Purchasing a new home, whether it is across the country, out of state, or over in the next city, is something that requires a lot of thought and planning. In addition to evaluating whether there are available jobs you are qualified for in order to maintain a steady income, nearby schools, the safety of the area, and other paramount considerations play a certain role of importance in your decision on where to invest in real estate.
Montana, The Big Sky State, is a great place for people looking for both vacation properties and homes to instill their roots. The spectacular mountain ranges and vast outdoor scenery attract people from all over the country to call Montana home. While Montana’s economy is traditionally rooted in agriculture, tech, brewery, and lumber industries have significantly contributed to its GDP. Not to mention, attractions like Glacier National Park and Yellowstone National Park draw millions of tourists each year. Plus, a lower-than-average unemployment rate is a benefit for many.
In this blog, we’ll further explore why Montana real estate investment is a great idea.
Why You Should Consider Real Estate Investment In Montana
Real estate investors should consider the following factors when looking to invest in the Montana real estate market:
Potential Appreciating Home Prices & Low Taxes
While housing prices are on the rise and are estimated to continue to do so into the foreseeable future, it’s typically better to invest sooner rather than later. While they have a slightly higher value, median homes offer property taxes that are significantly lower than the national average. Steady real estate appreciation and low taxes are the perfect combinations for long-term real estate investments.
Tech Industries Are On The Rise
While agriculture is still the most profitable and most notorious industry in Montana, more and more tech companies are making the move to the state. Montana’s high tech sector is experiencing growth rates exceeding 18 percent annually, in comparison to growth rates of just 1.2 percent in other industries. Many tech companies have more available jobs than the labor market can sustainably support, which is helping push wages to levels that are almost double the state average.
Growing In Tourism
As mentioned, attractions like Yellowstone and Glacier National Park attracts millions of tourists to the state each year, but the vast choices for outdoor recreation are fueling the tourism industry, as well as associated businesses like restaurants, lodging, and retailers. In fact, Montana’s tourism industry is the second largest contributor to its economy, accounting for around seven percent of the state’s total GDP. Because of this sector growth, new jobs are being created and more and more residents are attracted to the state
There Are Great Schools
The Big Sky State ranks in the top half of the nation’s school systems. Middle and high school programs are continuously improving, with six high schools being nationally ranked. Plus, Montana State University is ranked in the nation’s top 50 universities. In Billings, four new schools have been built in the last couple of years while many have been updated and added on to.
What Is The Best Market For Montana Real Estate Investments
While Montana has a handful of real estate markets that are great for investing, Billings, Montana has one of the most steadily growing markets where home prices have experienced a consistent increase over the decade and are forecasted to continue growing. The area’s job market is strong, and there are plenty of recreation and entertainment options around. Home prices remain affordable compared to many other urban areas across the country and many investors have used the 1031 tax exchange program to sell where markets are starting to depreciate and buy in Montana.
Interested in investing here? McCall Homes has beautiful, new homes and multi-family properties for sale in Billings, Montana, great for real estate investing. With a 10-year warranty and everything being new, investors have little concern for repairs and maintenance. To learn more about our new homes for sale, contact the team at McCall Homes today!