Montana Real Estate: How Long Do You Have To Save?

If you're living in Montana and hoping to become a homeowner, this isn't the best news.

We are all aware that the housing market in Montana has been on the rise over the past few years, with home prices increasing significantly. Some data suggests the average Montanan can't afford to buy a home in many parts of Big Sky Country.

For those of you who dream of being a homeowner in the Treasure State, you should know that the average Montanan will have to save a while before they're able to purchase a home, according to recent information.

READ MORE: Two Montana cities ranked high for best places to raise a family

Before we dive into all of the facts and figures, check out Montana's 10 Richest Neighborhoods.

How long do you need to save to buy a house in Montana?

Five Star Cash Offer, a company that buys homes, decided to see which states take the longest to save for a home, and it probably won't come as a big surprise that Montana made the list.

Not only did Montana make the list, but we placed in the Top 10.

Montana ranks 6th on the list, and according to the data, based on the average monthly salary, the cost of a downpayment, and the amount of average savings each month, it would take over 10 years to save to buy a house here.

10 years and 4 months to be exact.

While that might seem like a long time, other states took longer, including both California and Hawaii. For those that are curious, both states are looking at over 15 years to save for a down payment.

Of course, it should be noted that there are different programs that folks can use to get into a home with little or no down payment, however, they're are stipulations included in those as well.

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Are you a Montana homeowner? How long did it take you to save? Does 10 years seem too long or the right amount? Let us know by sending us a message on our app.