GREAT FALLS — For many Americans, owning a home remains a major life milestone. But in Great Falls, where nearly 15% of residents live below the poverty line, according to U.S. Census data, housing affordability remains a growing concern.
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That concern was top of mind for Hunter Lott when he decided to buy a home this year.
“We have all these other jobs that are coming to town, and we're going to have what feels like another 2020-like boom of people coming in from out of state,” Lott said. “So, it was just either do it now and get a decent rate, hopefully, or wait a few years and be fighting a bunch of people for houses.”
Lott's concern reflects a broader housing challenge in Great Falls.
According to U.S. Census data, the median value of an owner-occupied home in Great Falls is approximately $257,000, while the median household income is just over $63,000 annually.
Affordable housing advocates say another issue is the limited number of lower-priced homes on the market. While the median home value sits above a quarter-million dollars, homes listed for less than $200,000 make up less than 10% of the active housing inventory in Great Falls, according to listings on major real estate platforms.
Organizations like NeighborWorks Great Falls say they're seeing more people seek help navigating the path to homeownership.
“We've seen people take it much more seriously about getting ready financially, getting ready educationally, in order to become a homeowner,” said Sherrie Arey of NeighborWorks. “They're seeing rents go up and they're realizing they need to put that rent to work for themselves. So, we're really working hard to make renters into homeowners.”
NeighborWorks provides homebuyer education, financial counseling, lending assistance and down-payment programs designed to help residents enter the housing market.
Last fiscal year, the organization reported helping create 190 new homeowners and homes, highlighting continued demand for affordable housing opportunities in the community.
Arey says the organization has seen firsthand how impactful those programs can be.
“We have seen people go from being homeless to being a part of our owner-built programs to being a homeowner,” Arey said. “Now, you know, it takes time and it takes effort, but you don't have to do it alone.”
NeighborWorks leaders say affordability remains one of the biggest challenges facing prospective buyers as Great Falls continues to grow. They say their focus remains on helping local residents compete in a housing market where affordable options remain limited.
