Billings, Montana Housing Market Prices
Billings Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 17% below the Montana median$205,598
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Median rent 1% above the Montana median$1,094
Housing Market Overview
| Metric | Billings | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $205,598 | $249,140 | $248,835 |
| Price Trend (Annual %) | 1.3% | 3.8% | 7.5% |
| Median Gross Rent | $1,094 | $1,081 | $1,407 |
| Rent Trend (Annual %) | 4.2% | 5.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Billings is about 17% lower than in Montana. Rent is about 1% higher than the Montana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Billings, up about 1.3% and 4.2% a year respectively. Rent is changing faster.
Median rent in Billings rose about 44.4% between 2015 and 2024, from $757 to $1,094. Over the same span, rent in Montana rose about 52.0%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Billings.
Buying the median-priced home in Billings costs roughly 15.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Billings. The price-to-rent ratio in Montana is about 19.2.
| Metric | Billings | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $205,598 | $249,140 | $248,835 |
| Median Household Income | $70,991 | $72,476 | $80,455 |
| Price-to-Income Ratio | 2.9 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Billings rose about 8.9%, while median household income rose about 52.3% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Billings | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.2% | 60.1% | 58.5% |
| Rental Rate | 33.7% | 26.8% | 31.2% |
| Vacancy Rate | 6.1% | 13.2% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Billings has a homeownership rate of 60.2%, about the same as the Montana average of 60.1%. Its housing vacancy rate is 6.1%, compared with 13.2% in Montana.
Housing Stock
| Metric | Billings | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.26 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1976 | 1981 | 1978 |
| Median Number of Rooms | 5.9 | 5.6 | 5.5 |
The typical housing unit in Billings was built around 1976. On average, 2.3 people live in a home with about 5.9 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Billings, Montana.
What is the median home price in Billings, Montana?
The median home price in Billings, Montana is $205,598, lower than the Montana average of $249,140.
What is the average home price in Billings, Montana?
The typical home price in Billings, Montana, reported as the median sale price, is $205,598. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Billings, Montana?
The median gross rent in Billings, Montana is $1,094 per month, higher than the Montana average of $1,081.
What was the median gross rent in Billings in 2020?
In 2020, the median gross rent in Billings, Montana was $886 per month.
What is the price-to-rent ratio in Billings, Montana?
The price-to-rent ratio in Billings, Montana is about 15.7, meaning it would take roughly 15.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Billings.
Are home prices or rent rising faster in Billings, Montana?
Both home prices and rent are rising in Billings, up about 1.3% and 4.2% a year respectively. Rent is changing faster.
What is the homeownership rate in Billings, Montana?
60.2% of households in Billings, Montana own their home, about the same as the Montana average.
What is the vacancy rate in Billings, Montana?
The housing vacancy rate in Billings, Montana is 6.1%, lower than the Montana average of 13.2%.
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