Billings, MT · Montana
Carbon County
10,877 residents28 permits TTM$71,017 median HHI10 ZIP codesUpdated April 16, 2026
Investor first look
Median home value
$379,300
ACS 5-Year
Cap rate proxy
2.8%
FMR × 0.65 ÷ Home Value
Rent-to-income
14.9%
HUD FMR ÷ ACS HHI
Net migration
+1.70%
IRS SOI
Permits (TTM)
28
Census BPS
Climate risk
59.8
FEMA NRI (0–100)
ZIP code breakdown10 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Cap rate | Rent gap |
|---|---|---|---|---|---|
| 59007 | — | — | — | 2.8% | — |
| 59013 | — | — | — | 2.8% | — |
| 59026 | — | — | — | 2.8% | — |
| 59029 | — | — | — | 2.8% | — |
| 59008 | — | — | — | 2.8% | — |
Ranked by composite score
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Demographics
Owner-occupied
74.1%
Census ACS
Vacancy rate
26.7%
Census ACS
Bachelor's degree +
30.3%
Census ACS
Rent burdened
34.3%
Census ACS (>30% income)
Median age
50.5
Census ACS
U.S. Census Bureau — American Community Survey 5-Year Estimates
U.S. Census Bureau — Building Permits Survey
U.S. Department of Housing and Urban Development — Fair Market Rents / Small Area Fair Market Rents (SAFMR)
Internal Revenue Service — Statistics of Income Migration Data
FEMA — National Risk Index
Last updated: April 16, 2026