Total monthly cost of ownership
Cost to Own a Home in Billings, Montana
A $312,000 home here costs
$2,397per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,604. The real number is $793 higher every month — 49% more than the payment most buyers budget for.
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 $132 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
Common questions
How much does it cost to own a home in Billings?
A $312,000 home in Billings, Montana costs approximately $2,397 per month with 20% down at 6.66%. That is $1,604 principal and interest, $226 property tax, $107 homeowners insurance, $200 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 $2,397 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.