Total monthly cost of ownership
Cost to Own a Home in Red Lodge, Montana
A $375,000 home here costs
$2,777per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,928. The real number is $849 higher every month — 44% 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.
Red Lodge against Carbon County and Montana
| Measure | Red Lodge | Carbon County |
|---|---|---|
| Median home value | $374,900 | $379,300 |
| Median property tax | $2,486 | $2,080 |
| Effective tax rate | 0.663% | 0.548% |
| Median gross rent | $805 | $882 |
| Population | 2,399 | 10,877 |
The weather behind that power bill
Red Lodge sits in Carbon County, which averages a high of 87.2°F in its hottest month and a low of 12.9°F in its coldest, with 11.5" of precipitation a year and 49% of it in a single three-month stretch. That climate drives 414 cooling and 7,414 heating degree days, which is what sets the $132 electricity line above.
See the full climate breakdown for Carbon County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Carbon County
No other places of this size are published in Carbon County.
Common questions
How much does it cost to own a home in Red Lodge?
A $375,000 home in Red Lodge, Montana costs approximately $2,777 per month with 20% down at 6.66%. That is $1,928 principal and interest, $207 property tax, $129 homeowners insurance, $200 utilities and $313 set aside for maintenance.
What is the property tax rate in Red Lodge?
Red Lodge has an effective property tax rate of 0.663%, based on a median home value of $374,900 and median real estate taxes of $2,486. That is higher than the Carbon County average of 0.548%.
What is the average home price in Red Lodge?
The median owner-occupied home value in Red Lodge, Montana is $374,900, against $379,300 across Carbon County.
Is it cheaper to rent or buy in Red Lodge?
Median gross rent in Red Lodge is $805 a month, against $2,777 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 Red Lodge — 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.