Most Expensive Places to Live in Montana

BILLINGS, MONTANA

As of August 2024, Realtor.com reports that the median home price in Billings is $372,700. While Billings is generally more affordable compared to many cities across the U.S., it stands out as one of the more expensive places to live in Montana. Being the largest city in the state, Billings has experienced population growth and increased demand in recent years, leading to higher home and rental prices. Additionally, wages in Billings tend to be below the national average in various fields, contributing to the overall cost of living.  Photo credit Wikipedia

MISSOULA, MONTANA

As of August 2024, the median sales price for homes in Missoula is $504,900. This figure has remained stable for much of the past year after experiencing steady increases during the pandemic. While wages in Missoula have risen, they still fall slightly below the national average. 

The cost of living in Missoula is higher than in Billings but lower than in Bozeman. Single-family homes are becoming increasingly difficult to find and are particularly expensive, especially in neighborhoods near the University of Montana and downtown. Similar to the rest of Montana, there has been an influx of people moving from more expensive cities, which has driven prices up due to limited supply.

BIG SKY, MONTANA

Big Sky is a mountain resort town with a luxury real estate market. The median sales price as of September 2024 is $2,000,000. With world-class skiing, proximity to Yellowstone National Park, and stunning scenery it is the place where millionaires come to play in their second homes. The Yellowstone Club is an exclusive private resort community with crazy expensive homes. With very few affordable homes most of the people who work in Big Sky commute from Bozeman. Rentals are also expensive and hard to find with many short-term rentals and seasonal workers. 

The cost of living in Big Sky is significantly higher than the rest of Montana because of the remote location and tourist-driven economy making it an even more expensive place to live. Many larger employers in Big Sky provide workforce housing and the town is trying to find solutions for affordable housing for locals. We don’t see prices coming down anytime soon but the community is trying to find creative ways for locals to be able to stay in Big Sky

WHITEFISH, MONTANA

Another expensive city in Montana is Whitefish, with a median sales price of $1.3 million as of August 2024. Like Big Sky, Whitefish is a mountain resort town located near Glacier National Park. It features a ski resort and a lake, making it a year-round recreational destination that has attracted affluent buyers for years, driving up housing costs.

The town's proximity to Glacier brings in a significant number of tourists, leading to the development of vacation homes and short-term rentals. This has further constrained the already limited supply of homes in this small community. Many out-of-state buyers, particularly those relocating from pricier areas like California and Colorado, have purchased second homes here or retired in Whitefish, making it possible for them to afford the premium prices.

KALISPELL, MONTANA

Kalispell is located just 15 minutes from Whitefish and has become an expensive area in Montana, likely due to its proximity to Whitefish. In 2024, the median home price in Kalispell has been around $500,000, making it a more affordable option than Whitefish, though it still carries a high price tag. Many individuals priced out of Whitefish have relocated to Kalispell, contributing to the same supply and demand challenges seen across the state. 

In recent years, Kalispell has experienced job growth and offers a lower cost of living compared to Whitefish. Additionally, there are more housing options available, including some affordable choices.

BOZEMAN, MONTANA

Bozeman is Montana’s most expensive city outside of mountain resort towns like Big Sky and Whitefish. Throughout 2024, the median sales price for homes has ranged between $700,000 and $800,000. Bozeman's appeal lies in its scenery, access to outdoor recreation, Montana State University, and proximity to Big Sky and Yellowstone National Park.

During the pandemic, demand for housing surged as out-of-state buyers from more expensive areas sought homes in Bozeman, which had a limited supply. As a result, home prices skyrocketed. While prices have leveled off, they have not significantly decreased.

An increase in tech companies relocating to Bozeman, along with more remote workers, has driven wages up in the area. However, affordable housing remains scarce, making it challenging for service industry workers, recent college graduates, and many locals to find suitable places to live. Bozeman’s tourist-driven economy leads to higher prices for food and entertainment. The city is actively working to address the affordable housing issue, but it continues to be a significant problem in this once-small college town.