The American Dream Is Now A Nightmare In Montana

Housing Affordability Problems Continue Across America

When people talk about the American Dream, I think most people still picture owning their own home.

Sadly, for a lot of folks, that dream is starting to feel more like a nightmare, not just here in Montana, but across the country.

Can Younger Generations Still Afford To Stay In Montana?

Housing and affordability continue to be two of the biggest issues people are dealing with right now, and it’s something politicians are constantly being asked about as election season gets closer.

We’ve talked quite a bit about housing under the Big Sky and whether younger generations here will even be able to afford to stay in Montana long-term or if they’ll have to leave to chase that dream somewhere else.

But according to new data from Visual Capitalist, it’s not just younger people getting priced out anymore.

New Data Shows Most Montana Residents Are Priced Out

Their research says 82% of Montana residents can no longer afford to buy a home.

Now, when they say “priced out,” they mean principal, interest, taxes, and insurance would take up more than 28% of a person’s income using median home prices and a 6% mortgage rate.

Montana currently ranks as the 7th most unaffordable state in the country, with a median home price of $495,610 and a qualifying income of nearly $142,000.

And honestly, this isn’t just a Montana problem either. According to the data, 11 states are now above that 80% mark, and nationwide about 65% of Americans can’t afford to buy a home right now.