The Three Lions boss witnessed his side throw away a one-goal lead with a below-par second-half display but insists that he was pleased to take a point from Podgorica
The Three Lions took the lead just six minutes into the game through a Wayne Rooney header and could have added to their lead in a first half which they dominated. However the hosts were undoubtedly the stronger side in the second period and deservedly earned a point through a close-range strike from Dejan Damjanovic.
Hodgson's men escaped with a point despite an onslaught from the Montenegrins and the 65-year-old was quick to stress that he was pleased with the end result.
He told ITV: "I thought our first half was very good but we didn't start the second half as well as we would have liked to and that gave them some encouragement.
"I thought we hung on well and we finished well. They had a good spell in the second half and robbed us of a victory but all things considered we shouldn’t be too disappointed with a draw here."
The result leaves England two points shy of Montenegro at the top of Group H and are now a mere four points ahead of Poland and Ukraine, both of whom have a game in hand.
However, England have still to play Poland and Montenegro at home and Hodgson believes that that could play into his team's hands in the final set of games.
He added: "We've got three of our last four games at home and the contenders have got to come to us, so we'll see how we go. The fact is it's still in our hands. We play three of the last four games at home."