Billings, MT
Billings merits selective investigation by buyers prioritizing manageable renter costs and modest rent growth; yield-focused or employment-led investors should be cautious.
Why this market scores where it does
Written from the figures on this page and then checked against them: every number below had to appear in the source record or recompute from two that did, or the text was rewritten.
Billings merits selective investigation by buyers prioritizing manageable renter costs and modest rent growth; yield-focused or employment-led investors should be cautious. Median asking rent is $1,444, up 3.5%, while the gross yield is 4.2%.
The opportunity is a relatively balanced rental burden: rent equals 22.45% of median household income. Migration was also positive, with 327 more households moving in than out. These signals support demand, but do not establish property-level returns.
The main tension is weaker employment alongside added housing and slower resale conditions. Jobs fell 0.5%, permits reached 968, and listings took 58 days to sell. Buyers should test whether achievable rent covers expenses and whether local flood exposure changes insurance or repair costs.
Frequently Asked Investor Questions
Are rents rising?
Is household migration positive?
How liquid is the resale market?
Investor Quick Takeaways
Computed from the current Zillow rent and home-value medians.
Zillow ZORI rent growth trend over trailing 12 months.
Originated investment purchase share (CFPB HMDA).
Annualized loss ratio evaluated for flood & hurricane risk.
Test the market, then test the deal
Keep Billings as the starting point or move into a more specific property and rent check.
The current market in eight signals
Fast-moving Redfin conditions sit beside the slower fundamentals so a buyer can separate today's negotiating climate from the long-run investment case.
Rents versus prices, indexed to 2019
Both series start at 100. The gap between the lines is the investment case, and which line is closing it tells you what kind of market this is.
What each component measures
Weights are published, not hidden, and the arithmetic is shown. Five components, each measured as a national percentile across all tracked metros.
| Signal | Score | Weight | Points |
|---|---|---|---|
| Job growth | 25 | 30% | 7.50 |
| Rent trend | 54 | 25% | 13.50 |
| Affordability | 65 | 15% | 9.75 |
| Supply pressure | 17 | 15% | 2.55 |
| Climate risk | 65 | 15% | 9.75 |
| Published score | 43 | ||
Job: CES employment fell 0.5% -> tenant-demand underwriting should not rely on job growth.
Rent: Asking rent rose 3.5% to $1,444 -> revenue conditions improved, though the 4.2% gross yield remains modest.
Afford: Rent equals 22.45% of median household income -> renter affordability appears less strained than the purchase price-to-income measure.
Supply: 968 permits and 4.5 months of supply -> new housing and available listings may limit owner pricing power.
Climate: The inland-flood loss ratio is 0.1242% -> property-specific water exposure and insurance terms require review.
What this market costs and what it earns
Every derived ratio below recomputes from the same source record used by the article and score.
What is being built, and for whom
Permits are the 12-to-24 month early warning. The total matters less than the mix: apartments compete with a rental the day they open.
Demand, and the competition for it
Tax filings say how many households moved and what they earn; mortgage disclosures say how many local purchases went to someone who will not live there. Moves between counties inside this metro are netted out of both flow figures.
What would make this a bad buy
Generated from the same figures with the instruction to argue against the score, and published unedited. A page that only agrees with itself is an advertisement.
Three ways the case breaks
- Employment weakness could reduce tenant demand or rent-collection resilience.
- New permitting and available for-sale supply could constrain rent or resale pricing power.
- Inland-flood exposure could add insurance, mitigation, or repair costs at specific properties.
Move from the metro average to local evidence
County pages carry tax, migration, listing and hazard records. City pages appear only where direct city price, rent and Census evidence pass the publication gate.
No city in this metro has passed the current city evidence gate.
Metros that behave like Billings
Nearest neighbours on price level, income, yield and job growth — not on geography. Every market page gets a different peer set, which is the point.
| Metro | Score | Price | Rent | Yield | Job Growth |
|---|---|---|---|---|---|
| Billings, MT (Target) | 43 | $413k | $1,444 | 4.2% | ▼ 0.5% |
| Idaho Falls, ID | 38 | $413k | $1,414 | 4.1% | ▼ 0.1% |
| Whitewater, WI | 67 | $412k | $1,333 | 3.9% | ▼ 0.3% |
| Grand Junction, CO | 49 | $438k | $1,766 | 4.8% | ▼ 0.2% |
| Eau Claire, WI | 48 | $326k | $1,215 | 4.5% | ▼ 0.2% |
Where every figure came from
“Checked nightly” means every source is re-pulled and re-verified each night. It does not mean every source moves nightly — the release column tells you how fresh each number can possibly be.
| Dataset Source | Method | Release Period | Pulled Date |
|---|---|---|---|
| Census ACS 5-year — household income | direct | ACS 2024 5-year | 2026-07-26 |
| Census ACS 5-year — population | direct | ACS 2024 5-year | 2026-07-26 |
| BLS CES — payroll employment | direct | CES SM current | 2026-07-26 |
| BLS LAUS — resident employment | direct | LAUS current | 2026-07-26 |
| BLS QCEW — county employment and wages | direct | annual county employment and wages 2025 vs 2024 | 2026-07-31 |
| OMB/BLS delineation — metro geography | direct | OMB July 2023 delineation | 2026-07-30 |
| Census Building Permits Survey — permitted units | direct | BPS through 2026 | 2026-07-26 |
| Census ACS 5-year — city population, households and housing | direct | ACS 2024 5-year | 2026-07-29 |
| Census ACS 5-year — county housing value, tenure and stock | direct | ACS 2024 5-year | 2026-07-30 |
| Census ACS 5-year — cities and communities | direct | ACS 2024 5-year | 2026-07-30 |
| FEMA National Risk Index — hazard loss ratios | modelled | NRI counties (FEMA ArcGIS) | 2026-07-26 |
| FHFA House Price Index — annual county appreciation | direct | annual county HPI 2025 | 2026-07-28 |
| HMDA / CFPB — purchases by occupancy type | direct | HMDA 2024 purchase originations | 2026-07-26 |
| HUD Fair Market Rents — Section 8 standard | direct | FY2026 FMR | 2026-07-26 |
| HUD USPS crosswalk and Small Area FMRs — ZIP rent fallback | direct | ZIP-CBSA 2025Q4 + SAFMR FY2026 | 2026-07-26 |
| IRS SOI — county migration and mover income | direct | SOI migration 2022-2023 | 2026-07-26 |
| Freddie Mac PMMS — mortgage rates | direct | week of 2026-07-23 | 2026-07-27 |
| Census ACS 5-year — effective property tax | direct | ACS 2024 5-year | 2026-07-27 |
| Realtor.com Economic Research — county listing inventory | direct | county inventory 2026-06 | 2026-07-28 |
| Redfin Data Center — inventory, days on market, and price cuts | direct | metro tracker through 2026-05-01 | 2026-07-26 |
| Zillow ZHVI and ZORI — county values and rents | direct | county ZHVI/ZORI 2026-06 | 2026-07-26 |
| Zillow ZHVI — metro home values | direct | Metro_zhvi_uc_sfrcondo_tier_0.33_0.67_sm_sa_month.csv | 2026-07-26 |
| Zillow ZHVI — city home values | direct | zillow_zhvi_city.csv | 2026-07-29 |
| Zillow ZORI — metro market rents | direct | Metro_zori_uc_sfrcondomfr_sm_sa_month.csv | 2026-07-26 |
| Zillow ZORI — city market rents | direct | zillow_zori_city.csv | 2026-07-29 |
| Zillow ZORI — ZIP market rents | direct | ZORI ZIP 2026-06 | 2026-07-26 |