CALCMONEY // HOME AFFORDABILITY // MT // BILLINGS
How much house can you afford in Billings? Based on local median home prices, current MT mortgage rates, and Billings property tax data.
$380,000
$2,433/mo
$104,292/yr
$220,089
Monthly housing costs of $2,433 represent 42.9% of Billings's median gross monthly income ($5,667/mo). At 42.9%, median-income buyers in Billings are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $380,000 |
| Down Payment (20%) | $76,000 |
| Loan Amount | $304,000 |
| Monthly PI Payment | $2,012 |
| Monthly Property Tax | $263 |
| Monthly Insurance Est. | $158 |
| Total Monthly PITI | $2,433 |
| Housing Cost % of Income | 42.9% |
| Required Income (28% rule) | $104,292/yr |
| Max Affordable Home | $220,089 |
$13,300
$3,108/mo
Billings Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $380,000 | Billings city median |
| Down Payment (20%) | $76,000 | Conventional loan |
| Monthly PITI | $2,433 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $104,292 | Annual gross |
| Max Affordable Home | $220,089 | Based on median income |
| FHA Down (3.5%) | $13,300 | Minimum FHA |
| Housing Cost % of Income | 42.9% | Median income: $68,000/yr |
| Property Tax Rate | 0.83% | $3,154/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Billings is $380,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $304,000, generating a monthly P&I payment of $2,012. Adding property taxes ($263/mo) and homeowners insurance ($158/mo) brings total monthly PITI to $2,433.
Billings's property tax rate of 0.83% is near the national average, adding a standard increment to monthly housing costs. On the Billings median home, that is $263/month, or $3,154 per year.
Montana levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Billings should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Billings's median income of $68,000/year can afford up to $1,587/month in total housing costs. Based on Billings's mortgage rate of 6.95% and property tax rate of 0.83%, that translates to a maximum affordable home price of approximately $220,089 with 20% down on a 30-year loan.
To afford the median Billings home priced at $380,000, you need an annual gross income of approximately $104,292. Total monthly housing costs (principal and interest of $2,012, property taxes of $263, and insurance of $158) come to $2,433/month, which equals 28% of the required income.
At the median home price of $380,000 and median household income of $68,000, the total monthly housing cost of $2,433 represents 42.9% of gross monthly income. This is well above the standard 28% threshold, making Billings a challenging market for buyers at median income.
A conventional 20% down payment on the median Billings home of $380,000 is $76,000. An FHA loan requires just 3.5% down — $13,300 — but adds mortgage insurance of roughly $260/month, bringing total FHA payments to $3,108/month.