Montana's Impossible Housing Situation

[Elky Welky]

From this article: https://billingsgazette.com/news/lo...cle_ba2c0042-a9d7-52dd-9f12-4b7cccf9d7a9.html

From 2018 to 2023, the median home sales price in Montana rose from $266,473 to $505,419, according to the Montana Association of Realtors. That’s an eye-popping 89.6% increase. In that same time frame, U.S. Census Bureau data shows the median household income in Montana rose from $55,328 to $70,804, a relatively paltry 27.9% increase.

Wage increases in Montana are not even close to keeping up with housing price gains.

I entered the job market in my current field in 2018, started watching the housing market then, and my wage increase percentage has tracked right along with this data. I see no reason to even try to get a house at this point.

 

[Schaaf]

Saint Marie still has affordable houses.

 

[Forkyfinder]

You know what makes this worse?

People from denver look at Billings homeprices with joy and marvel at affordability.

 

[cgasner1]

Wish I could say I was smart when I was younger. My wife wanted the first place so we got it to make her happy. We built the second one so I wouldn’t unalive my neighbor. Pretty fortunate they way it worked at my time of life

 

[INMT]

Montana, Idaho pass Cal as most unaffordable for homebuyers

Since the pandemic, two states, Montana and Idaho, have surpassed California as the most unaffordable states for local homebuyers.

missoulacurrent.com

Interesting metrics. Montana is now the most unaffordable state for residents to purchase a house. Passed California, Hawaii, and Oregon. Not most expensive houses in the country, but income vs cost. Glad we bought a house and a chunk of property during the housing meltdown. Sure as hell couldn’t afford one now.

 

[Pagosa]

It will effect everyone that relies on any type of service, like mechanics, lawyers, plumbers, carpenters, etc. This is another reason why our divorce rates are so high

 

[Rie Bread]

I wonder how they calculate median home price. Sure lot of million dollar mansions selling in Montana.

 

[Carl]

It’s a tricky dynamic for many young people around here, that’s for sure. Montana has become more desirable to live in since 2018, which will naturally increase housing costs, but won’t necessarily increase general wages.

HCOL areas tend to have lots of economic opportunity, but not evenly distributed.

 

[mtmuley]

This is another reason why our divorce rates are so high

Housing costs causing divorce? mtmuley

 

[Flatbrimmer]

I can build you a house for $200,000, that you can quickly sell thereafter for $1,000,000.

That’s screwball math I don’t appreciate

 

[mtmuley]

I can build you a house for $200,000, that you can quickly sell thereafter for $1,000,000.

That’s screwball math I don’t appreciate

Math needs work. mtmuley

 

[Hem]

Math needs work. mtmuley

I agree, that's just not true.
Average sq ft cost $275-$350.

 

[perma]

You know what makes this worse?

People from denver look at Billings homeprices with joy and marvel at affordability

 

[Flatbrimmer]

I agree, that's just not true.
Average sq ft cost $275-$350.

It ain’t true!??? you must not know how many houses I’ve built for <$200k that have sold for +\- $1M

 

[MTTW]

It ain’t true!??? you must not know how many houses I’ve built for <$200k that have sold for +\- $1M

Were they on wheels?

 

[mtmuley]

I agree, that's just not true.
Average sq ft cost $275-$350.

Plus property. mtmuley

 

[mtmuley]

It ain’t true!??? you must not know how many houses I’ve built for <$200k that have sold for +\- $1M

Your total build cost of the home plus property? Recently? I call BS. mtmuley

 

[Hem]

Tiny home builder.

 

[Southern Elk]

It ain’t true!??? you must not know how many houses I’ve built for <$200k that have sold for +\- $1M

You’re a framer, right? There’s a lot more that goes into a house besides framing.

 

[Hem]

I saw in one of those portable shed yards a portable garage for 40k.
F-ing piece of crap. Also a ridiculous concept.