Montana · main city

Buying a home in Billings, Montana

In Billings, the median value of owner-occupied homes is $383,400, Yellowstone County's effective property tax rate is 0.81%, a purchase mortgage carried a median $8,274 in total loan costs in 2025, and median gross rent is $1,138 a month.

Data as of : Census ACS 2025 1-year, Census Vintage 2024, FHFA HPI 2026Q2, Census ACS 2020-2024, HMDA 2025, HUD FY 2027. Sources

Checked on against the official sources listed at the bottom of the page.

Billings home costs, fact by fact

Calculate for Billings

If you buy

Montana state transfer tax

Montana has no real estate transfer tax. Change the price: the amount is recalculated instantly.

Price$383,400
State transfer tax$0
Share of the price—

Default price: the Billings median value of owner-occupied homes, $383,400 (Census ACS 2025). Rule: No tax is calculated on the price. The Realty Transfer Act collects price data, not money. Who pays: No transfer tax. The sources do not assign the recording fees to buyer or seller; the purchase agreement does. Not included: county and city transfer taxes, recording fees, title insurance and lender charges. Montana transfer tax guide · all 50 states.

If you sell

Capital gain and the federal tax on it

Same federal rule in every state: Section 121 of the Internal Revenue Code excludes up to $250,000 of gain on a main home ($500,000 for a married couple filing jointly).

Capital gain$350,000
Section 121 exclusion$250,000 (limit $250,000)
Taxable gain$100,000
Type of gainLong-term (owned over 1 year), 15% chosen
Federal tax on the gain$15,000

Section 121 excludes $250,000; the rest is taxable.

Gain = sale price minus your adjusted basis (purchase price, buying costs and improvements); selling expenses reduce it (IRS Publication 523). Long-term rates for sales in 2026, by taxable income including the gain (IRS Rev. Proc. 2025-32, section 4.03): 0% up to $49,450 single or $98,900 married filing jointly, 15% up to $545,500 single or $613,700 jointly, 20% above. Not included: Montana state income tax on the gain (not computed), the net investment income tax, depreciation recapture on a rental or home office, and the reduced exclusion for an early sale. Agent commissions are negotiated and never set by law. Capital gains on a home sale.

In short

The median value of owner-occupied homes in the city of Billings is $383,400, according to the Census Bureau’s 2025 American Community Survey, about the same as the national $371,100 and well below Montana’s $427,500. Buyers can combine up to $15,000 of state down payment help with a City of Billings loan of up to 20% of the price, subject to income limits and funding.

How much homes cost in Billings

The Census Bureau’s American Community Survey (ACS) asks owners how much they think their home would sell for. The median of those answers is a useful benchmark, but it is not a sale price: it covers every owner-occupied home, including homes bought long ago. Our page on Montana home prices explains the method in detail.

AreaMedian value, 2025 (ACS)Margin of error (90%)
City of Billings$383,400±$17,046
Yellowstone County$399,300±$15,114
Billings, MT metro area$402,000±$14,864
Montana$427,500±$6,599
United States$371,100±$646

*Source: U.S. Census Bureau, ACS 1-Year Estimates 2025, table B25077.

Are prices rising?

The Federal Housing Finance Agency (FHFA) tracks repeat sales of the same single-family homes. It publishes no purchase-only index for Billings, so the nearest official measure is the state. Its purchase-only, seasonally adjusted index, published August 25, 2026, shows:

Area1-year change (Q2 2025 to Q2 2026)5-year change (Q2 2021 to Q2 2026)
Montana+2.8%+40.6%
United States+2.1%+33.4%

Source: FHFA House Price Index, quarterly purchase-only files. Changes calculated by Payotte from the published index values.

Montana prices rose slightly faster than the nation’s over the past year, and clearly faster over five years.

Closing costs, property tax and transfer tax

On top of the price, buyers and sellers pay closing costs. We cover each topic once, for the whole state, so the figures stay consistent:

Help for Billings buyers

Two public programs apply to a purchase in Billings, and they can be used together with a participating lender.

ProgramWhat it offersKey limit
Montana Board of Housing down payment assistanceUp to 5% of the price, maximum $15,000, for down payment and closing costsYellowstone County income limit $128,160 (1-2 people) or $149,520 (3+); price limit $789,337 (list of July 24, 2026)
City of Billings First Time Homebuyer ProgramZero-interest, deferred loan of up to 20% of the purchase priceHousehold income at or below 80% of Area Median Income (HUD limits); first-come, first-served funding

Sources: Montana Board of Housing; City of Billings Community Development Division, read October 13, 2026. The Board’s Plus 0% program has a lower income limit of $80,000 (1-2 people) or $90,000 (3+).

On the city’s page, funding was available as of September 10, 2026. The city’s lender page adds that homes built before 1978 with chipping or peeling paint, and homes with tenants, are not eligible, and that approval can take more than four weeks. Details, rates and the application steps are on our page about first-time buyer programs in Montana. Questions for the city go to homebuyer@BillingsMT.gov.

Montana guides for Billings buyers

Frequently asked questions

What is the median home price in Billings?

The Census Bureau’s 2025 American Community Survey puts the median value of owner-occupied homes in the city of Billings at $383,400 (±$17,046). This is what owners think their home is worth, not the median sale price of recent sales.

Are home prices in Billings going up?

FHFA publishes no purchase-only index for Billings. Its index for Montana rose 2.8% between the second quarters of 2025 and 2026, and 40.6% over five years.

Is Billings cheaper than the rest of Montana?

By this measure, yes. The city’s median value ($383,400) is $44,100 below the state’s ($427,500). Yellowstone County ($399,300) and the metro area ($402,000) are higher than the city.

Is there help for first-time buyers in Billings?

Yes. The Montana Board of Housing offers up to $15,000 in down payment assistance, and the City of Billings offers a deferred loan of up to 20% of the price to households at or below 80% of Area Median Income. Both have conditions and limits.

Which county is Billings in?

Billings is in Yellowstone County. The county’s Board of Housing income limit is $128,160 for households of one or two people and $149,520 for three or more.

More Montana guides

Sources

Questions about buying a home in Billings

How much is property tax in Billings?

Homeowners in Yellowstone County pay a median $2,832 a year in property tax, 0.81% of the county median home value of $349,500 (Census ACS 2020-2024). Your bill depends on your assessed value and local rates.

What are closing costs on a mortgage in Billings?

Home-purchase mortgages in Yellowstone County carried median total loan costs of $8,274 in 2025; half of the 1,572 loans fell between $5,557 and $12,350 (HMDA). Total loan costs are the lender and settlement-service charges of the Closing Disclosure; transfer taxes and prepaid items come on top.

Is there a transfer tax when you buy a home in Billings?

Montana charges no real estate transfer tax; the 2025 Montana Code Annotated has no chapter on a deed or transfer tax in Title 15. The county clerk charges $20 for the first page and $10 for each added page to record a deed, and the parties must complete a realty transfer certificate stating the price.

Is it cheaper to rent or buy in Billings?

It depends on your mortgage rate, down payment and how long you stay. As a benchmark, the median value of owner-occupied homes in Billings ($343,400) equals 25.1 years of the median gross rent ($1,138 a month), both from Census ACS 2020-2024.

Run your own numbers: rent vs buy calculator · closing costs calculator.

Professionals by sector of Billings

Who licenses each trade in Montana

Data sources for the figures above

Montana · All states · Federal guides