Great Falls is Montana's third-largest city, known as "The Electric City" for the hydroelectric dams harnessing the Missouri River's five great falls. With a population of roughly 60,000 in Cascade County, it anchors central Montana's economy through a combination of military presence—Malmstrom Air Force Base and the 341st Missile Wing—and civilian healthcare employment led by Benefis Health System. Its cost of living reflects a prairie city where defense spending and medical-sector stability keep prices grounded well below Montana's resort and university towns. 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 city, see our Great Falls guide.
At a Glance
Housing Costs
Housing is the single largest expense for Great Falls residents, but it's remarkably affordable by Montana standards. The median home value stands at $328K according to Zillow's Home Value Index as of January 2026. The U.S. Census Bureau's American Community Survey puts the figure lower at $237K, reflecting the multi-year survey window. Either way, Great Falls is the most affordable of any major Montana city—cheaper than Billings, Helena, Missoula, Bozeman, and the Flathead Valley by a significant margin.
Renters pay a median of $1,352 per month. Home values rank in the 65th percentile among Montana towns, while rents sit at the 77th percentile. Unlike Whitefish or Big Sky, Great Falls has virtually no short-term rental pressure from tourism—the rental market is driven by military personnel rotating through Malmstrom AFB, healthcare workers at Benefis Health System, and families drawn to the city's affordable cost structure. For a detailed look at market trends, inventory, and buying conditions, see our Great Falls housing market guide.
Income & Affordability
The median household income in Great Falls is $64K, placing the city at the 48th percentile among Montana towns. The affordability ratio—median home value divided by median household income—is 5.1. For context, the commonly cited national benchmark is around 3.0 to 5.0. At 5.1, Great Falls is the most affordable major city in Montana—better than Billings (5.4), Helena (6.6), Missoula (7.9), Kalispell (8.5), and dramatically below Bozeman (8.8) and Whitefish (11.7). A median-income household here can realistically afford a median-priced home without severe financial strain.
Malmstrom Air Force Base is the city's economic anchor, supporting thousands of military and civilian positions with federal pay scales and benefits packages. Benefis Health System, the largest civilian employer, adds another layer of stable, well-compensated employment. Together, defense and healthcare provide a dual-pillar economy that insulates Great Falls from the seasonal swings that plague Montana's tourism-dependent towns.
Montana's lack of a state sales tax provides meaningful relief on everyday expenses—groceries, clothing, and household goods all cost less at the register than in states with 6–9% sales taxes.Great Falls's elevation of 3,340 feet and its position on the northern Great Plains bring cold winters, but Chinook winds—warm, dry downslope gusts from the Rockies—can raise temperatures 30–50\u00B0F in hours, providing dramatic mid-winter relief. The city is one of the windiest in the United States, which keeps summer cooling costs low but means higher heating bills during extended cold snaps.
Monthly Budget Estimate
While individual budgets vary widely, here's a rough breakdown of monthly costs for a household earning Great Falls's median income:
| Category | Estimated Monthly | % of Income |
|---|---|---|
| Housing (rent or mortgage) | $1,352 | 25% |
| Utilities | $240 | 5% |
| Groceries | $480 | 9% |
| Transportation | $370 | 7% |
| Healthcare | $300 | 6% |
Estimates based on local medians and regional cost indices. Actual costs vary. Utilities reflect Great Falls's prairie climate with cold winters and persistent wind; Chinook events can temporarily reduce heating demand.
Employment & Economic Context
Great Falls's economy is anchored by Education & Healthcare, which accounts for 28.1% of employment. Benefis Health System is the largest civilian employer, while Malmstrom Air Force Base—home to the 341st Missile Wing and its fleet of Minuteman III ICBMs—provides a substantial federal payroll that circulates through the local economy. The next largest sectors are Retail (13.2%) and Tourism & Hospitality (11.2%). The military presence creates a unique dynamic: regular personnel rotations bring a steady flow of new residents, but also mean some families are temporary—contributing to the city's 8.2% vacancy rate, the highest among Montana's hub cities.
The unemployment rate is 3.2%, and labor force participation stands at 60.6%. Unlike seasonal resort towns, Great Falls's employment base is remarkably steady year-round. Military operations don't shut down for winter, hospitals run 24/7, and the city's retail and service sectors serve the broader central Montana region rather than depending on tourist traffic. For the full industry breakdown, see our Great Falls jobs and economy guide.
How Great Falls Compares
Among Montana's major cities, Great Falls stands out as the single most affordable option. Its affordability ratio of 5.1 beats every other hub in the state—Billings (5.4), Helena (6.6), Missoula (7.9), Kalispell (8.5), Bozeman (8.8), and Whitefish (11.7). For buyers who have been priced out of western Montana's overheated markets, Great Falls offers the rare combination of a city with 60,000 people, genuine infrastructure, and homes that a median-income household can actually afford.
What Great Falls trades off is proximity to the mountain recreation corridors that drive demand in the Flathead and Gallatin valleys. What it gains is value: a military-and-healthcare economy with federal-grade benefits, the Missouri River running through town, Giant Springs State Park just four miles away, the C.M. Russell Museum's world-class western art collection, and Lewis & Clark history woven into the landscape. The inventory surge of +31.5% year-over-year—the largest of any Montana city—means buyers have more selection and more negotiating power here than anywhere else in the state right now.
Key Takeaways
- Housing is the biggest cost driver, but Great Falls is the most affordable major city in Montana with an affordability ratio of 5.1—lower than any other hub.
- Malmstrom AFB and Benefis Health System provide dual economic anchors with year-round, benefits-backed employment that insulates the city from seasonal swings.
- Montana's zero state sales tax offsets daily expenses, and Great Falls's Chinook winds can bring dramatic mid-winter warming to reduce heating costs.
- No resort-town or university-town price inflation—Great Falls's housing market is driven by military, healthcare, and regional service-center demand rather than tourism or short-term rentals.
- Inventory is up 31.5% year-over-year—the biggest increase of any Montana city—creating the strongest buyer's market in the state.