Can You Afford to Buy a Home in Billings?
The median home in Billings costs $322,700. To afford it at current mortgage rates with 20% down, you need a household income of about $88,757/year. Your monthly payment would be around $2,071, including taxes and insurance.
Based on national median home values adjusted by Billings’s Regional Price Parity (93.53). Current 30-year fixed rate: 6.52% (Freddie Mac, as of Jun 11, 2026). Methodology
Sponsored links, AffordMap may earn a commission at no cost to you. Learn more
Monthly payment breakdown
$322,700 home, 20% down, 6.52% rate, 30-year fixed
Rent vs. buy in Billings
Buying costs $654/mo more than renting, but you build equity. Over 5 years at current appreciation rates, homeowners in similar markets have gained significant equity.
What can you afford in Billings?
Home price you can afford at each salary level (28% DTI, 20% down)
| Salary | Home you can afford | Monthly payment |
|---|---|---|
| $50K | $144K | $2,071 |
| $75K | $259K | $2,071 |
| $100K | $374K | $2,071 |
| $125K | $490K | $2,071 |
| $150K | $605K | $2,071 |
| $200K | $835K | $2,071 |
Based on 28% front-end DTI ratio, 20% down payment, 6.52% 30-year fixed rate, 1.1% property tax, ~$150/mo insurance.
Can common careers afford a home in Billings?
Local median salary vs. the $89K needed to buy
Frequently asked questions
What salary do I need to buy a home in Billings?
To comfortably afford the median home ($322,700) in Billings with a 20% down payment and current mortgage rates, you need a household income of about $88,757. That keeps your housing costs at or below 28% of your gross income, which is the standard lender guideline.
How much does a house cost in Billings?
The median home price in the Billings, MT metro area is $322,700, based on the Census ACS 2023 median home value for the metro. Prices vary widely by neighborhood. A 20% down payment would be $64,540, or $16,135 at 5% down.
What would my monthly mortgage be in Billings?
On a $322,700 home with 20% down at current rates, your estimated monthly payment would be $2,071 including principal, interest, property tax, and insurance. With only 5% down, add about $128/mo for PMI.
Is it cheaper to rent or buy in Billings?
Median 2-bedroom rent in Billings is $1,417/mo (HUD Fair Market Rent). The estimated mortgage payment on the median home is $2,071/mo. Buying is significantly more expensive monthly, though you build equity.