Anaconda is a consolidated city-county of roughly 9,421 people in Deer Lodge County, sitting at 5,335 feet in the upper Clark Fork Valley about 26 miles west of Butte. Founded in 1883 by Copper King Marcus Daly as the smelting hub for his Anaconda Copper Mining Company, the town's identity was forged by copper — and reshaped when the Washoe Smelter shut down in 1980. Today Anaconda is one of southwest Montana's most affordable towns, offering genuine small-city living at a fraction of what resort communities like Big Sky or Whitefish charge. The Jack Nicklaus-designed Old Works Golf Course, Georgetown Lake, and the Anaconda-Pintler Wilderness draw visitors and new residents alike, but prices remain grounded by local wages. This guide breaks down housing, income, affordability, and employment data so you know what it actually costs to live here. For a broader overview of the town, see our Anaconda guide.
At a Glance
Housing Costs
Housing is the single largest expense in Anaconda and a category that has moved significantly in recent years. The median home value stands at $280K according to Zillow's Home Value Index as of January 2026. The U.S. Census Bureau's American Community Survey puts the figure at $210K — a 34% gap that reflects meaningful appreciation since the Census survey window closed, though far less dramatic than the surges seen in resort-adjacent communities. The median list price of $318K sits above the Zillow estimate, indicating sellers are pricing optimistically in a market with tightening inventory. Anaconda ranks in the 54th percentile among Montana towns — squarely in the middle of the pack.
Renters pay a median of $1K per month. Rents sit at the 13th percentile — extremely low by Montana standards, making Anaconda one of the most affordable rental markets in the state. At $661 per month, rent in Anaconda is roughly half what tenants pay in Bozeman or Missoula, and less than a third of Big Sky rates. The Georgetown Lake corridor and seasonal recreation draw some short-term rental activity, but the effect on the long-term rental pool is modest compared to Glacier or Yellowstone gateway towns. For a detailed look at market trends, inventory, and buying conditions, see our Anaconda housing market guide.
Income & Affordability
The median household income in Anaconda is $50K, placing the town at the 24th percentile among Montana communities. That $50K figure reflects Anaconda's post-industrial economy — an Education & Healthcare workforce (25.8% of jobs) paired with tourism, construction, and government employment that together provide steady but modest wages. The affordability ratio — median home value divided by median household income — is 5.7. The commonly cited national benchmark is 3.0 to 5.0. A ratio of 5.7 puts Anaconda above the comfortable range but well below the severe stress seen in Montana's resort towns.
For comparison, nearby Butte has a ratio of 4.4, reflecting that larger city's broader economic base and higher incomes. Meanwhile, Big Sky exceeds 15.0 and Whitefish sits above 11.0 — communities where home prices have detached entirely from local earning power. Anaconda's 5.7 ratio means housing is stretched relative to local wages but still within reach for dual-income households, especially with Montana's lack of a state sales tax providing meaningful relief on everyday expenses like groceries, clothing, and household goods.
Anaconda's elevation (5,335 ft) means cold winters with real heating costs, and the 26-mile drive to Butte connects residents to the larger city's retail, medical, and transportation infrastructure — including the Bert Mooney Airport. For most daily needs, however, Anaconda's own commercial district along East Commercial Avenue serves residents without requiring the commute.
Monthly Budget Estimate
While individual budgets vary widely, here is a rough breakdown of monthly costs for a household earning Anaconda's median income:
| Category | Estimated Monthly | % of Income |
|---|---|---|
| Housing (rent or mortgage) | $661 | 16% |
| Utilities | $210 | 5% |
| Groceries | $450 | 11% |
| Transportation | $350 | 8% |
| Healthcare | $310 | 8% |
Estimates based on local medians and regional cost indices. Actual costs vary.Anaconda's proximity to Butte (26 mi) keeps retail costs reasonable, and the absence of a state sales tax reduces everyday expenses compared to most U.S. states.
Employment & Economic Context
Anaconda's economy underwent a fundamental transformation when the Anaconda Smelter — once employing thousands — closed in 1980, followed by decades of Superfund cleanup. The economy has since rebuilt around Education & Healthcare, which accounts for 25.8% of employment. Community Hospital of Anaconda and the local school district anchor this sector, providing the kind of stable, year-round employment that helps offset the seasonal swings from tourism. The next largest sectors are Tourism & Hospitality (11.3%) and Construction (10.7%).
Tourism & Hospitality at 11.3% of employment reflects the draw of Georgetown Lake, the Anaconda-Pintler Wilderness, Discovery Ski Area, and the Old Works Golf Course. Construction at 10.7% captures both local building activity and tradespeople who work projects across southwest Montana. The unemployment rate is 4.9%, and labor force participation stands at 54.7% — the latter somewhat low, reflecting Anaconda's retiree population and the lingering effects of the post-smelter economic transition. For the full industry breakdown, see our Anaconda jobs and economy guide.
How Anaconda Compares
Anaconda is one of the most affordable communities in southwest Montana. Its median home value ($280K) is roughly half of Bozeman ($703K) and Missoula ($547K), and a fraction of Big Sky's $1M+ prices. Even compared to nearby Butte — the nearest city with a comparable population base — Anaconda offers lower home prices, though Butte's stronger income levels yield a better affordability ratio (4.4 vs.Anaconda's 5.7).
Where Anaconda stands out is the combination of genuine affordability with outdoor recreation access that most Montana budget towns can't match. Georgetown Lake, the Pintler Wilderness, and Discovery Ski Area are all within 20 minutes, and the Old Works Golf Course is built on reclaimed smelter land — a unique amenity found nowhere else. Great Falls and Miles City may offer cheaper housing, but they lack the mountain-recreation lifestyle that Anaconda provides. For buyers looking at southwest Montana, Anacondaremains the clear value play — a working-class town with Superfund scars that's quietly becoming a recreation-adjacent alternative to the region's overheated resort markets.
Key Takeaways
- Housing is the biggest cost driver, with a 54th percentile ranking among Montana towns and a 34% Census-to-Zillow appreciation gap showing steady but measured price growth.
- The affordability ratio of 5.7 is above the national comfort zone but far below resort towns like Big Sky (15+) and Whitefish (11+), keeping Anaconda accessible to working households.
- Rent at $661/month is exceptionally low — 13th percentile statewide — making Anaconda one of the most affordable rental markets in the state.
- The economy transitioned from copper smelting to Education & Healthcare (25.8%), Tourism (11.3%), and Construction (10.7%), providing a diversified if modest employment base.
- Montana's zero state sales tax and Anaconda's proximity to Butte keep everyday costs manageable, while Georgetown Lake and the Pintler Wilderness add recreation value that pure budget towns lack.