than an hour.

Population: 5,656

Median Household Income: $56,860

Median Rent Price: $2,425

Home Price-to-Income Ratio: 9.9

Average Property Tax: 0.91%

Housing Affordability: With average home values well over $500,000, and median rental prices approaching $2,500, Columbia Falls isn’t the most inexpensive place to live in Montana. But for those who’ve spent their lives working to build the wealth to afford it, a lower property tax means they can keep more of their equity.

3. Whitefish

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The cool art galleries, quaint grocery co-ops, and small-town charm of Whitefish make it an appealing place for retirees. Plus, they can easily head over to Kalispell for major healthcare needs and other resources.

Population: 8,915

Median Household Income: $64,595

Median Rent Price: $3,000

Home Price-to-Income Ratio: 12.6

Average Property Tax: 0.91%

Housing Affordability: Whitefish is one of the most expensive markets in Montana, but it’s far more affordable than retiring in certain other picturesque locations, such as Malibu. And the lower average property tax helps those living on a fixed income.

If you’re considering buying a home in Whitefish, or in any other community where the homes are on the pricier side, you may want to explore jumbo mortgage loans as you’re navigating the home-buying process.

4. Missoula

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As hip as Missoula is, it’s also a great option for retirees. For one thing, the University of Montana provides plenty of cultural attractions. In addition, summer farmers’ markets, community game nights, and other organized opportunities for building connections abound.

Population: 76,955

Median Household Income: $54,423

Median Rent Price: $1,700

Home Price-to-Income Ratio: 9.7

Average Property Tax: 1.24%

Housing Affordability: An average home value of more than half a million dollars may be out of reach for some retirees, but the median rental price in Missoula is reasonable for one of the state’s largest and most vibrant communities. The home price-to-income ratio remains just below double digits.

5. Hamilton

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Thanks to its location in the Bitterroot Valley, Hamilton has the lucky distinction of getting far less snow than other Montana cities in the winter. The town is also well known for its relaxed pace of life and proximity to hiking trails and hot springs.

Population: 5,165

Median Household Income: $37,868

Median Rent Price: $1,700

Home Price-to-Income Ratio: 12.9

Average Property Tax: 0.59%

Housing Affordability: A relatively low median household income pushes Hamilton’s home price-to-income ratio up, but houses are relatively affordable at under $500,000. Plus, property taxes are just a little more than half a percent on average.

Best Places to Live in Montana Near the Mountains

You’ll find natural beauty in Montana, no matter where you go. But for climbers, skiers, snowboarders, and others who hear the mountains calling, these five cities will hold special appeal.

1. Whitefish

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There’s no mountain landscape in the U.S. like Glacier National Park, and as a Whitefish resident, you’ll have constant access to all this natural wonder has to offer. Plus, in the winter, you can head to Whitefish Mountain Resort for your favorite snow sports.

Population: 8,915

Median Household Income: $64,595

Median Rent Price: $3,000

Home Price-to-Income Ratio: 12.6

Average Property Tax: 0.91%

Housing Affordability: While Whitefish’s housing costs can outprice some, its rental market is warming up. That means people are continuing to move to this mountain gem. For remote workers whose salaries can keep up, Whitefish can make an incredible home for adventure.

2. Bozeman

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Bozeman is the perfect solution for those who want it all: mountains, city life, community, and convenience. Here, you’re within easy proximity of the Bridger Range, Gallatin Range, Madison Range, Spanish Peaks, Beartooth Mountains, Crazy Mountains, and Tobacco Root Mountains — to name a few. And Yellowstone National Park is just an hour’s drive south.

Population: 56,123

Median Household Income: $67,354

Cost of Living: 122.1% of U.S. average

Median Rent Price: $2,500

Home Price-to-Income Ratio: 10.5

Average Property Tax: 0.89%

Housing Affordability: Average home prices are edging toward $750,000 in Bozeman, and median rents are hovering at $2,500. But for those willing to rent, a cool market means you should be able to find an apartment you like.

3. Hamilton

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Situated in the shadow of many glorious snow-capped mountain peaks, and just a short drive from the Bitterroot National Forest, Hamilton is just as well suited to adventurous young people as retirees. It’s home to some sweet cafes and boutiques, too.

Population: 5,165

Median Household Income: $37,868

Median Rent Price: $1,700

Home Price-to-Income Ratio: 12.9

Average Property Tax: 0.59%

Housing Affordability: Hamilton’s home price-to-income ratio may seem challenging, but the ratio is affected by a relatively low median household income. For some people, renting may be a better bet. While the rental market is heating up, prices dropped some $700 year-over-year. That means there should be apartment availability at reasonable prices.

4. Missoula

Photo credit: iStock/Montana Mermaid

This city is home to the Rattlesnake National Recreation Area, the Pattee Canyon Recreation Area, and the famous Mount Sentinel M Trail. Plus, the Clark Fork River that runs through town is great for fly fishing, kayaking, paddle boarding, surfing, and more.

Population: 76,955

Median Household Income: $54,423

Median Rent Price: $1,700

Home Price-to-Income Ratio: 9.7

Average Property Tax: 1.24%

Housing Affordability: While Missoula has higher property taxes on average than a few other communities on this list, it also boasts relatively affordable rental prices. A cool market means buyers should have some options to choose from.

5. Kalispell

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Looking to balance proximity to Glacier National Park with reasonable prices? Chances are, you’ll find it here. Located in the midst of some of the very best parts of Montana, including Flathead Lake and the Kootenai National Forest, Kalispell offers a relatively affordable cost of living compared to nearby cities like Whitefish.

Population: 28,450

Median Household Income: $55,411

Median Rent Price: $2,095

Home Price-to-Income Ratio: 9.4

Average Property Tax: 0.91%

Housing Affordability: Average home values in Kalispell are more than $500,000, but prices have been decreasing over the last year. That, along with property taxes under 1% on average, could make this a good time to buy.

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The Takeaway

While Montana has a higher cost of living than some neighboring states, it also offers affordability for those who dream of living in the mountains. And it provides residents with endless recreational opportunities all year long.

For families, young adults, and retirees who are considering moving to the state, Montana has a variety of options to explore — from tiny communities, to small cities, to robust college towns. Butte, Boseman, and Whitefish are just some of the top affordable cities on our list.

If you’re ready to start house hunting in Montana, you can learn about mortgage options by visiting the SoFi Home Loan Help Center. You’ll also get buying tips and a checklist of what to look for.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

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FAQ

Is Montana an affordable place to live?

With a state-wide cost of living about 3% higher than average, Montana isn’t the most affordable state in the nation. However, compared to neighbors like Washington and Oregon, it’s much more affordable.

Where is the cheapest place to live in Montana with mountain views?

While affordability is relative, one of the most affordable places to live in Montana with magnificent mountain views is Butte.

What is the best city to move to in Montana?

It depends on what you’re looking for. For affordability, Butte and Great Falls are great contenders; for proximity to stunning natural beauty, Whitefish might be best. For those looking for a bigger-city lifestyle, Billings is the most populous community to consider.

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