Total monthly cost of ownership
Cost to Own a Home in Bozeman, Montana
A $615,000 home here costs
$4,591per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $197,000 a year.
A standard mortgage calculator would have told you $3,353. The real number is $1,238 higher every month, 37% more than the payment most buyers budget for.
Compare Gallatin County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Bozeman against Gallatin County and Montana
| Measure | Bozeman | Gallatin County |
|---|---|---|
| Median home value | $614,900 | $604,900 |
| Median property tax | $3,754 | $3,625 |
| Effective tax rate | 0.611% | 0.599% |
| Median gross rent | $1,611 | $1,574 |
| Population | 55,042 | 122,194 |
The weather behind that power bill
Bozeman sits in Gallatin County, which averages a high of 85.4°F in its hottest month and a low of 9.7°F in its coldest, with 13.43" of precipitation a year and 47% of it in a single three-month stretch. That climate drives 232 cooling and 8,244 heating degree days, which is what sets the $133 electricity line above.
See the full climate breakdown for Gallatin County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Gallatin County
Full Gallatin County cost breakdown · Every county in Montana
Talk to someone who works this market
These are Bozeman averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Bozeman every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Bozeman I already own here and may sell
Common questions
How much does it cost to own a home in Bozeman?
A $615,000 home in Bozeman, Montana costs approximately $4,591 per month with 20% down at 7.24%. That is $3,353 principal and interest, $313 property tax, $212 homeowners insurance, $201 utilities and $513 set aside for maintenance.
What is the property tax rate in Bozeman?
Bozeman has an effective property tax rate of 0.611%, based on a median home value of $614,900 and median real estate taxes of $3,754. That is higher than the Gallatin County average of 0.599%.
What is the average home price in Bozeman?
The median owner-occupied home value in Bozeman, Montana is $614,900, against $604,900 across Gallatin County.
Is it cheaper to rent or buy in Bozeman?
Median gross rent in Bozeman is $1,611 a month, against $4,591 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Bozeman?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Bozeman, Montana at today's rate takes a household income of roughly $197,000 a year. That covers the full $4,591 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Bozeman, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Montana.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.