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Everyone wants a home that mixes affordability with comfort and Montana does this very well. Families love the Treasure State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Montana that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Montana for 2023.
So where is the most expensive place to live in Montana? That would be Bozeman.
the 2017-2021 American Community Survey for the 53 places in Montana with more than 1,000 people.
What's the most expensive place to live in Montana? Well, HomeSnacks crunched the numbers and discovered that Bozeman is the most expensive place to live in Montana.
So hopefully Colstrip (the cheapest place to live in Montana) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Montana and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Montana For 2023
The median income in Bozeman comes in at $67,354 and the median home value is $466,400 for 2023.
The median income in Manhattan comes in at $60,625 and the median home value is $297,800 for 2023.
The median income in Missoula comes in at $54,423 and the median home value is $324,700 for 2023.
The median income in Hamilton comes in at $37,868 and the median home value is $224,400 for 2023.
The median income in Whitefish comes in at $64,595 and the median home value is $477,600 for 2023.
The median income in Red Lodge comes in at $47,727 and the median home value is $296,300 for 2023.
The median income in Stevensville comes in at $40,607 and the median home value is $226,300 for 2023.
The median income in Livingston comes in at $51,599 and the median home value is $263,700 for 2023.
The median income in Polson comes in at $45,565 and the median home value is $217,700 for 2023.
The median income in Kalispell comes in at $55,411 and the median home value is $277,000 for 2023.
Methodology: How We Determined The Most Expensive Places To Live In The Treasure State For 2023
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2017-2021 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Montana to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 53 places in Montana that have more than 1,000 people.
The place with the highest cost of living in Montana according to the data is Bozeman. You can download the data here.
Summary: Taking A Chunk Out Of Your Paycheck In Montana For 2023
Well there you have it, the places in Montana that have the highest cost of living, with Bozeman ranking as the most expensive city in the Treasure State.
Here's a look at the most affordable cities in Montana according to the data:
- Wolf Point
For more Montana reading, check out:
- Best Places To Live In Montana
- Cheapest Places To Live In Montana
- Most Dangerous Cities In Montana
- Best Places To Raise A Family In Montana
- Safest Places In Montana
- Worst Places To Live In Montana
Detailed List Of The Most Expensive Cities In Montana
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