Great Falls 4plexes: Buy a Fourplex and House Hack in Great Falls
Great Falls is Montana's third-largest city and its 'Electric City,' built where the Missouri River drops over five falls: about 60,208 people, median household income of $63,373, and a typical home value of $337,936. Malmstrom Air Force Base, the city's largest employer, plus the C. M. Russell Museum anchor the local economy — and the value figure is the lowest in Montana's top three.
Great Falls by the Numbers
Great Falls is home to roughly 60,208 people (Census Vintage 2025), the median household earns $63,373, and the typical home value is $337,936. Because the city sits below the 65,000 threshold, the income, rent, and earnings figures below come from the ACS 2024 5-year estimates, labeled as such in every row. Value is the friendliest in this batch's Montana set; income is the softest, so the building's actual rents still decide the deal.
| Population | 60,208 (Census Vintage 2025, July 1, 2025) |
|---|---|
| State capital | Helena |
| Median household income | $63,373 (ACS 2024 5-year, B19013) |
| Households earning under $50,000 | 39.6% (ACS 2024 5-year, B19001) |
| Households earning $50,000–$99,999 | 32.5% (ACS 2024 5-year, B19001) |
| Households earning $100,000–$199,999 | 21.9% (ACS 2024 5-year, B19001) |
| Households earning $200,000+ | 6.1% (ACS 2024 5-year, B19001) |
| Median gross rent | $900 per month (ACS 2024 5-year, B25064) |
| Median earnings, all workers 16 and older | $41,098 (ACS 2024 5-year, B20017) |
| Typical home value (ZHVI, September 2026) | $337,936 |
Sources: U.S. Census Bureau, American Community Survey 2024 5-year estimates (tables B19001, B25064, B20017); Zillow Research ZHVI, September 2026.
Measure rent against value: annual median rent ($900 a month) is 3.20% of the typical home value ($337,936). It is a rough gauge of the rent-to-price relationship, not income — expenses, empty months, and taxes all shrink the owner's actual take.
Buying a 4plex in Great Falls
Great Falls fourplexes are concentrated in the central neighborhoods near the river, the Lewis and Clark Interpretive Center at Giant Springs, and the downtown museum district — the city counts ten museums. Malmstrom's presence gives the rental market a steadier base than the city's size suggests. A typical home value of $337,936 against a median gross rent of $900 a month frames a modest city-level picture; the specific building's rents, condition, and owner livability still rule.
Test the seller's rents, the $900 median, and a stress case with a vacancy. In a smaller market, one empty unit is a bigger share of income, so the stress case should be taken seriously rather than treated as a formality.
Buyer Help and Loans in Great Falls
Shop several lenders, since fourplex requirements vary. Ask which Loan Types programs each lender closes for 2-4 unit owner-occupied purchases in Montana, and which overlays they attach — in a smaller market, a lender's comfort with local appraisals can matter as much as its rate.
Seek pre-approval from a lender who has closed 2-4 unit owner-occupied purchases, and have FHA, conventional, and — if eligible — VA compared on the same building. The Loan Types page carries the program facts for that review, including the 5% down-payment threshold for 2-4 unit conventional and HomeReady/Home Possible purchases.
Living in Great Falls
The Lewis and Clark National Historic Trail Interpretive Center in Great Falls, near Giant Springs on the Missouri River.
A Great Falls house hack is a patience play in a smaller market: learn the building and its tenants in the first year, keep repairs current, and let rents rise against a fixed payment. The owners who do well here are the ones who bought on documented rents and stayed through the quiet stretches.