Cost of Living in Billings, MT

With a cost of living index of 90, Billings, MT is slightly more affordable than average. Living here is 10% cheaper than the national average and in line with the Montana state average. As a major city with a population of 118,321, Billings offers a wide range of housing options, employment opportunities, and urban amenities.

Housing costs are the biggest factor in Billings's cost of living. The median monthly rent is $1,097 (17% below the US median of $1,319), and the median home value sits at $311,800 (2% above the national median of $304,900). At current prices, the median home costs roughly 4.3x the median household income — a moderately affordable ratio by today's standards.

The median household income in Billings is $71,855, which is 4% lower than the national median of $75,149. Residents spend roughly 18% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Billings, MT (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.