Total monthly cost of ownership
Cost to Own a Home in Lockwood, Montana
A $251,000 home here costs
$2,081per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $89,000 a year.
A standard mortgage calculator would have told you $1,390. The real number is $691 higher every month, 50% more than the payment most buyers budget for.
Compare Yellowstone 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.
Lockwood against Yellowstone County and Montana
| Measure | Lockwood | Yellowstone County |
|---|---|---|
| Median home value | $250,900 | $317,600 |
| Median property tax | $2,394 | $2,669 |
| Effective tax rate | 0.954% | 0.840% |
| Median gross rent | $995 | $1,084 |
| Population | 7,474 | 167,340 |
The weather behind that power bill
Lockwood sits in Yellowstone County, which averages a high of 87.1°F in its hottest month and a low of 11.8°F in its coldest, with 14.44" of precipitation a year and 45% of it in a single three-month stretch. That climate drives 483 cooling and 7,355 heating degree days, which is what sets the $128 electricity line above.
See the full climate breakdown for Yellowstone County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Yellowstone County
Full Yellowstone County cost breakdown · Every county in Montana
Talk to someone who works this market
These are Lockwood 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 Lockwood every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lockwood I already own here and may sell
Common questions
How much does it cost to own a home in Lockwood?
A $251,000 home in Lockwood, Montana costs approximately $2,081 per month with 20% down at 7.4%. That is $1,390 principal and interest, $200 property tax, $86 homeowners insurance, $196 utilities and $209 set aside for maintenance.
What is the property tax rate in Lockwood?
Lockwood has an effective property tax rate of 0.954%, based on a median home value of $250,900 and median real estate taxes of $2,394. That is higher than the Yellowstone County average of 0.840%.
What is the average home price in Lockwood?
The median owner-occupied home value in Lockwood, Montana is $250,900, against $317,600 across Yellowstone County.
Is it cheaper to rent or buy in Lockwood?
Median gross rent in Lockwood is $995 a month, against $2,081 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 Lockwood?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lockwood, Montana at today's rate takes a household income of roughly $89,000 a year. That covers the full $2,081 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lockwood, 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.