Honestly here is the real issue and it sucks.
I live in Montana, in 2012 I bought the house I live in now. It was a foreclosure. Came with 5.5acres a house and a big shop. Got the place for 250k. I was working then and between us we scraped the down payment together and got the place. Remodeled the whole place and slowly still make the property better and better each year. Montana wages are by no means fantastic. Before I owned my own company wages weren’t great. But we got by.
Since I have my own construction company now wages are better, wife got a better job etc so we are doing well.
BUT even though we are doing well we couldn’t afford the same house today.
Prices are going up so much, locals who have kids who are looking for a house can’t afford to buy one. Think someone in there mid to late 20s can afford 400-500k?? Lots of Montana is based on the tourism industry now, you have manufacturing etc as well but you aren’t getting 6 figure incomes. Houses are selling for the 400-500k for cash. A single wide trailer on a small lot is 225k. I saw another single wide on 1.75 acres on the market for 350k.
Even if a couple are making 20 an hour each, they still can’t afford a mortgage on 500k. Rent is through the roof. A guy who works with me is paying $1400 a month rent. That’s more than I paid for my first or second mortgage.
He can’t buy a home even though he is prequaled because stuff is getting sold for Cash and sellers don’t even want to think about dealing with a buyer who has a prequal letter.
Locals can’t afford to live in their hometowns. We have a huge shortage of labor but people can’t find homes or even rentals they can afford to work at those jobs. Lots of Montana still pays $10 to $15 an hour for service jobs. Businesses have been closing a few days a week or temporarily because they can’t find help.
I don’t have the answers just letting you all know what’s going on up here. Montana is a great place TO VISIT if you come here leave your waiter or waitress a little bit extra on the tip as they need the extra change just to pay the rent. After you have a great time. Go back home.