Montana is a gorgeous state that any nature lover would appreciate calling home.
Before relocating to Big Sky Country, it’s important to have an idea of what the cost of living looks like. That way you can make sure that you can relax and enjoy the skiing, hiking, rock hounding, rafting, and hot-spring steeping the state affords.
What’s the Average Cost of Living in Montana?
Average Cost of Living in Montana: $47,887 per year
Take a good look at your monthly budget if you’re planning a move to Montana.
According to MERIC data in 2022, Montana ranks 35th when it comes to cost of living. That means Montana is more expensive to live in than over half of the country. If you have your heart set on living in the Rocky Mountain region, Wyoming is a much more affordable option, ranked 16th on the same list.
So how much does it cost to live in Montana? Let’s look at some average expenses, according to 2021 data from the Bureau of Economic Analysis . The average total personal consumption cost in Montana is $47,887 annually and breaks down to:
Average Housing Costs in Montana: $614 to $1,681 per month
No matter where you live, housing will be a major recurring expense. Montana has almost 522,000 housing units, according to 2021 census data, so your housing choices may be somewhat limited.
How much should you expect to spend to put a roof over your head? In February 2023, Montana’s typical home value was $430,528, Zillow said.
How much you’ll spend on housing will depend on your specific living arrangements. Let’s look at a few options, according to the 2021 census data.
• Median monthly mortgage cost: $1,538
• Median studio rent: $614
• Median one-bedroom rent: $724
• Median two-bedroom rent: $870
• Median three-bedroom rent: $1,111
• Median four-bedroom rent: $1,417
• Median five-bedroom or more rent: $1,681
• Median gross rent: $883
Those averages give you a general idea of what you should expect to spend on housing in Montana, but these are the typical home values for a few specific Montana cities, according to Zillow, in January 2023.
Typical Home Price
Utility Costs in Montana
Average Utility Costs in Montana: $297 per month
Utilities are an ongoing expense. This is what you can expect to spend on utilities each month in Montana.
Average Montana Bill
Cable & Internet
Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price, 2021; Inspirecleanenergy.com; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report 2022; and Rentcafe.com, What Is the Average Water Bill?
Groceries & Food
Average Grocery & Food Costs in Montana: $331 per person, per month
Let’s take a closer look at how much the average resident might spend on food in Montana. The Bureau of Economic Analysis estimates that each Montanan has an average annual non-restaurant food cost of $3,971, which comes out to about $331 each month.
Where you live in Montana may affect how much you spend on food, so take into consideration the Council for Community and Economic Research rankings for two of Montana’s major cities. These grocery costs are for 2022, ranked from lowest to highest.
Grocery Items Index
Average Transportation Costs in Montana: $5,316 to $15,073 per year
Between commuting to work and making sure the kids get to school on time, most of us spend a lot of money going to and fro. To make budgeting your transportation expenses in Montana easier, take a look at how much MIT’s Living Wage Calculator estimates you’d spend on transportation annually, based on data from 2023.
Average Annual Transportation Cost
One adult, no children
Two working adults, no children
Two working adults, three children
Average Health Care Costs in Montana: $8,289 per person, per year
How much you’ll spend on health care is often affected by location. The 2021 Bureau of Economic Analysis Personal Consumption Expenditures by State report found the average annual per-person cost of health care in Montana to be $8,289.
How much you end up spending on health care may be more or less than that average, as your specific health insurance plan and medical needs influence how much you’ll pay toward health care each year.
Average Child Care Costs in Montana: $775 to $1,075 per child, per month
How much you’d spend on child care in Montana depends on what type of care you’re looking for. If you have an infant who requires care, you would pay more each month than you would for a toddler.
Parents who need help paying for child care can turn to the Montana Early Childhood Services Bureau , which provides resources in an attempt to improve affordability and accessibility of early care and education in Montana.
Want to stick to the Rocky Mountain region but don’t want to be stuck with a state income tax? Wyoming doesn’t charge any state income tax at all.
While essential expenses like your rent or mortgage, groceries, and utilities will take top priority in your budget, leave some room for fun. So what can you get up to in Montana?
The Bureau of Economic Analysis estimates personal expenditures at $26,532 per person, per year. These popular activities can give you an idea of how much fun costs in Montana (costs are accurate as of March 2023):
• Check out the can’t-miss-views in Glacier National Park: $25 (winter) to $35 per vehicle for a seven-day permit.
• Hit the slopes at Big Sky Resort: $440 to $1,350 (price varies by age) for the Black Season Pass, which gives unlimited access to the slopes all season.
• Get to know the wolves and grizzly bears at the Grizzly & Wolf Discovery Center in West Yellowstone: $95 for a family membership.
How Much Money Do You Need to Live Comfortably in Montana?
The idea of living “comfortably” is highly subjective and depends greatly on your needs, family size, and lifestyle choices.
That said, Montana does not appear to be one of the more affordable states to live in, and ranks 32nd in U.S. News & World Report’s
Affordability Rankings . The rankings compare the average cost of living in each state with the average amount of money most households have.
As noted, MERIC views Montana as a tad easier on the wallet, ranking it the 35th most affordable state.
What City Has the Lowest Cost of Living in Montana?
Great Falls snagged the most affordable spot with a cost-of-living index of 87.4. If you’re a fan of the great outdoors, you’ll appreciate being a stone’s throw from the Missouri River, which provides opportunities for rafting and kayaking. This is hardly a sleepy burg: It’s full of arts and culture and home to an airport.
With a cost-of-living index of 122.1, Bozeman is the second-most-affordable major city in Montana, according to the Council for Community and Economic Research. If you’re looking for a close-knit small town to live in, the fact that Bozeman is home to about 54,500 people (according to 2021 census bureau figures), should appeal to you.
SoFi Home Loans
The Montana cost of living is north of the U.S. middle, but the state’s untamed and natural spirit is alluring to many. If you’re ready to saddle up and head to Montana, it may be time to start house hunting.
Although there are many home loans on the market to choose from, SoFi offers a range of home loans at competitive interest rates and with as little as 5% down.
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