The typical owner-occupied home in Billings is worth about $56,000, 72% below the Oklahoma median of $199,800 and 83% below the national median of $332,700. The median household earns $45,938 a year, so the median home costs 1.2 times the median income (3.1 times for Oklahoma). 60% of occupied homes here are lived in by their owners, and 35% of those owners still have a mortgage.
Billings at a glance
| Billings | Oklahoma | U.S. | |
|---|---|---|---|
| Median home value | $56,000 | $199,800 | $332,700 |
| Median property tax paid per year | – | $1,599 | $3,119 |
| Median household income | $45,938 | $65,039 | $80,734 |
| Homes lived in by their owners | 60% | 66% | 65% |
| Owner homes with a mortgage | 35% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $773 | $1,539 | $1,963 |
| Those costs as a share of the owners' income | 22.6% | 19.6% | 21.0% |
| Median rent | $650 | $1,014 | $1,413 |
| Rent as a share of renters' income | 26.7% | 28.4% | 30.6% |
| Median year homes were built | 1951 | 1980 | 1980 |
| Vacant homes | 24.4% | 12.0% | 10.1% |
| Population | 666 | 4,028,634 | 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 $56,000 with 20% down costs about $376 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $469, 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 $16,116 for the 20%-down payment. That payment is 10% of the median Billings household income of $45,938; at that income and 20% down, the 28% guideline points to a home of about $160,000.
The median rent here is $650 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $11,200 |
|---|---|
| Loan amount | $44,800 |
| Principal and interest | $301 |
| Property taxes (1.10% a year) | $51 |
| Homeowners insurance (our estimate, 0.5% a year) | $23 |
| PMI | $0 |
| Total per month | $376 |
Change the numbers in the calculator
| Down payment | $1,960 |
|---|---|
| Loan amount | $54,986 |
| Principal and interest | $370 |
| Property taxes (1.10% a year) | $51 |
| Homeowners insurance (our estimate, 0.5% a year) | $23 |
| FHA mortgage insurance | $25 |
| Total per month | $469 |
Change the numbers in the calculator
Questions about home buying in Billings
What is the median home value in Billings?
About $56,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
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 $376 a month. Keeping that under 28% of gross income takes about $16,116 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