Cost of Living in Libby, MT

With a cost of living index of 71, Libby, MT is one of the most affordable cities in the country. Living here is 29% cheaper than the national average and 17% below the Montana state average of 89. Libby is a small community of 2,948 residents.

Housing costs are the biggest factor in Libby's cost of living. The median monthly rent is $679 (49% below the US median of $1,319), and the median home value sits at $218,500 (28% below the national median of $304,900). At current prices, the median home costs roughly 5.6x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Libby is $39,261, which is 48% lower than the national median of $75,149. Residents spend roughly 21% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Libby. The area sees an average annual temperature of 38.6°F, with summers averaging 57°F and winters around 23°F. Annual rainfall totals 45.1 inches spread over roughly 170 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.