Homestead was a station on the Great Northern Railroad. The area was once called Pederson and then Fort Peck, but the name was then changed to Homestead because its founders were homestead settlers. The first post office was established in 1907 and colsed in 1910. It reopened in 1911 and still remains open.
Homestead is located in northeastern Montana, south of Plentywood on Montana Highway 16 near the North Dakota border.