Department of Numbers

This section of Department of Numbers is no longer being updated and may be removed in the future. The data here is out of date and should no longer be used.

Billings, Montana Home Affordability

The data below measures home affordability for the Billings, Montana metropolitan area using price-to-income and price-to-rent metrics.1 The maximum affordable loan amount for the median household income is also calculated. You can also compare Billings home affordability to other cities.

Billings, Montana Home Price-to-Income Ratios

The second chart shows a history of the ratio as an index calculated from the Federal Housing Finance Agency's Billings HPI series. Median household income data for Billings is from the Census American Community Survey.

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Billings, Montana Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
December 2013 134.3
September 2013 136.0
June 2013 131.7
March 2013 131.5
December 2012 129.6
September 2012 127.8
June 2012 125.6
March 2012 124.3

Billings, Montana Home Price-to-Rent Ratios

The chart below shows an index of the rent ratio calculated from the metro FHFA HPI series and the Billings median contract rent data from the Census ACS.

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Billings, Montana Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
December 2013 116.3
September 2013 117.7
June 2013 114.0
March 2013 113.9
December 2012 112.2
September 2012 110.6
June 2012 108.8
March 2012 107.6

Billings, Montana Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Billings, Montana and calculating the mortgage 30% of that income could afford. Traditionally, 30% of income is the maximum amount a homeowner could use towards a home loan. Inferred affordable loan values are calculated from ACS median household income and average monthly mortgage rates.

Inferred Affordable Mortgage

Billings, Montana Inferred Affordable Mortgage History

Date Inferred Mortgage
February 2014 $248,827
January 2014 $245,032
December 2013 $244,169
November 2013 $250,012
October 2013 $252,106
September 2013 $243,310
August 2013 $244,169
July 2013 $246,773
June 2013 $255,758
May 2013 $272,862
April 2013 $275,933
March 2013 $271,849
February 2013 $273,201

1. Specifically, home prices are from the non seasonally adjusted FHFA all-transactions quarterly series. Dollar ratios are calculated using NAR metro prices when available. Rent and income data are from the Census ACS and are carried forward into the following year prior to release of the new data. ↩

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