There's never been a better time for first time home buyers to consider buying real estate in Helena MT. According to the Helena Association of Realtors®, the average selling price for real estate in Helena MT (as of April 2016) is $248,747. Buying a home at that cost with 10% down would mean a down payment of $24,874, but thanks to options like the FHA loan or specialty loans through the local banks, first time home buyers can put down as little as $7,462 on a home at that price.
Buying a home is a big decision. Many prospective home buyers wonder whether the costs associated with home ownership are worth the potential benefits. Trulia reports that the median rent for Helena is $1225/month. If a first-time home buyer opts for buying real estate over renting, and if he or she takes advantage of one of the mortgage options that allows for a 3% down payment, the monthly mortgage payment would likely be about $1083 (plus taxes & insurance). Including taxes and insurance, home ownership is only slightly higher, which may make a first-time home buyer a little nervous— especially if a landlord is no longer in the picture to make repairs and manage maintenance. However, these numbers are taken from averages and medians. There are plenty of homes for sale in Helena under $200,000. First-time home buyers putting down 3% on a home selling at $180,000 could pay as little as $808/month (plus taxes & insurance)— considerably lower than the median rent.
An important consideration when buying real estate is thinking ahead to selling real estate. Buying a home with a modest down payment opens options not just to the pride of ownership, but also to becoming a real estate investor. If you're ready to buy your first home, and you've gotten a great deal on getting in the door, talk to your real estate agent about projections for appreciation, making your new home a rental now or in the future and what your prospects are for making your new home pay for itself now and/or help you move up to your second home later on.
Montana's state capital is a beautiful place to live, and this is a great time to become one of the happy home owners who have chosen it.