Billings, MT

Rent vs buy in Billings

Median home $322,700. A 1 bedrooms rents for $1,110 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,110; per month
Own the median home: $2,145; P&I, tax, insurance, upkeep
Owning costs extra: $1,035; per month, same metro

What a purchase actually costs

20% down payment$64,540
Mortgage at 6.5%$1,632
Property tax (0.81% of value)$218/mo · $2,614/yr
Insurance and upkeep (1.1%/yr)$296
Total monthly ownership$2,145

Months of leftover to save the down payment

At $2,310 left over a month, it takes about 28 months (2.3 years) to save $64,540 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.