Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Montana and New Mexico. Updated for 2026.
Metric
Montana
New Mexico
Median Home Price
$430K
$280K
Property Tax Rate
0.74%
0.8%
Avg Closing Costs
$6K
$4K
Closing Cost %
1.5%
1.4%
Transfer Tax
None
None
Homeowners Insurance
$2,100/yr
$1,900/yr
First-Time Buyer Program
MBOH Regular Bond Program
Up to $15,000 DPA
MFA First Home
FIRSTDown DPA assistance
Verdict
New Mexico wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $280K and lower overall costs, New Mexico offers meaningful savings compared to Montana. Both states offer first-time buyer programs — explore the state pages for full details.