CALCMONEY // HOME AFFORDABILITY // MT // GREAT FALLS
How much house can you afford in Great Falls? Based on local median home prices, current MT mortgage rates, and Great Falls property tax data.
$285,000
$1,818/mo
$77,914/yr
$188,443
Monthly housing costs of $1,818 represent 39.0% of Great Falls's median gross monthly income ($4,667/mo). At 39.0%, median-income buyers in Great Falls are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $285,000 |
| Down Payment (20%) | $57,000 |
| Loan Amount | $228,000 |
| Monthly PI Payment | $1,509 |
| Monthly Property Tax | $190 |
| Monthly Insurance Est. | $119 |
| Total Monthly PITI | $1,818 |
| Housing Cost % of Income | 39.0% |
| Required Income (28% rule) | $77,914/yr |
| Max Affordable Home | $188,443 |
$9,975
$2,324/mo
Great Falls Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $285,000 | Great Falls city median |
| Down Payment (20%) | $57,000 | Conventional loan |
| Monthly PITI | $1,818 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $77,914 | Annual gross |
| Max Affordable Home | $188,443 | Based on median income |
| FHA Down (3.5%) | $9,975 | Minimum FHA |
| Housing Cost % of Income | 39.0% | Median income: $56,000/yr |
| Property Tax Rate | 0.8% | $2,280/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Great Falls is $285,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $228,000, generating a monthly P&I payment of $1,509. Adding property taxes ($190/mo) and homeowners insurance ($119/mo) brings total monthly PITI to $1,818.
Great Falls's property tax rate of 0.8% is near the national average, adding a standard increment to monthly housing costs. On the Great Falls median home, that is $190/month, or $2,280 per year.
Montana levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Great Falls 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 Great Falls's median income of $56,000/year can afford up to $1,307/month in total housing costs. Based on Great Falls's mortgage rate of 6.95% and property tax rate of 0.8%, that translates to a maximum affordable home price of approximately $188,443 with 20% down on a 30-year loan.
To afford the median Great Falls home priced at $285,000, you need an annual gross income of approximately $77,914. Total monthly housing costs (principal and interest of $1,509, property taxes of $190, and insurance of $119) come to $1,818/month, which equals 28% of the required income.
At the median home price of $285,000 and median household income of $56,000, the total monthly housing cost of $1,818 represents 39.0% of gross monthly income. This is well above the standard 28% threshold, making Great Falls a challenging market for buyers at median income.
A conventional 20% down payment on the median Great Falls home of $285,000 is $57,000. An FHA loan requires just 3.5% down — $9,975 — but adds mortgage insurance of roughly $195/month, bringing total FHA payments to $2,324/month.