Total monthly cost of ownership
Cost to Own a Home in Billings, Montana
A $312,000 home here costs
$2,517per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $108,000 a year.
A standard mortgage calculator would have told you $1,728. The real number is $789 higher every month, 46% more than the payment most buyers budget for.
Compare Yellowstone County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Billings against Yellowstone County and Montana
| Measure | Billings | Yellowstone County |
|---|---|---|
| Median home value | $311,800 | $317,600 |
| Median property tax | $2,706 | $2,669 |
| Effective tax rate | 0.868% | 0.840% |
| Median gross rent | $1,097 | $1,084 |
| Population | 118,321 | 167,340 |
The weather behind that power bill
Billings sits in Yellowstone County, which averages a high of 87.1°F in its hottest month and a low of 11.8°F in its coldest, with 14.44" of precipitation a year and 45% of it in a single three-month stretch. That climate drives 483 cooling and 7,355 heating degree days, which is what sets the $128 electricity line above.
See the full climate breakdown for Yellowstone County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Yellowstone County
Full Yellowstone County cost breakdown · Every county in Montana
Talk to someone who works this market
These are Billings averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Billings every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Billings I already own here and may sell
Common questions
How much does it cost to own a home in Billings?
A $312,000 home in Billings, Montana costs approximately $2,517 per month with 20% down at 7.4%. That is $1,728 principal and interest, $226 property tax, $107 homeowners insurance, $196 utilities and $260 set aside for maintenance.
What is the property tax rate in Billings?
Billings has an effective property tax rate of 0.868%, based on a median home value of $311,800 and median real estate taxes of $2,706. That is higher than the Yellowstone County average of 0.840%.
What is the average home price in Billings?
The median owner-occupied home value in Billings, Montana is $311,800, against $317,600 across Yellowstone County.
Is it cheaper to rent or buy in Billings?
Median gross rent in Billings is $1,097 a month, against $2,517 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Billings?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Billings, Montana at today's rate takes a household income of roughly $108,000 a year. That covers the full $2,517 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Billings, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Montana.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.