Buy vs Rent in Billings, MT (2026)
Median home price $320K · 1BR rent $1,200/mo · Price-to-rent ratio 22.2x.
Median home price
$320K
1BR rent
$1,200/mo
Price-to-rent ratio
22.2x
Verdict
Rent signal
Monthly cost of buying — 3 scenarios
30-year mortgage at 7% · Includes property tax, insurance, and maintenance estimates
| 3.5% down (FHA) | 10% down | 20% down (conventional) | |
|---|---|---|---|
| Down payment | $11,200 | $32,000 | $64,000 |
| Mortgage (P&I) | $2,054/mo | $1,916/mo | $1,703/mo |
| Property tax (est.) | $293/mo | $293/mo | $293/mo |
| Insurance (est.) | $133/mo | $133/mo | $133/mo |
| Maintenance (est.) | $267/mo | $267/mo | $267/mo |
| Total monthly cost | $2,747vs rent: +$1,547/mo | $2,609vs rent: +$1,409/mo | $2,396vs rent: +$1,196/mo |
| Income to qualify | $88,029/yr | $82,114/yr | $72,986/yr |
| Break-even (approx.) | ~1 yrs | ~2 yrs | ~4 yrs |
Billings housing context
$60K
Median HH income
per year
$72,986
Income needed (20% down)
per year
+$13K
Affordability gap
vs median income
Frequently asked questions
Is it better to buy or rent in Billings?
With a price-to-rent ratio of 22.2x, renting is often more cost-effective in Billings in the short term. Buying makes more sense if you plan to stay 7+ years and can make a larger down payment.
How much do I need to earn to buy a home in Billings?
With a median home price of $320K in Billings, you'd need an annual income of roughly $72,986 to qualify with 20% down (at 7% rate, 28% housing ratio). With 10% down, you'd need about $82,114/year.
Billings full cost of living breakdownCheaper cities near BillingsHow much to retire in BillingsCompare mortgage rates
Mortgage at 7% 30-yr fixed · Property tax 1.1% est. · Maintenance 1% est. · Zillow, BLS · Q1 2026 · For general guidance only