How Much Money You Need to Buy a New Home in Montana

A new study was just released that shows how much money you need to make in each state in order to buy a home. If you want to buy a home in Montana, you need to start saving immediately.

Home prices in Montana aren't cheap, and the data released in proof of that. During the pandemic, home prices in the state began to skyrocket, and they haven't returned to orbit yet.

The median price for a single-family home in Bozeman is $932,000, according to the Bozeman Real Estate Group, which gets data from the Big Sky Country MLS.

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While home prices continue to increase in Montana, wages haven't been able to keep up. Most people that live in Montana are living paycheck-to-paycheck, and the thought of buying a home is off the table.

Before we reveal the new data, here are six of the most beautiful places to visit in Montana.

Data Reveals Shocking Price of a New Home in Montana

What if I told you that Montana is now the 5th most expensive state to buy a home in America? Here's the top 5:

1. Hawaii
2. Massachusetts
3. California
4. New York
5. Montana

In most states, a six-figure salary is required if you want to buy a new home. Using data from Realtor.com, a map of the annual salary needed to buy a typical three-bedroom home in each state was created. The map was shared on the Visual Capitalist website.

In Montana, the income needed to purchase a new three-bedroom home is $177,000. Personally, I don't know many people that make that kind of money.

The median price for a new single-family home in America has reached an all-time high at $495,750. That might buy you a nice fixer-upper in Montana. West Virginia is the most affordable state for homebuyers in America at $71,000.