Mortgage payment estimates, closing cost breakdowns, and homebuying data for Billings, Montana.
Median Home Price
$345K
Population
119K
Avg Monthly Rent
$1,280
Property Tax Rate
0.74% *
* Property tax shown is the Montana state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Billings.
Billings vs Montana Median
The median home price in Billings is $345,000, which is 20% below the Montana state median of $430,000.
Mortgage Calculator — Billings, MT
Pre-filled with Billings median home price and Montana tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $345K home using Montana's 0.74% tax rate and $2,100/yr insurance.
5% Down
$2,651/mo
Down: $17,250
Loan: $328K
P&I: $2,072
Tax: $213
Insurance: $175
PMI: $191
10% Down
$2,531/mo
Down: $34,500
Loan: $311K
P&I: $1,963
Tax: $213
Insurance: $175
PMI: $181
20% Down (No PMI)
$2,132/mo
Down: $69,000
Loan: $276K
P&I: $1,745
Tax: $213
Insurance: $175
Income needed (28% rule): $91K/year with 20% down, $108K/year with 10% down.
Rent vs Buy in Billings
Rent
$1,280/mo
vs
Buy (10% down)
$2,531/mo
Price-to-rent ratio: 22.5 — At a ratio above 20, renting may be more economical in Billings for shorter stays. Buying costs $1,251 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Billings is $345,000, 20% below the Montana state median of $430,000. With a population of 119,116, Billings is a mid-size city where home prices tend to be more accessible than in many parts of Montana.
Property taxes in Montana average 0.74% annually. This moderate property tax rate means a $345,000 home in Billings would carry roughly $213/month in property taxes. Homeowners insurance in Montana runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Billings is $1,280/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Billings presents moderate affordability. The $345K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Billings.