Total monthly cost of ownership
Cost to Own a Home in Lockwood, Montana
A $251,000 home here costs
$1,985per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,290. The real number is $695 higher every month — 54% more than the payment most buyers budget for.
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 $132 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
Common questions
How much does it cost to own a home in Lockwood?
A $251,000 home in Lockwood, Montana costs approximately $1,985 per month with 20% down at 6.66%. That is $1,290 principal and interest, $200 property tax, $86 homeowners insurance, $200 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 $1,985 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.