Cost of Living in Lockwood, MT
Population 7,474 · Montana · Data vintage 2023
(100 = US avg)
Incomes in Lockwood punch well above what you'd expect from a town of 7,474. The reason is straightforward: extraction-sector wages. Median household earnings of $74,451 pair with home values that remain well below the national median.
Located 8 miles east of Billings, Lockwood falls within that metro's commuting orbit. Median home values run roughly 20% lower than Billings' $312,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Lockwood
The median home value in Lockwood is $250,900 — 18% below the national median of $305,000. Median rent runs $995/month, 24% lower than the national median of $1,314/month. The median household income of $74,451/year is equal to than the US median of $74,580. The local unemployment rate is 4.2%, below the national average of 4.8%. Montana's top state income tax rate is 6.8% and the combined sales tax is 0.0%. The climate averages highs of 59.4°F and lows of 37.0°F, with about 57.4" of annual snowfall. Overall, Lockwood has a cost of living index of 80 versus the US average of 100, meaning it is 20% less expensive.
Lockwood has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 36 | 39 | 49 | 57 | 67 | 77 | 87 | 86 | 74 | 59 | 46 | 36 |
| Low °F | 18 | 20 | 27 | 35 | 44 | 52 | 59 | 58 | 49 | 37 | 27 | 19 |
| Precip" | 0.55 | 0.57 | 0.90 | 1.72 | 2.36 | 2.22 | 1.22 | 0.87 | 1.36 | 1.37 | 0.60 | 0.57 |
| Snow" | 10.6 | 9.1 | 8.2 | 7.5 | 0.9 | 0.0 | 0.0 | 0.0 | 0.3 | 4.5 | 6.5 | 9.8 |
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Lockwood, MT?
Lockwood has a cost index of 80 (100 = national average). It is 20% below the national average.
What is average rent in Lockwood, MT?
The median gross rent in Lockwood is $995 per month based on 2023 Census data.
What is the average home price in Lockwood?
The median home value in Lockwood is $250,900 according to 2023 Census ACS data.
What is the median income in Lockwood?
The median household income in Lockwood is $74,451 per year (2023 ACS 5-year estimates).
What is the sales tax in Lockwood, MT?
The combined state and local sales tax rate in Lockwood is 0.0%. The Montana state income tax top rate is 6.8%.
Is Lockwood, MT affordable?
Yes, Lockwood is generally considered affordable, with a cost of living index of 80 — about 20% below the US national average of 100.
What is the weather like in Lockwood?
Lockwood has average high temperatures of 59.4°F and average lows of 37.0°F. Annual precipitation is 14.3". Average annual snowfall is 57.4". Data from NOAA 1991–2020 Climate Normals.
Lockwood at a Glance
- Population
- 7,474
- Median Income
- $74,451
- Home Value
- $250,900
- Median Rent
- $995/mo
- Unemployment
- 4.2%
- Avg High Temp
- 59.4°F
- Sales Tax
- 0.0%
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Montana Rankings
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