Montana Home Affordability
The data below quantifies Montana home affordability by using state home price indices to calculate price-to-income and price-to-rent ratios. The maximum affordable loan amount for the median household income is also calculated.
Montana Home Price-to-Income Index
The home price-to-income ratio for Montana is calculated from the Federal Housing Finance Agency's purchase only index and state annual median household income data from the Census CPS.1
Home Price-to-Income: FHFA
Note: Index set to 100 in Q1 of 2000
Montana Home Price-to-Income Index History
| Date | FHFA |
|---|---|
| June 2010 | 132.4 |
| March 2010 | 133.5 |
| December 2009 | 133.3 |
| September 2009 | 134.4 |
| June 2009 | 135.2 |
Montana Home Price-to-Rent Index
The price-to-rent ratio for Montana is determined from the FHFA purchase only price index and median contract rent as reported by the Census ACS.
Home Price-to-Rent: FHFA
Note: Index set to 100 in Q1 of 2000
Montana Home Price-to-Rent Index History
| Date | FHFA |
|---|---|
| June 2010 | 130.2 |
| March 2010 | 131.3 |
| December 2009 | 131.1 |
| September 2009 | 132.2 |
| June 2009 | 132.9 |
Montana Inferred Affordable Mortgage
The inferred affordable mortgage is determined by taking the median household income for Montana and calculating the mortgage 30% of that income could afford. Traditionally, 30% of income is the maximum amount a homeowner could use towards a home loan. Inferred affordable loan values are calculated from CPS median household income and average monthly mortgage rates.
Inferred Affordable Mortgage
| Date | Inferred Mortgage |
|---|---|
| July 2010 | $210,188 |
| June 2010 | $205,836 |
| May 2010 | $202,313 |
| April 2010 | $197,532 |
| March 2010 | $200,471 |
| February 2010 | $200,014 |
| January 2010 | $199,106 |
| December 2009 | $201,388 |
| November 2009 | $202,545 |
| October 2009 | $200,929 |
| September 2009 | $198,429 |
| August 2009 | $195,535 |
| July 2009 | $194,877 |