Montana Mortgage Company
In the state of Montana, the frontier lifestyle continues to
this day. The economy in Montana is still based heavily on the farming and
ranching that built the state in the frontier days. The US census statistics
shows that in 1999, the median household income in Montana was $33,024. This is
a good deal less than the national average in the census the same year of
$41,994.
The lower median household income reported in the census can
be misleading in agricultural states like Montana, as a population based
survey, the results from urban centers tend to flavor the data more than the
sparsely populated agricultural areas which make up most of the state.
Despite the lower income, the home ownership rate in Montana is higher than
average at 69.1% in 2000, with 66.2% being the national average. The median
value of an owner occupied home in the 2000 census for Montana was $99,500,
lower than the $119,600 dollar national average.
The housing market in Montana is currently strong, and
looking to improve. The recent cooling in the housing market nationwide
seems to have somehow skipped Montana, especially in high demand areas like
Great Falls. The inventory of homes available in Great Falls is actually
getting a little tight, with more buyers than sellers. Thankfully, this is
beginning to change and balance out, which will be better for all involved
in the long run. The demand for housing has also been driving construction,
and the builders in Montana have been only to happy to oblige.
The recent fluctuations in interest rates haven’t affected
the construction rates, as those looking to build their own home are
generally not spontaneous buyers and can afford to bide their time.
Appreciation on the homes in Montana is also good, but rising so rapidly as
to be worrying for the market. The estimated median selling price is
$142,000 compared to $123,000 from the same time last year. While a nearly
15% jump in appreciation can worry potential buyers, the prices are still
reasonable compared to nearby states.
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