Billings’ city Zillow ZHVI is $402,554, and ZORI is $1,458 monthly. Annualized rent divided by home value gives a 4.35% gross yield before every operating cost, vacancy, financing expense and capital outlay. The home value is 5.46x ACS median household income; annualized Zillow rent is 23.73% of income. These ratios frame headline affordability and rent-to-value economics, but neither estimates property cash flow.
Billings has 54,346 housing units, a 6.17% citywide vacancy rate and a 35.17% renter share of occupied units. These describe broad stock and tenure, not lease-up for a specific unit. ACS reports a $343,400 median home value and $1,138 median gross rent for surveyed occupied housing; gross rent includes contract rent and selected utilities. ACS differs in measure and period from Zillow’s typical home value and observed market rent, so the series should not be averaged.
Direct city evidence adds demand and stock context. ACS shows 48.94% of renter households are rent-burdened, while single-family structures make up 69.37% of housing and large multifamily structures 6.96%. Of vacant units, 24.08% were classified as for rent; that survey category is not a count of investable or currently available rentals. The city population was 119,434, an 8.98% increase between overlapping ACS vintages; this is not annual growth and may reflect boundary changes. Median household income is $73,712, with a 9.85% poverty rate and 3.52% unemployment rate. The poverty and labor measures are descriptive demand constraints, not proof of tenant performance, causation or future absorption.
At county scope, Yellowstone County recorded a 43-day median marketing time and a 0.81% effective property-tax rate; these county measures inform liquidity and expense assumptions but do not measure Billings properties directly. At metro scope, the Billings metro had 4.5 months of supply, while metro employment declined 0.50% year over year; these metro indicators concern the broader market, not city-specific sales or tenant demand. At national scope, the national 30-year mortgage rate was 6.66%, a financing benchmark rather than a Billings borrowing quote.
The central limitation is that citywide typical values, observed rents, medians and survey shares cannot reveal a specific asset’s condition, legal use, tenant quality, expense load or achievable rent. Before underwriting, verify unit-level rent comps and lease terms; inspect structure and major systems; confirm title, zoning, permits and utilities; obtain property-specific tax, insurance and financing quotes; and model vacancy, turnover, maintenance, management, capital reserves and downside cash flow.