Lockwood, MT
Population 7,474 · Montana
About Lockwood, MT
Lockwood is a small town located in Montana with a population of 7,474 residents according to the latest US Census Bureau American Community Survey data. The median household income is $74,451 per year, which is 1% below the national median of $75,149. The median age of 36.1 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Lockwood features a median home value of $250,900, which is 2% above the national median of $244,900. This positions Lockwood in a moderately priced market relative to the rest of the country. Median monthly rent is $995, 14% below the national average of $1,163/month. Of the 2,871 total housing units, 79% are owner-occupied (2,156 units) and 21% are renter-occupied (585 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lockwood shows an unemployment rate of 4.2%, which is near the national rate of 3.7%. The poverty rate stands at 14.4%, above the national average of 12.4%. Workers in Lockwood have an average one-way commute time of 22.1 minutes.
Education & Demographics
14.7% of Lockwood residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 7.3% White, 7.7% Hispanic or Latino, 0.0% Black or African American, and 0.7% Asian residents, with 0.6% of the population being foreign-born.
How Lockwood Ranks in Montana
Cost of Living in Lockwood, MT
Compared to national averages, Lockwood has a median household income of $74,451 (1% below the national median of $75,149). Home values average $250,900, which is 2% above the national median. Monthly rent at $995 is 14% below the US average of $1,163. Within Montana, Lockwood's income is 13% above the state average of $65,821, and home values are 13% below the state median of $288,703.
Why Live in Lockwood, MT?
Lockwood offers rent that’s lower than the national average at $995/month, and short commute times averaging just 22.1 minutes.
Potential considerations include median household income ($74,451) that falls below the national average. However, Lockwood’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Lockwood has a population of 7,474 with a median age of 36.1 years. Compare Lockwood with other cities to see how it stacks up, or explore all cities in Montana.
Similar Cities Near Lockwood
Cities in Montana with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Laurel | 7,198 | $66,382 | $232,700 | Compare |
| Helena Valley West Central | 8,224 | $89,040 | $352,800 | Compare |
| Miles City | 8,412 | $60,732 | $182,700 | Compare |
| Whitefish | 8,422 | $71,110 | $648,200 | Compare |
| Livingston | 8,635 | $65,187 | $348,700 | Compare |
| Sidney | 6,235 | $62,992 | $249,100 | Compare |
| Evergreen | 8,908 | $73,015 | $271,700 | Compare |
| Lewistown | 6,028 | $44,195 | $159,500 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Montana
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Lockwood With Other Cities
Frequently Asked Questions about Lockwood
What is the population of Lockwood, MT?
The population of Lockwood, MT is 7,474 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Montana.
What is the median household income in Lockwood?
The median household income in Lockwood, MT is $74,451 per year, which is 1% below the national median of $75,149.
What is the median home value in Lockwood?
The median home value in Lockwood, MT is $250,900, which is 2% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lockwood?
The median monthly rent in Lockwood, MT is $995, which is 14% below the national average of $1,163/month.
What is the unemployment rate in Lockwood?
The unemployment rate in Lockwood, MT is 4.2%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Lockwood, MT a good place to live?
Lockwood offers a moderate cost of living, a competitive housing market, and growing employment opportunities. With a population of 7,474 and a median age of 36.1, the city appeals to a broad range of residents.
How educated is Lockwood, MT?
14.7% of residents in Lockwood aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Lockwood?
Key cost-of-living indicators for Lockwood, MT: median home value is $250,900 (2% above national), median rent is $995/month, and median household income is $74,451. The home-value-to-income ratio is 3.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lockwood?
The poverty rate in Lockwood, MT is 14.4%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Lockwood, MT?
Lockwood's population is 7.3% White, 7.7% Hispanic or Latino, 0.0% Black or African American, 0.7% Asian, and 0.0% two or more races. 0.6% of residents are foreign-born.