A new study says owning a home in Missoula isn't affordable - He - KULR8.com | News, Weather & Sports in Billings, Montana

A new study says owning a home in Missoula isn't affordable - Here's why:

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New research from a University of Montana professor shows that owning a home in Missoula is not affordable based on a variety of factors.

Much of what makes housing unaffordable to many in Missoula is income and home value. Homes in Missoula are 5 times more than the annual household income. The median home value in Missoula is just under $300,000 while the United States average is just over $200,000. The median household income in Missoula is just above $40,000 while the U.S. average is just under $60,000. This puts Missoula in the 98th percentile of affordability alongside much larger cities like Seattle, Washington, which means there are nearly 800 more affordable cities to live in the U.S.

Associate Director UM Bureau of Business and Economic Research Bryce Ward said  “Demand is high relative to supply and so prices continue to go up by a fair amount and so we end up with houses that are high relative to the nation and high relative to most places in the west.”

In addition to this income also plays a small part in the housing cost. Reports show 42 percent of Missoulians income is from a non-wage source such as stocks or capital gain, which allows many to comfortably afford higher priced homes.

For anyone who wants more details on housing affordability you can attend the Missoula City Council Chambers event tonight at 7 p.m.

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