Real Estate Relocation Guide To Montana

Relocating from Chicago to Montana is a major move. You’re crossing state lines and heading 1,000 miles to find a new home in a different community. By familiarizing yourself with the local real estate market, whether your destination is Billings or Great Falls you can get a good idea of the Montana landscape and locate the best area for you and your family.

We’ll start with the big picture… Montana has an estimated population of 944,600* and around 145,500 square miles of land. The total number of housing units is 432,080, of which about 260,000 are owner-occupied and 112,000 are inhabited by renters. Roughly 60,000, or 14 percent, of the residences in the state are vacant. The median home value in Montana is $155,500 and the median household income is $40,627. For an idea of how this sizes up with national averages – the median home value in the U.S. is $185,200 and the median household income is $48,451.

Statewide figures provide a good overview of Montana, but when you’re planning to relocate to the region, knowing what types of housing are available is the most important thing. So here’s a breakdown of what Montana real estate has to offer…

About 6,400 homes in Montana are new construction, developed in 2005 or after (another 33,300 were put up between 2000 and 2004). Montana has its share of vintage charm as well with 77,900 residences built prior to 1940. The total number of detached, single-family houses across the state is 298,300, and there’s also a good selection of multi-unit residences and condos. Most homes have 2 bedrooms, but size varies greatly depending on where you look. And, in case you’re wondering about how your budget will pan out in The Treasure State, monthly mortgage costs in [Alabama] generally hover between $700 and 2,000.

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*All statistics are from the 2006 American Community Survey as shown on the U.S. Census Bureau website.
Sources: factfinder.census.gov and www.city-data.com