Housing
Vacancy - 11.1%
The Billings, MT Market ranks 77th in Vacancy across STI Markets with a Vacancy rate of 11.1%. That is 17,643 Vacant Housing units compared to 141,305 Occupied units.
Average Home Value - $490,826
The Average Home Value for owner occupied housing units in the Billings, MT Market is $490,826. This ranks 41st across STI Markets. Over the last 2 years there has been a change of 10.1% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 113th across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - Moderate
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Billings, MT Market is 3.3. The market subsequently ranks 43rd across STI Markets. This is considered to be a Moderate level of mortgage risk.
Affordability Level - Costly
Overall Affordability can be classified in a similar fashion, comparing the Markets Average Home Value with the Average Household Income. This Affordability ratio currently sits at 5.1. The Billings, MT Market therefore earns the Costly classification for housing affordability and ranks 30th across STI Markets. The following chart shows how markets compare between these two measure. Note the breaks between affordability classifications are 3, 5, and 7.
Figure 60: Affordability Comparision
