CALCMONEY // HOME AFFORDABILITY // MT // BOZEMAN
How much house can you afford in Bozeman? Based on local median home prices, current MT mortgage rates, and Bozeman property tax data.
$650,000
$4,135/mo
$177,234/yr
$186,319
Monthly housing costs of $4,135 represent 68.9% of Bozeman's median gross monthly income ($6,000/mo). At 68.9%, median-income buyers in Bozeman are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $650,000 |
| Down Payment (20%) | $130,000 |
| Loan Amount | $520,000 |
| Monthly PI Payment | $3,442 |
| Monthly Property Tax | $423 |
| Monthly Insurance Est. | $271 |
| Total Monthly PITI | $4,135 |
| Housing Cost % of Income | 68.9% |
| Required Income (28% rule) | $177,234/yr |
| Max Affordable Home | $186,319 |
$22,750
$5,290/mo
Bozeman Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $650,000 | Bozeman city median |
| Down Payment (20%) | $130,000 | Conventional loan |
| Monthly PITI | $4,135 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $177,234 | Annual gross |
| Max Affordable Home | $186,319 | Based on median income |
| FHA Down (3.5%) | $22,750 | Minimum FHA |
| Housing Cost % of Income | 68.9% | Median income: $72,000/yr |
| Property Tax Rate | 0.78% | $5,070/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Bozeman is $650,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $520,000, generating a monthly P&I payment of $3,442. Adding property taxes ($423/mo) and homeowners insurance ($271/mo) brings total monthly PITI to $4,135.
Bozeman's property tax rate of 0.78% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Bozeman median home, that is $423/month, or $5,070 per year.
Montana levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Bozeman should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Bozeman's median income of $72,000/year can afford up to $1,680/month in total housing costs. Based on Bozeman's mortgage rate of 6.95% and property tax rate of 0.78%, that translates to a maximum affordable home price of approximately $186,319 with 20% down on a 30-year loan.
To afford the median Bozeman home priced at $650,000, you need an annual gross income of approximately $177,234. Total monthly housing costs (principal and interest of $3,442, property taxes of $423, and insurance of $271) come to $4,135/month, which equals 28% of the required income.
At the median home price of $650,000 and median household income of $72,000, the total monthly housing cost of $4,135 represents 68.9% of gross monthly income. This is well above the standard 28% threshold, making Bozeman a challenging market for buyers at median income.
A conventional 20% down payment on the median Bozeman home of $650,000 is $130,000. An FHA loan requires just 3.5% down — $22,750 — but adds mortgage insurance of roughly $444/month, bringing total FHA payments to $5,290/month.
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