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City · 7,181 residents · Yellowstone County, Montana

Lockwood , Montana

In Lockwood, a typical home is worth $235,400 and typical rent is $1,138 a month. Compared with all of Yellowstone County, the typical home value is 33% lower and the share of households that own their home is 6 points higher.

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  • Typical home value

    $235,400

    33% below the county

    37% below Montana

    • Lockwood
    • Yellowstone
    • Montana

  • Typical rent

    $1,138a month

    About the same as the county

    5% above Montana

    • Lockwood
    • Yellowstone
    • Montana

  • Typical household income

    $75,700a year

    About the same as the county

    4% above Montana

    • Lockwood
    • Yellowstone
    • Montana

  • Households that own their home

    76%

    6 points above the county

    7 points above Montana

    • Lockwood
    • Yellowstone
    • Montana

Source: U.S. Census Bureau, Average 2020–2024

Lockwood is in Yellowstone County. The FHA loan limit ($754,400 for a one-unit home), the fair market rents and the help on this page are those of all of Yellowstone County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Lockwood apart

What this place has that others do not, from public data, most unusual first.

  1. The typical home in Lockwood is worth $235,400, 33% less than in Yellowstone County as a whole ($349,500).

  2. Nearby, in Lewistown, the typical home value is $198,400: 16% less than in Lockwood ($235,400).

  3. 76% of households in Lockwood own their home, against 70% in Yellowstone County.

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Lockwood

What homes there are in Lockwood, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

The detached house is still the most common home in Lockwood, but it weighs less than in Yellowstone County: 60% against 65%.

Mobile homes are 38% of homes in Lockwood, more than in Yellowstone County (10%).

Year built

The typical year built in Lockwood is 1980, about the same as in Yellowstone County (1982).

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$1,820 a month

Yellowstone County: $1,846 a month

Without a mortgage

$522 a month

Yellowstone County: $635 a month

Owners with a mortgage

51%

Yellowstone County: 59%

Owning costs about the same in Lockwood as in Yellowstone County: with a mortgage, $1,820 a month; without one, $522.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Lockwood stayed about the same since 2015–2019: the Census sees no clear change.

The typical rent in Lockwood rose 27% since 2015–2019, about the same as in Yellowstone County (27%).

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureLockwoodYellowstone CountyMontanaUnited States
Rental vacancy Unreliable estimate4.3%5.3%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.9%0.9%
More than one person per room Unreliable estimate1.3%1.8%3.4%
People per household 2.682.372.372.53
Drive alone 75%77%71%69%
Carpool 14%9%10%9%
Public transit Unreliable estimate1%1%3%
Walk or bike Unreliable estimate2%5%3%
Work from home 8%9%13%15%
Other means Unreliable estimate1%1%2%
Typical commute Unreliable estimate10 to 19 minutes10 to 19 minutes20 to 29 minutes

Households in Lockwood are bigger: 2.68 people on average; in Yellowstone County, 2.37.

Carpooling is common in Lockwood: 14% of workers get to work that way, against 9% in Yellowstone County.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Lockwood?

A typical home is tight for the typical income

We start with a typical home in Lockwood, worth $235,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 31% of the typical household income in Lockwood, which is $75,700 a year. For that payment to be 28% of income, a household would need to earn about $84,599 a year.

The calculator's FHA and conventional loan limits are those of all of Yellowstone County.

Your numbers

Local data
$

Starts at the typical home value in Lockwood. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $8,239 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,974

at 7.18% · 30 years

Loan amount
$231,136
Total interest
$332,551
Paid off in
November 2056

Includes $3,975 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,766 a month

  • Tight

    $1,766 to $2,271 a month

    Your payment · 31%

  • Hard

    more than $2,271 a month

Compared with the typical household income in Lockwood ($75,700 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,974
Principal & interest$1,566
Property tax$206
Home insurance$98
FHA mortgage insurance (MIP)$104

You need at least $8,239 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Lockwood and Yellowstone County

Lockwood is in Yellowstone County, Montana. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Lockwood's own numbers

Typical home value
$235,400
Typical monthly rent
$1,138
Typical yearly household income
$75,700
Households that own their home
76%
Effective property tax rate
1.05%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Yellowstone County

FHA limit, one-unit home
$754,400
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,432
Price change over 5 years (FHFA)
+48%
Homes in a high flood-risk zone
1.4%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Yellowstone County.

Everything about Yellowstone County

Buying

Buying a home in Lockwood

A typical home in Lockwood is worth $235,400: 33% below the county and 37% below Montana. With the typical household income in Lockwood ($75,700 a year), a typical home costs 3.1 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Lockwood 3.1 years
  • Yellowstone 4.6 years
  • Montana 5.2 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Yellowstone County

According to FHFA’s house price index, home prices in Yellowstone County rose 72% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Yellowstone County.

Period County Montana U.S.
Last year (2025) +1.2% +2.3% +2.9%
5 years (2020–2025) +48% +62% +47%
10 years (2015–2025) +72% +105% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Lockwood next to Yellowstone County, Montana and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Lockwood $235,400
  • Yellowstone $349,500
  • Montana $375,800
  • United States $332,700
Typical monthly rent
  • Lockwood $1,138
  • Yellowstone $1,131
  • Montana $1,081
  • United States $1,413
Typical yearly household income
  • Lockwood $75,700
  • Yellowstone $76,570
  • Montana $72,509
  • United States $80,734
See the full table
Lockwood next to Yellowstone County and Montana
Measure Lockwood Yellowstone County Montana U.S.
Typical home value $235,400 $349,500 $375,800 $332,700
Typical monthly rent $1,138 $1,131 $1,081 $1,413
Typical yearly household income $75,700 $76,570 $72,509 $80,734
Households that own their home 76% 70% 69% 65%
Typical yearly property tax $2,466 $2,832 $2,693 $3,119
Effective property tax rate 1.05% 0.81% 0.72% 0.94%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Yellowstone County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Lockwood

For a typical $235,400 home in Lockwood, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Lockwood's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,974a month

    Least cash to close
    Down payment
    $8,239
    Cash to close
    $15,301
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $104

  • Conventional, 5% down $1,931a month

    Down payment
    $11,770
    Cash to close
    $18,832
    Rate
    7.18%
    Mortgage insurance
    PMI · $112

  • Conventional, 20% down, no PMI $1,580a month

    Down payment
    $47,080
    Cash to close
    $54,142
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,797a month

    Down payment
    $35,310
    Cash to close
    $42,372
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Lockwood and for Yellowstone County.

Property tax

Effective rate in Lockwood

1.05%of the home’s value each year

$2,466 a year for the typical owner in Lockwood.

  • Lockwood 1.05%
  • Yellowstone 0.81%
  • Montana 0.72%

What Montana publishes Homestead reduced tax rate for your principal residence (Montana Department of Revenue)

Exemptions and deadlines in Montana

Flood risk in Yellowstone County

FEMA does not publish these numbers by city: they are for all of Yellowstone County.

Homes in the high-risk zone
1.4%
876
Of those, with NFIP insurance
17%
County Montana U.S.
Homes in the high-risk zone 1.4% 2.6% 3.5%
Of those, with NFIP insurance 17% 16% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Lockwood

Typical rent in Lockwood is $1,138 a month: about the same as the county.

HUD publishes a fair market rent for all of Yellowstone County, by unit size. To pay the 2-bedroom one ($1,432 a month) without spending more than 30% of your income, you would need to earn $27.54 an hour working full time.

HUD fair market rent for all of Yellowstone County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,003 $19.29 $40,120
1 bedroom $1,132 $21.77 $45,280
2 bedrooms $1,432 $27.54 $57,280
3 bedrooms $1,983 $38.13 $79,320
4 bedrooms $2,261 $43.48 $90,440

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Lockwood

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Lockwood is in ZIP code 59101.

For 2 bedrooms it is $1,360: $72 less than the fair market rent for Yellowstone County ($1,432).

  • 59101 $1,360$1,880

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Lockwood when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Free help

Help to buy or rent in Lockwood

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There is 1 HUD-approved agency with an office in Yellowstone County; none says it serves in Spanish.

A pregnant woman reads paperwork on the sofa while the grandmother plays with the girl on the floor.

HUD counseling is free or low-cost

Assistance programs in Lockwood

No down payment, repair or rent-help program on our list is for Lockwood or Yellowstone County. The ones below are statewide in Montana: they work in Lockwood the same as in the rest of the state.

Which programs do I qualify for? All programs in Montana

  • Bond Advantage Down Payment Assistance

    Statewide in Montana

    Montana Board of Housing loan for up to 5% of the price (maximum $15,000) for the down payment, over 15 years with low payments and the same rate as the bond program's first mortgage; there is also a Plus version, 0% and deferred, for lower incomes. Offered by Montana Board of Housing (Montana Department of Commerce).

    RepayableDeferred

    See the program Official page

  • Mortgage Credit Certificate (MCC)

    Statewide in Montana

    Montana Board of Housing certificate that lets you take 20% of the interest you pay each year on your mortgage off your federal taxes, up to $2,000 a year, while you live in the home; for first-time buyers, with a loan that is not from another Board program. Offered by Montana Board of Housing (Montana Department of Commerce).

    Tax credit

    See the program Official page

Housing counselors near Lockwood

The HUD-approved agencies closest to the center of Lockwood, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • District 7 Human Resources Development Council

    3124 1st Ave N, Billings · 6 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 6 more
    (406) 206-2717

  • Human Resource Development Council of District Ix, Inc.

    32 S Tracy Ave, Bozeman · 128 miles away

    • Budget and financial counseling
    • Budget and credit workshops
    • and 5 more
    (406) 585-4895

  • Montana Homeownership Network DBA Neighborworks Montana

    509 1st Ave S, Great Falls · 180 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 6 more
    (406) 604-4540

Every agency in Yellowstone County All counseling agencies in Montana

Help in Spanish near Lockwood

None of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Lockwood

In HUD’s record, no housing authority with an office in Yellowstone County is named for Lockwood or Yellowstone County.

One other authority has an office in Yellowstone County: see the list Source: HUD

Cities

Other cities in Yellowstone County

These cities are also in Yellowstone County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Yellowstone County Housing in Montana

Nearby cities

The cities closest to Lockwood, with the typical home value.

Neighboring counties

If Yellowstone County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Lockwood.

All guides
Three women of one family lean in together to stir the pan.

Questions

Housing questions about Lockwood

Short answers with the numbers for Lockwood and all of Yellowstone County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Lockwood?

The typical home value in Lockwood is $235,400, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Yellowstone County it is $349,500.

How much does it cost to rent in Lockwood?

Typical rent in Lockwood is $1,138 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Yellowstone County is $1,432.

What is the FHA loan limit in Lockwood?

Lockwood uses the FHA limit for all of Yellowstone County (2026): $754,400 for a one-unit home and $1,450,800 for a four-unit home.

How much property tax do owners pay in Lockwood?

The typical homeowner in Lockwood pays $2,466 a year, according to the U.S. Census Bureau. That is 1.05% of the home’s value; in Yellowstone County, the rate is 0.81%.

Where can I find free help to buy or rent in Lockwood?

There is 1 HUD-approved counseling agency with an office in Yellowstone County. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).