How Much Do You Need To Make To Afford A Home In Montana?

For the last few years, I have paid close attention to the Montana real estate market. Unfortunately for me, I live in Bozeman, which means the price of housing is even more inflated than the rest of the state.

Of course, if you're a Montana resident looking to buy, you're more than aware that we have a bit of a "housing crisis" here in Big Sky Country.

First off, there isn't a huge selection when it comes to homes for sale, and then when you add the fact that the prices are more than most Montanans can afford, it can be a frustrating situation for those looking to become homeowners.

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According to some new research, buying a house in Montana is unaffordable. The folks over at List With Clever looked at all 50 states to determine how much you would need to make to afford a home. Unfortunately, for Montanans, it's not the best news.

How much do you need to make per year to afford a home in Montana?

Looking at the data, Montana is the 2nd most unaffordable state in America when it comes to buying a home. To buy a home in Montana the average Montanan would have to make almost 150 thousand dollars to buy a home.

The problem? The average Montana salary is right around 70 thousand, which means the average Montanan is a little over 80 thousand dollars short per year.

While there are parts of the state that are more affordable than others, the fact is, there are areas of Montana where 500k will get you a townhouse with shared walls and no yard. I can't speak for you, but if I'm going to spend half a million dollars on a home, I don't want to hear my neighbors through the wall, or not have a backyard for my dogs.

Is there a solution to the problem? If there is, it doesn't look like it's going to happen anytime soon.  If you take a look at home prices over the last 5 to 6 years, you will see that many of the homes for sale in The Treasure State have doubled in price.

Throw in the high interest rates, and it doesn't seem like there's a lot of light at the end of the tunnel.

Of course, it's not only Montana that is dealing with this crisis. If you've paid any attention to the news of late, you'll know that a large portion of Americans can no longer afford a home.

It's become such an issue that certain political candidates are offering money for a down payment as part of their campaign promises