Read Full Article here… www.yourbigsky.com

The housing market in Montana skyrocketed since the pandemic and has been for years. Realtor.com lists the average home price in Yellowstone County at about 340,000 dollars. In Gallatin County, the average cost of a house is more than 700,000 dollars. Current mortgage rates are at about 3.3% for the year and will most likely rise to roughly 3.6% by the end of the year. According to the Montana Business Quarterly , there are several reasons the cost of a home has risen from 2013-2021. One reason was the high demand for houses in March and April of 2020. Rising interest rates were also a contributing factor. Some people have decided to live in RV’s because the cost to buy a house is so high. This could also be one reason why families and young people converting to RV living is becoming more common. Despite the growing demand for first time buyers, purchasing a home in 2022 is not impossible. Rocket Mortgage explains that affordability may be an obstacle with rising interest rates and competitive prices. However, more sellers may enter the market which could help in more housing opportunities for buyers. HRDC offers a Section 8 Housing Choice Voucher Program that helps ensure individuals or families affordable housing by paying half of their rent for approved housing units. Section 8 is eligible for those who are roughly 50% below the average income rate. The HRDC home center also has classes focusing on rental information, financial literacy, homebuyer fundamentals […]