Helena, MT was the "Queen City of the Rockies" after the 1864 gold strike. Helena grew up along Last Chance Gulch and was Montana's territorial capital in 1875. Today, the city boasts grand architecture, many museums, and historic sites. The state capital provides a real glimpse into the city's rich and deep history. Helena also has a vibrant cultural center with events, shopping, and art galleries. Local bands, great restaurants, microbreweries, and an epic trail system also exist. If you're considering moving to Helena, be sure to read on!
Quick Facts
- Helena is a city in Lewis and Clark County, Montana.
- Helena has a median household income of $79,532 and a poverty rate of 11.80%.
- The median rent in recent years has been $845 per month, with a median house value of $263,300.
- Helena is currently growing at a rate of 1.20% per year, and its population has increased by 2.43% since the last census.
- It is Montana's sixth largest city, with a 2020 population of 32,871.
Helena, MT in a Nutshell
The town embodies the spirit of the West, serving as the ultimate setting for adventure. Many people come to the city for a heart-pounding encounter with nature. For those who want to explore or hike, 75 miles of nearby trails are waiting. And that is only the ones that begin downtown. The city also attracts those looking for any opportunity to learn about the past. Many will find historical roots dating back hundreds of years all over town. These places include Carroll College, the Mansion District, and the State Capitol building. Many also come looking for a total escape, a chance to get away from the concrete and steel.
The city boasts a driving distance of two of America's most beautiful National Parks. It is easy to catch a fish, drink a beer, and enjoy some great live music. Helena now has a population of about 40,000 people. The community still benefits from gold and lead mining. But, as the state's capital, the area is home to many important state agencies. Plus, it is also near to both Yellowstone and Glacier National Parks. With these things, the city becomes a tourist destination all year round.
Economy
The primary sector of agriculture, forestry, mining, energy, and services dominate Montana's economy. The service sector employs roughly one-third of the workforce in the state. Outdoor recreation has grown important, and some tech industries moved to the state. Poverty is a problem in several parts of the state, like on Indian reservations. And per capita income is much lower than the national average. But, still, over the last decade, Helena's economy has grown. Understanding how each industry has contributed to the city's economic growth is essential. It becomes helpful in understanding the state's economy. But, besides state government activities, Helena is an agricultural and livestock trade center. The city is also a light manufacturing center. It is the headquarters of Helena National Forest, and tourism is another source of income. East Helena has lead and zinc smelting and refining operations nearby.
Employment
Helena, Montana's capital, has a very stable and viable economy. It does not experience the ups and downs that some cities experience. It is not a drastic change when only one primary industry or employer and layoffs in recessions. The city's largest employers are government-related. Helena is the seat of Lewis & Clark County and home to many federal agency offices in Montana. Additionally, it is also home to some 10,000 state employees. The state government and small businesses contribute to Helena's economic stability. Most of its employees are professionals, white-collar workers, and small-business owners.
Helena usually has an unemployment rate lower than the state average and in the nation. The city's local, state, and federal governments are also major employers. Helena is home to many government institutions and another sizable employer in the community is the hospital. The availability of employment is generally reasonable, and Helena boasts good employment. But, as in most of Montana, Helena's wages can be a little less than what many would make elsewhere in the nation.
Real Estate in Helena, MT
The current median home value in Helena is $263,300. This amount serves as evidence of the city's real estate market values. The indicator for the country is $204,900, and the median home value in the entire state is $219,600. In Helena, house price growth averaged 0.36 per year over the previous ten years. Throughout that cycle, 0.38 per year on average was the rate of growth in the state's housing values. Real estate prices changed on average 0.13 percent across the US every year.
The median gross rent for those who live in Helena is $845. It is a little bit high compared to $783 for residents of the state and $1,023 for all residents of the US. 54% of people in Helena are homeowners. Currently, 67.7% of the state's population is a homeowner, compared to 63.8% of the national rate. In Helena, renters occupy 46% of homes. The total supply of leased properties for rent in the state is at a rate of 32.3%. The national average for the corresponding rate is 36.2%. In Helena, the occupancy rate for all residential housing types is 92.57%, with an equal unoccupied rate of 7.43%.
Real Estate Trends
Many people lack the thousands of dollars in cash required to buy a home. This situation considers those without applying for a loan from a bank or credit union. As a result, their chances of becoming homeowners depend on the loan terms banks provide. The Federal Reserve works to combat inflation, so interest rates increased this year. This event has caused the couple's financial landscape to shift beneath their feet. Even for those who could afford a higher mortgage, higher rates make it expensive to borrow. As a result, it caps many people's purchasing power at a lower price point. Higher interest rates may be cooling down a housing market driven to record highs.
Over the past two years, pandemic-era demand may be slowing down. But they are not actually offering relief to prospective homeowners. In fact, many people's dreams are now on hold because of a great housing crunch. Homes are still selling, according to real estate agents in Helena. But, properties are only receiving fewer offers. And, they are remaining on the market longer than they were a year ago. These are trends that give buyers more negotiating power. Additionally, some sellers are discovering they need to lower their ambitious list prices. This event could be a sign that the market has reached a halt in it's rise.
Final Thoughts
First of all MT is one of the nation's most picturesque states. Its ecosystem is diverse from the badlands, grasslands, and rocky mountains. There are also wide open spaces which makes a wide range of outdoor activities possible. The population of the state is also pretty small. Additionally, due to its huge land area, there is little population density. Thus, many will not have to deal with traffic jams, crowds, or lines. But, it still depends on the way of life one selects. Many living expenses are still affordable compared to the rest of the nation. Finally, there are several open positions for employment.
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