The city of Missoula, Montana, often gets overlooked in favor of larger and more well-known metropolises like Billings or the more well-known Jackson Hole, Wyoming. Its western location puts it closer to Idaho than any other Montana city. Missoula, Montana, on the other hand, has a lot going for it. Areas like University and Rattlesnake are only two of many distinct communities here. Buyers can’t get enough of these areas because of the great local schools, historic houses, and quiet, tree-lined streets. Properties in these areas are a safe bet, regardless of the economic climate, and are likely to increase in value over time. Here are Missoula’s most desirable neighborhoods for real estate investment.
About Missoula’s real estate market
Missoula County, Montana, has seen an annual average growth rate of 0.90% during the last decade. During that time, the national average was 0.69%, and the state average was 0.78%. One of the contributing factors is people started uncovering Missoula’s hidden gems. It brings more people in every year!
During the past decade, Missoula County’s population has grown by 8.10 percent, which is higher than the state average of 6.98 percent and the national average of 6.2 percent.
Missoula County now has a median house value of $271,400. As a comparison, the national median price is $204,900, and the statewide median price is $219,600.
Recent years have seen Missoula County’s property prices increase by an average of 0.24 percent annually. Home prices in the state increased by an average of 0.38 percent every year over this time period. Annual price increases for US real estate averaged 0.13 percent.
Just look at the statistics to find Missoula’s most desirable neighborhoods for real estate investment.
Missoula’s most desirable neighborhoods for real estate investment
Now that you have a general idea about the real estate situation in Missoula, let’s look at some of the best neighborhoods for investing.
Lower Rattlesnake
Due to its relatively low population density, Lower Rattlesnake can be considered a suburb of Missoula. Many people turn to this neighborhood for the peace and quiet it offers. If you’re one of them, it’s best to engage specialists for Montana long distance moves. Let’s see what Lower Rattlesnake offers.
Single-family residences in Lower Rattlesnake range in size from studios and two bedrooms to three and four-bedroom houses, custom residential construction, and apartment buildings. Owners and tenants alike make up the vast majority of the residential population. Several of the homes in Lower Rattlesnake were constructed between 1970 and 1999, making them long-standing but not ancient. The period between the years 1940 and 1969 also saw the construction of a lot of single-family homes.
The vacancy rate for homes and apartments in Lower Rattlesnake is 8.1%. This vacancy rate is lower than in 50.7% of all American communities, placing it somewhere in the middle of the pack.
The median house in Lower Rattlesnake costs $670,272, making it more costly than 87.7% of Montana communities and 82.6 % of US areas.
The average rent in Lower Rattlesnake is $1,608. This area has a higher average monthly rental cost than 73.5% of Montana’s communities.
University District
Missoula, Montana’s University District, is an urban area thanks to its high population density. Here, you can find some of Missoula’s best hotels. Several of the homes in the University District were constructed before 1939, and others date back much farther in time. The period between the years 1940 and 1969 also saw the construction of a lot of single-family homes.
Single-family houses and modest apartment complexes in the University District typically range in size from a studio to two bedrooms to three or four bedrooms. About all of the homes are rented out to tenants.
The typical home price in the University District is $912,350, which is more than the median home price in 96.9% of neighborhoods in Montana and 91.7% of areas in the United States.
The average monthly rent in the University District is $1,551. Here, monthly rents are generally higher than in 64.4% of Montana’s other areas.
Heart of Missoula
Apartment complexes, high-rise apartments, and small apartment buildings predominate in the central business district of Missoula, with unit sizes ranging from studios and two bedrooms to three and four-bedroom townhomes. The pros at Best Long Distance Movers advise you to take a look at different kinds of homes, as this neighborhood offers so many! About all of the homes are rented out to tenants. In the Heart Of Missoula area, many of the homes date back to at least the 1930s and often to the early 1900s. During the years 1970 and 1999, some homes were also constructed.
The typical home price in the heart of Missoula is $633,170, which is more than the median home price in 87.4 percent of communities in Montana and 81.6 percent of areas nationwide.
The average monthly rental cost in the Heart Of Missoula area is $1,266. Current monthly rents are less than in 66.8% of all neighborhoods in Montana.
The vacancy rate for houses and apartments in the central district of Missoula is 10.2 percent. This vacancy percentage is lower than in 40.5% of American areas and places it somewhere in the center of the spectrum.
Miller Creek
Miller Creek in Missoula, Montana, is a relatively low-density suburban area. There’s plenty to do here, even on a rainy day! Single-family homes and apartment complexes, as well as high-rise apartments in Miller Creek, often have three to four bedrooms. In comparison, multi-family dwellings typically have four to five bedrooms. It’s common for homeowners to live in their own homes. Homes in the Miller Creek area are mature but not ancient; most were constructed between 1970 and 1999. Also, several houses were constructed after the year 2000.
Real estate in Miller Creek is more costly than in 80.5% of neighborhoods in Montana and in 77.2% of neighborhoods nationwide, with a median price of $568,714. The median monthly rent in the Miller Creek area is $1492. Rents here are typically higher than in 60.1% of Montana’s other neighborhoods.
Miller Creek currently has a vacancy rate of 2.5%, which is lower than 85.2% of all communities in the United States. What this implies is that there is a severe shortage of homes in Miller Creek compared to the high demand for real estate in the area.
The beautiful nature of Miller Creek is what draws people into this neighborhood.
Final words
We hope this guide has helped you learn about Missoula’s most desirable neighborhoods for real estate investment. In Missoula, each of the many distinct communities has its own set of advantages and amenities. They each have their brand of character and charm, too. With so many neighborhoods, finding a place that suits your investment needs is easy.