The typical owner-occupied home in Billings is worth about $174,700, 24% below the Missouri median of $230,300 and 47% below the national median of $332,700. Owners pay a median $1,033 a year in property taxes, about 0.59% of their home's value, lower than the Missouri rate of 0.85%. The median household earns $47,344 a year, so the median home costs 3.7 times the median income (3.3 times for Missouri). 75% of occupied homes here are lived in by their owners, and 60% of those owners still have a mortgage.
Billings at a glance
| Billings | Missouri | U.S. | |
|---|---|---|---|
| Median home value | $174,700 | $230,300 | $332,700 |
| Median property tax paid per year | $1,033 | $1,948 | $3,119 |
| Property tax as a share of value | 0.59% | 0.85% | 0.94% |
| Median household income | $47,344 | $70,702 | $80,734 |
| Homes lived in by their owners | 75% | 68% | 65% |
| Owner homes with a mortgage | 60% | 60% | 61% |
| Median monthly costs, owners with a mortgage | $1,066 | $1,524 | $1,963 |
| Those costs as a share of the owners' income | 25.1% | 19.0% | 21.0% |
| Median rent | $850 | $1,033 | $1,413 |
| Rent as a share of renters' income | 44.3% | 28.1% | 30.6% |
| Median year homes were built | 1978 | 1978 | 1980 |
| Vacant homes | 4.9% | 11.2% | 10.1% |
| Population | 844 | 6,191,814 | 334,922,499 |
What a typical home costs per month in Billings
At this week's average 30-year rate of 7.11%, buying the median Billings home of $174,700 with 20% down costs about $1,099 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,390, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $47,094 for the 20%-down payment. That payment is 28% of the median Billings household income of $47,344; at that income and 20% down, the 28% guideline points to a home of about $176,000.
The median rent here is $850 a month, so owning the median home costs about $249 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $34,940 |
|---|---|
| Loan amount | $139,760 |
| Principal and interest | $940 |
| Property taxes (0.59% a year) | $86 |
| Homeowners insurance (our estimate, 0.5% a year) | $73 |
| PMI | $0 |
| Total per month | $1,099 |
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| Down payment | $6,114 |
|---|---|
| Loan amount | $171,536 |
| Principal and interest | $1,154 |
| Property taxes (0.59% a year) | $86 |
| Homeowners insurance (our estimate, 0.5% a year) | $73 |
| FHA mortgage insurance | $77 |
| Total per month | $1,390 |
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Questions about home buying in Billings
What is the median home value in Billings?
About $174,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Billings?
Homeowners pay a median $1,033 a year, which is about 0.59% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Billings?
For the median home with 20% down at 7.11%, the payment is about $1,099 a month. Keeping that under 28% of gross income takes about $47,094 a year.
More about Billings
- Mortgage Refinance in Billings
- Debt Relief in Billings
- Home Equity Loans in Billings
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data