Total monthly cost of ownership
Cost to Own a Home in Red Lodge, Montana
A $375,000 home here costs
$2,894per 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 $124,000 a year.
A standard mortgage calculator would have told you $2,044. The real number is $849 higher every month, 42% more than the payment most buyers budget for.
Compare Carbon County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Red Lodge from a five-year rolling sample, and with about 2,399 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Carbon County figures are drawn from a far larger sample if you want a steadier number.
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 $133 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.
Talk to someone who works this market
These are Red Lodge 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 Red Lodge every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Red Lodge I already own here and may sell
Common questions
How much does it cost to own a home in Red Lodge?
A $375,000 home in Red Lodge, Montana costs approximately $2,894 per month with 20% down at 7.24%. That is $2,044 principal and interest, $207 property tax, $129 homeowners insurance, $201 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 $2,894 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 Red Lodge?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Red Lodge, Montana at today's rate takes a household income of roughly $124,000 a year. That covers the full $2,894 monthly cost, not just the mortgage payment.
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.