Cost of living in Montana: Average rent prices for apartments. Median home prices statewide. Property tax rates and assessments. Typical utility expenses. Health care costs comparison. Average grocery expenses. Transportation costs and fuel prices. Local sales tax rates. Insurance premiums averages. Childcare and school tuition fees.
Average rent prices for apartments
The median rent for all property types in Montana is $1,800, with a substantial range from $100 to $61,900. Interestingly, this places Montana's median rent at $350 less than the national median. For more detailed insights into these market dynamics, you can explore the Montana Rental Market Trends on the Zillow Rental Manager website.
Median home prices statewide
The Median Home Price in Montana reached $515,000 in October 2024, marking a 1.8% increase from the previous year. This rise highlights the state's burgeoning real estate market, where the median home price is notably 15.2% higher than the national median sale price. For more comprehensive insights into the evolving housing trends in this region, you can explore the detailed analysis on the Bankrate website. This growth trend underscores the state's appeal and its standing as a competitive player in the national real estate scene.
Property tax rates and assessments
In Montana, the median property tax rate is 0.83%, which is lower than the national median of 0.99%. Property taxes are calculated based on the assessed value, which is typically lower than the market value due to exemptions, and can vary significantly by county, with Blaine County having the highest rate at 1.39% and Carter County the lowest at 0.41%. For more insights into these tax trends, you can visit Ownwell.
Typical utility expenses
Typical utility expenses in Montana are relatively low, with the average monthly cost for basic utilities such as electricity, heating, cooling, water, and garbage for a 915 sq ft apartment being approximately $127.54. Additionally, internet costs average about $67.50 per month. For a more detailed breakdown of living expenses and insights, visit the Moving Waldo website for comprehensive information on the cost of living in Montana.
Health care costs comparison
Healthcare costs in Montana typically align with the national average. For example, the average monthly cost for a Silver health plan is $636, though rates can vary depending on factors such as age and location. Companies like Blue Cross and Blue Shield of Montana and Mountain Health CO-OP provide competitive rates. Although the costs are generally reasonable, access to healthcare services can be limited in rural areas, while major cities offer better access to hospitals and specialized care. For more detailed information on insurance options, visit the ValuePenguin website to explore the best affordable health insurance plans available in Montana.
Average grocery expenses
Montana ranks as one of the less expensive states for grocery costs, with residents spending an average of $246 weekly on groceries. This amount is lower compared to neighboring states like Idaho, Wyoming, and the Dakotas. However, it is noticeably higher than Wisconsin, which stands as the cheapest state with an average of $221 weekly. For more detailed insights, you can visit the full report on the Montana Grocery Costs Ranking website.
Transportation costs and fuel prices
In Montana, transportation costs are significant due to the state's car-dependent nature, with average annual transportation costs for a single individual estimated at about $10,575. Gas prices in Montana are relatively low, ranging from approximately $3.09 to $3.49 per gallon, with recent drops making them 49.2 cents per gallon lower than a year ago. For more detailed insights into these costs, visit the Cost of Living in Montana section which provides a comprehensive breakdown of the various expenses a resident might face.
Local sales tax rates
Montana has no statewide sales tax, and as of 2024, there are also no local sales tax rates in places like Billings, with the combined sales tax rate being 0.0%.
Insurance premiums averages
In Montana, the average annual cost for full coverage car insurance is $2,321, while minimum coverage averages $396 per year. Car insurance rates vary based on factors such as age, credit history, and driving record. To learn more about these factors and how they might affect your insurance costs, you can visit the Bankrate website for detailed insights and comparisons that could help you make informed decisions when selecting your car insurance coverage.
Childcare and school tuition fees
In Montana, the average annual cost for full-time child care is $7,900 for a four-year-old and $9,000 for an infant, with child care often exceeding housing and college tuition expenses, and only 28% of families able to afford infant care according to the U.S. Department of Health and Human Services affordability metric. Meanwhile, tuition for Montana residents at the University of Montana is around $8,546 per year for full-time students, significantly lower than the costs associated with child care.