Big Sky Country, Montana offers some of the best farm, ranch, and open-land properties in the nation. The state remains a magnet for cattle ranching and agriculture, while energy production, forestry, mining, and a fast-growing tourism sector round out a diverse economy. In recent years Montana has drawn steady in-migration from people seeking a high quality of life, wide-open spaces, and communities free of the congestion of larger urban centers. That demand has put real pressure on housing supply in the most popular areas. The state is also rich in history, home to numerous Native American tribes and to world-renowned fossil beds and public lands.
Montana is the 4th largest state in the U.S. by land area, and the 3rd largest in the contiguous United States, behind only Texas and California, yet it remains sparsely populated. As of 2024, Montana's population was about 1.14 million (U.S. Census Bureau estimate), giving it one of the lowest population densities in the country. Real estate has long been among the largest single contributors to the state's economy, followed by a broad services sector, with agriculture, energy, mining, and tourism all playing important roles. In recent years Montana's total economic output has been on the order of $60 billion (U.S. Bureau of Economic Analysis).
Places to Live in Montana
The typical Montana home is valued at roughly $465,000 according to Zillow, a figure that has climbed sharply, on the order of two-thirds, over the preceding several years as demand outpaced new construction. Values vary widely by region, so statewide averages are only a starting point.
By median sales price, the most expensive parts of Montana are generally in and around Bozeman (Gallatin County), the Flathead Valley near Whitefish and Kalispell, and the resort community of Big Sky, where higher-end homes can run well into seven figures. More affordable markets include Great Falls, Havre, and much of eastern Montana. Keep in mind that in a less populated state, median home values are less reliable as a guide, thinner inventory means individual sales can swing the median more than they would in larger states.
Billings
Population: about 120,000
Nicknamed the Magic City, Billings is Montana's largest city, and its metropolitan area is home to roughly 190,000 people. The city is an economic hub for a wide region, and residents of Montana, North Dakota, South Dakota, and Wyoming travel to Billings for retail, health care, and services. The surrounding area is rich in agricultural and energy resources.
Missoula
Population: about 76,000
The University of Montana is located in Missoula, and it's a major driver of the local economy, both as a consumer base and as a steady source of well-educated workers. Health care, technology, and the outdoor-recreation industry are also key contributors to the Missoula economy.
Bozeman
Population: about 56,000
Home to Montana State University, Bozeman has been one of the fastest-growing communities in the state. Its economy blends higher education, technology, health care, and tourism tied to nearby Yellowstone National Park and world-class outdoor recreation. That growth has also made Gallatin County one of Montana's most expensive housing markets.
Find Your Bank
Are you new to Montana? Or are you a current resident who's looking for a better bank? Either way, we can help you compare options and find the financial institution that best suits your needs. Below, you'll find Montana-based banks, local credit unions, and the national banks that have branches within the state.
People are sometimes confused about the difference between a community bank and a larger national bank. The general rule of thumb is that a local institution will have a better feel for the neighborhood and community where you live, while a large national bank often focuses more on delivering the latest technology, particularly when it comes to online and mobile banking. It's always worth digging a bit deeper to find out what you're actually getting.
Montana-based banks:
- First Interstate Bank (headquartered in Billings)
- Stockman Bank of Montana
- First Security Bank (Bozeman)
- Glacier Bank
- Yellowstone Bank
Credit unions:
- Whitefish Credit Union
- Clearwater Credit Union (formerly Missoula Federal Credit Union)
- Altana Federal Credit Union
- Rocky Mountain Credit Union
- Park Side Credit Union
- Billings Federal Credit Union
National banks with a Montana presence:
- U.S. Bank
- Wells Fargo
Are you in the market for a certificate of deposit, savings account, or auto loan? If so, RateZip.com makes comparing offers straightforward and easy to understand. Use our free financial search engine to get started now!
Home Mortgage Loans in MT
RateZip.com provides regional mortgage information for home and property buyers in Montana. Residents of the Treasure State will find the usual home loan options, including fixed rate mortgages (FRMs) and adjustable rate mortgages (ARMs), along with jumbo loans, FHA and VA home loans, and more. Because mortgage rates move constantly, it's best to check current rates when you're ready to compare offers rather than rely on any figure you read in an article.
First-time buyers in Montana may also want to look into Montana Housing, the homeownership program run by the state's Montana Board of Housing. It offers lower-rate bond loans and down payment assistance for eligible buyers whose income and purchase price fall within posted limits. Generally, you're considered a first-time buyer if you haven't owned a home in the past three years, though some programs and targeted areas make exceptions.
One option that many Montana home buyers consider is a mortgage backed by the United States Department of Agriculture. Two of the key qualifications are that the property must be located in an area USDA designates as rural, given Montana's wide-open geography, many towns and much of the countryside qualify, and the buyer's household income cannot exceed 115% of the local area median. Eligibility maps and income limits are updated periodically, so it's worth confirming both for a specific address.
The main benefit of a USDA home loan is that it requires a much smaller down payment than a conventional mortgage, and in many cases no down payment at all. That makes it a valuable tool for a first-time home buyer working toward the goal of homeownership.