The typical owner-occupied home in Billings is worth about $343,400, 9% below the Montana median of $375,800 and 3% above the national median of $332,700. Owners pay a median $2,887 a year in property taxes, about 0.84% of their home's value, higher than the Montana rate of 0.72%. The median household earns $73,712 a year, so the median home costs 4.7 times the median income (5.2 times for Montana). 65% of occupied homes here are lived in by their owners, and 60% of those owners still have a mortgage.
Billings at a glance
| Billings | Montana | U.S. | |
|---|---|---|---|
| Median home value | $343,400 | $375,800 | $332,700 |
| Median property tax paid per year | $2,887 | $2,693 | $3,119 |
| Property tax as a share of value | 0.84% | 0.72% | 0.94% |
| Median household income | $73,712 | $72,509 | $80,734 |
| Homes lived in by their owners | 65% | 69% | 65% |
| Owner homes with a mortgage | 60% | 55% | 61% |
| Median monthly costs, owners with a mortgage | $1,781 | $1,798 | $1,963 |
| Those costs as a share of the owners' income | 21.3% | 21.9% | 21.0% |
| Median rent | $1,138 | $1,081 | $1,413 |
| Rent as a share of renters' income | 29.6% | 27.8% | 30.6% |
| Median year homes were built | 1980 | 1981 | 1980 |
| Vacant homes | 6.2% | 13.2% | 10.1% |
| Population | 119,434 | 1,116,875 | 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 $343,400 with 20% down costs about $2,232 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,804, 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 $95,637 for the 20%-down payment. That payment is 36% of the median Billings household income of $73,712; at that income and 20% down, the 28% guideline points to a home of about $265,000.
The median rent here is $1,138 a month, so owning the median home costs about $1,094 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $68,680 |
|---|---|
| Loan amount | $274,720 |
| Principal and interest | $1,848 |
| Property taxes (0.84% a year) | $240 |
| Homeowners insurance (our estimate, 0.5% a year) | $143 |
| PMI | $0 |
| Total per month | $2,232 |
Change the numbers in the calculator
| Down payment | $12,019 |
|---|---|
| Loan amount | $337,180 |
| Principal and interest | $2,268 |
| Property taxes (0.84% a year) | $240 |
| Homeowners insurance (our estimate, 0.5% a year) | $143 |
| FHA mortgage insurance | $152 |
| Total per month | $2,804 |
Change the numbers in the calculator
Questions about home buying in Billings
What is the median home value in Billings?
About $343,400 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 $2,887 a year, which is about 0.84% 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 $2,232 a month. Keeping that under 28% of gross income takes about $95,637 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