How Billings, Montana, became the top place to buy a home in the U.S.


Billings, Montana, has become the place to buy a home in the United States — at least according to The Wall Street Journal/Realtor.com Emerging Housing Markets Index.
The rise to the top of the index isn't completely out of the blue for the city, which has a population of 184,000, since it was previously in the fourth spot. But Billings got a boost thanks to its low unemployment (in May, the rate was 3 percent, which is about half of the U.S. rate), affordability, outdoor activities, and booming housing market, the Journal writes.
The Journal notes that the housing market's strength has been driven, in large part, by out-of-state buyers who now have the flexibility to work remotely in the wake of the COVID-19 pandemic. Per the Journal, about 65 percent of page views on Billings property listings came from outside the metro area in the second quarter of 2021, and folks are reportedly not only moving to Billings from coastal states like California and Washington, but Kentucky and Texas, as well. It appears second-home buyers, a group that's driving up in prices in some other smaller cities across the U.S., aren't a big factor here, with just 3 percent of Billings homes serving as vacation properties, Realtor.com notes.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"I truly believe Montana's been discovered," Deb Parker, broker owner of Parker & Co. Real Estate Services in Billings, told the Journal. "I've never seen so much cash in our market." Read more at The Wall Street Journal.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
Not there yet: The frustrations of the pocket AI
Feature Apple rushes to roll out its ‘Apple Intelligence’ features but fails to deliver on promises
By The Week US Published
-
George Foreman: The boxing champ who reinvented home grills
Feature He helped define boxing’s golden era
By The Week US Published
-
WHCA rejects White House press seating grab
Speed Read The White House Correspondents' Association objected to the Trump administration's bid to control where journalists sit during press briefings
By Rafi Schwartz, The Week US Published
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
By Peter Weber, The Week US Published
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
By Justin Klawans, The Week US Published
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US Published
-
Trump's China tariffs start after Canada, Mexico pauses
Speed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
By Peter Weber, The Week US Published
-
Chinese AI chatbot's rise slams US tech stocks
Speed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
By Peter Weber, The Week US Published
-
Foreigners in Spain facing a 100% tax on homes as the country battles a housing crisis
Under the Radar The goal is to provide 'more housing, better regulation and greater aid,' said Spain's prime minister
By Justin Klawans, The Week US Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published