Quick facts: Lima, MT

Quick Facts

104.7
Cost of Living
above US average
214
Population
23.36
Crime Rate per 1000
above US average
$47,250
Median Income
below US average
$399,000
Median House Price
above US average
$1535
Average Rent
above US average
10%
Poverty Rate
below US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $47,250.

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Income Needed to Buy

βœ— Stretch
$125k/year
Based on $399,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $125k vs median $47,250
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Income Needed to Rent

⚠ Stretch
$66k/year
Based on $1535/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $66k vs median $47,250
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Lima, MT

Lima is a small town in Beaverhead County, Montana, located in the southwestern part of the state. Nestled near the Idaho border, Lima has a population of around 200 residents, giving it a close-knit, rural community feel. The town is positioned along Interstate 15, making it accessible for travelers exploring the picturesque landscapes of Montana. Surrounded by vast open spaces and the stunning backdrop of the Rocky Mountains, Lima is known for its outdoor recreational opportunities, including hiking, fishing, and hunting. The nearby Centennial Valley offers opportunities for wildlife viewing and scenic drives. The area is part of the historic cattle ranching region, with ranching still playing an important role in the local economy. Lima is also home to the famous Lima Peaks and is close to several natural attractions, including Red Rocks Lake National Wildlife Refuge. The town hosts community events that reflect its Western heritage, promoting a sense of camaraderie among residents. Overall, Lima provides a tranquil rural lifestyle with access to beautiful natural surroundings, making it an appealing destination for outdoor enthusiasts and those seeking a quiet place to live.

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