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In Montana, the median income is $47,360, but salaries across the state can differ greatly. In cities like Billings and Missoula, the cost of living is notably higher, which is reflected in median salaries reaching $60,000 in Billings, with 80% of salaries falling between $45,000 and $75,000.
However, in smaller cities or rural regions, such as Havre or Lewistown, the median salary tends to be lower, which can make a significant difference in employee expectations.
What is considered a "good" salary can vary based on factors like location, lifestyle, and industry. A salary in the range of $50,000 to $70,000 is generally considered comfortable for a single person in Montana. High-paying fields like technology and healthcare can offer salaries reaching up to $100,000 or more, while more common roles such as administrative assistants typically earn around $40,000.
In Montana, the cost of living is slightly below the national average, making it an affordable state overall. Housing expenses are about 4% lower than the national average, with affordable options available, particularly in rural areas, though some cities like Billings and Missoula have seen rising costs due to increased demand. Utility costs are around 3% higher than the national average, mainly due to the state's cold winters and energy needs. Transportation expenses, including gas prices, are about 6% higher than the national average, reflecting the state's rural nature and longer travel distances between towns and cities.
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The average salary in Montana is calculated by aggregating the total wages earned by employees across various industries within the state and then dividing that figure by the total number of employees. This calculation includes a wide range of salaries, from entry-level positions to highly paid executives, and may be adjusted based on factors like location, industry, and experience. Data for these figures is typically sourced from government surveys, job boards, and compensation studies, ensuring that a broad representation of the state's workforce is considered in the final calculation.
Montana’s average salary is generally lower than the national average. This can be attributed to a variety of factors, such as the state's smaller population, lower cost of living, and the types of industries that dominate the economy. While some sectors in Montana, like healthcare and tech, offer competitive salaries, many other industries, such as agriculture and retail, may have lower wages compared to the national median. However, the overall cost of living in Montana is also lower than the national average, which partially offsets the lower salary figures.
Several factors influence salary variations within Montana. Industry type plays a significant role, as sectors like technology and healthcare tend to offer higher wages compared to agriculture, retail, or hospitality. Experience and education also contribute, with more skilled and educated workers commanding higher pay. Additionally, geographic location within the state can affect salaries, as urban areas like Billings and Missoula generally offer higher wages due to the concentration of businesses and job opportunities, while rural areas may see lower pay rates due to fewer available jobs and a smaller labor market.
The cost of living in Montana is lower than the national average, which directly impacts how far a salary can go in the state. Housing costs, utilities, and general living expenses are more affordable compared to many other states, particularly on the coasts. As a result, salaries in Montana tend to be adjusted downward compared to national averages, but residents still enjoy a higher quality of life with their earnings. For example, while the state may offer lower wages, employees can often live comfortably due to the reduced cost of housing and goods.
Montana’s fastest-growing industries include healthcare, technology, construction, and renewable energy. The healthcare sector is expanding rapidly due to an aging population and increased demand for healthcare services, while tech industries are experiencing growth, particularly in areas like software development and data analytics. The construction industry is thriving due to new infrastructure projects and population growth, and the renewable energy sector, especially wind and solar power, is also gaining momentum as Montana focuses on sustainable energy solutions.
Employee benefits in Montana are similar to national trends, with health insurance, paid time off, and retirement plans being among the most common offerings. Health insurance is typically provided by employers, especially in larger companies, along with dental and vision coverage. Paid time off, including vacation days and sick leave, is commonly included, as well as retirement benefits such as 401(k) plans with employer contributions. Other benefits, like flexible working hours, wellness programs, and tuition assistance, are becoming increasingly popular as companies seek to attract and retain top talent.
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