City Report: Bozeman Housing & Land Prices Rise - ABC FOX Montana Local News, Weather, Sports KTMF | KWYB

City Report: Bozeman Housing & Land Prices Rise

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BOZEMAN -

Finding an affordable home in Bozeman is increasingly hard to do and for young, single-income professionals it is even more discouraging.

Monday the city reviewed a quarterly report on housing affordability that reveals home prices are on the rise with the medium single family home hovering around $330,000.

Wendy Thomas, the Community Development Director for the city of Bozeman, publishes the housing report four times a year.

She says she presents the quarterly housing report to the city commission because she knows new businesses look for communities that show signs of growth. As an employer, Thomas worries that new businesses won't be able to attract or retain quality workers who can't afford the area.

"I've had unfortunately too many very capable young people professionals say to me, 'I'll take the job but I just can't make it work,' and so we haven't been able to bring that talent into the city," said Thomas.

Wendy says this is the first time she's reported on land prices after hearing the number of available lots to build on was diminishing. She found land under an acre in the city is selling for about $89,900.

"That's generally what we consider to be a build-able lot and once that gets rolled into a housing cost I think the data will show an even steeper increase in the cost of housing for next year," said Thomas.

Given the rising housing market, real estate experts says people looking for homes around the $250,000 mark in Bozeman are turning to town homes instead, opting for something smaller and newer.

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