Side-by-side comparison of home prices, mortgage payments, and housing costs between Billings and Missoula, Montana. Using Montana's 0.74% property tax rate and $2,100/year insurance. Updated for 2026.
Billings edges out Missoula in affordability, saving you roughly $935/month on total housing costs. Both cities are in Montana, so property tax rates and insurance costs are the same — the difference comes down to home prices and what you get for your money in each market.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI. Uses Montana's 0.74% property tax rate.
Buying in Billings saves you approximately $935/month ($11,220/year) compared to Missoula, based on median home prices with identical loan terms.
Billings is the better choice for first-time buyers, with a median price of $345K versus $485K in Missoula. That's $140K less to save for a down payment. You'd need roughly $12K for an FHA 3.5% down payment in Billings, compared to $17K in Missoula. Montana offers the MBOH Regular Bond Program program (Up to $15,000 DPA) which applies in both cities.
Billings has the better price-to-rent ratio at 22.5x versus 26.6x in Missoula. A lower ratio generally signals better rental income relative to purchase price. Average rent in Billings is $1,280/month on a $345K median home, making it a stronger candidate for buy-and-rent investors.
Billings (pop. 119,116) offers more amenities, schools, and services typical of a larger city, while Missoula (pop. 75,516) may offer a quieter, more community-oriented lifestyle. Billings offers both more options and lower housing costs, making it attractive for families who want urban amenities without a premium price.